Summary Plan Description
Plan records are updated each calendar quarter to reflect plan activity for the previous calendar quarter. Benefit statements include hours and contributions submitted and received from each employer you worked for in the previous calendar quarter. The section of the benefit statement for the Carpenters Individual Account Pension Plan provides the following information:
Carpenters Individual Account Pension Plan
- Column 1 – The five subaccounts.
- Column 2 – Balance in dollars and units at the beginning of the calendar quarter for each of the five subaccounts.
- Column 3 – Units purchased in each of the five subaccounts during the calendar quarter.
- Column 4 – Balance in dollars and units at the end of the calendar quarter for each of the five subaccounts.
Investment earnings or losses are reflected in the change in the unit value each month during the quarter.
Benefit statements are based on the "received
date" – the month your contributions were
received by the Trust Office. For example, the
first quarter – January, February and March – includes
hours and contributions received by the Trust Office in those three months regardless of what month the hours were worked. Generally, contributions are received the month following the month the hours were worked. For example, the Trust Office generally receives January hours and contributions in February.
We encourage you to review your benefit statements and compare them to your personal work records. If there is a discrepancy between your personal records and your benefit statements, you must contact Participant Services at the Trust Office as soon as possible.
Benefit Statement Example
|Subaccounts|| Beginning Balance
(As of 1/1/2014)
|Units Purchased or Paid Out
(1/1/2014 – 3/30/2014)
(As of 3/30/2014)
|Employer||$0||143.3500 units||143.3500 units @ $2.0091 = $288.00|
|Regular||20,000.00 units @ $1.9560 = $39,120.00||0.0000 units||20,000.0000 units @ $2.0091 = $40,182.00|
|401(k)||$0||955.6518 units||955.6518 units @ $2.0091 = $1,920.00|
|401(a)||40,000.0000 units @ $1.9560 = $78,240.00||0.0000 units||40,000.0000 units @ $2.0091 = $80,364.00|
|Totals||60,000 .0000 units @ $1.9560 = $117,360.00||1,099.0018 units||61,099.0018 units @ $2.0091 = $122,754.00|
Please remember to keep your contact information at the Trust Office up-to-date. Your contact information includes your mailing address, your mobile number and your email address.
See All the Plan Rules and Forms Related to Events in Your Life