BenefitTabs

  • Employer Subaccount

    Effective January 1, 2014, signatory employers are required to make an hourly contribution to this plan for each covered hour worked. The hourly contribution is $1.00 per hour. These contributions are deposited in the employer subaccount. The money in this subaccount is subject to three-year vesting. Three-year vesting includes credit earned before and after January 1, 2014.
     
  • Regular Subaccount

    Effective July 1, 1981 through December 31, 2013, signatory employers were required to make an hourly contribution to this plan for each covered hour you worked. The hourly contribution rate was, most recently, $.60. These hourly contributions were deposited in your regular subaccount. The money in this subaccount is subject to three-year vesting. Three-year vesting includes credit earned before and after January 1, 2014.

     
  • 401(k) Subaccount

    Effective January 1, 2018, all participants may elect to make 401(k) contributions in increments of $1.00 up to a maximum of $9.00 per hour. If you are at least 50 or will turn 50 during the plan year, you are permitted an additional "catch-up" contribution of $1.00 to $3.00 per hour, making your total contribution $10.00 to $12.00 per hour. These hourly 401(k) contributions are deposited in your elective contribution subaccount. The money in this subaccount is vested beginning with the initial contribution and cannot be forfeited.

     
  • 401(a) Subaccount

    Effective July 1, 2000 through December 31, 2013, employers could make 401(a) supplemental contributions to the plan on your behalf. The amount of the 401(a) supplemental contribution was $1.00, $2.00, $3.00, or $4.00 depending on your employment classification level under the collective bargaining agreement. These hourly 401(a) contributions were deposited in your supplemental subaccount. The money in this subaccount was vested beginning with the initial contribution and cannot be forfeited.

     
  • Rollover Subaccount

    You may transfer funds from another qualified plan to this plan. Rollover funds are deposited in your rollover subaccount. The money in this subaccount is vested beginning with the initial contribution and cannot be forfeited. Please contact Retirement Services at Carpenters Trusts for assistance with the rollover process.