Carpenters Individual Account Pension Plan

Hourly Contributions and Subaccounts 

Employer Contribution Subaccount

Effective January 1, 2014, signatory employers are required to make an hourly contribution to this plan for each covered hour you work. The hourly contribution rate is currently $1.00. These hourly contributions are deposited in your employer contribution subaccount (please see Benefit Statements). The money in this subaccount is subject to three-year vesting. Three-year vesting includes credit earned before and after January 1, 2014. Table 1 below lists the hourly contribution rate effective January 1, 2015.

  • For additional information about employer contributions and your employer contribution subaccount, please see Article 1.13 and Article 1.14.

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 (please see Benefit Statements). The money in this subaccount is subject to three-year vesting. Three-year vesting includes credit earned before and after January 1, 2014. Table 1 below lists the hourly contribution rate from July 1, 1981 through December 31, 2013.

  • For additional information about employer contributions and your regular subaccount, please see Article 1.13 and Article 1.23.

Elective Contribution Subaccount

Effective January 1, 2014, you may elect to make 401(k) contributions to the plan for each covered hour you work. Effective January 1, 2018, the contribution rate for all participants is $1.00 to $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 (please see Benefit Statements). The money in this subaccount is vested beginning with the initial contribution and cannot be forfeited. Table 1 below lists the hourly contribution rate effective January 1, 2018.

Previous Policy

9/26/2014

A Participant may elect annually to make Elective Contributions to the Plan for the succeeding Plan Year in increments of $1.00 up to a maximum of $8.00 per hour of Covered Service, provided the Collective Bargaining Agreement or the terms of a written contribution agreement between an Individual Employer and the Trustees allow for Elective Contributions.


1/1/2014

A Participant may elect annually to make Elective Contributions to the Plan for the succeeding Plan Year in increments of $1.00 up to a maximum of $4.00 per hour of Covered Service, provided the Collective Bargaining Agreement or the terms of a written contribution agreement between an Individual Employer and the Trustees allow for Elective Contributions.

To elect 401(k) contributions, please see 401(k) Annual Election. You may elect any of the four contribution amounts regardless of industry seniority.

Supplemental 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 (please see Benefit Statements). The money in this subaccount was vested beginning with the initial contribution and cannot be forfeited. Table 1 below lists the hourly contribution rates through December 31, 2013.

  • For additional information about your supplemental subaccount, please see Article 1.27.

Rollover Subaccount

You may transfer funds from another qualified plan to this plan. Rollover funds are deposited in your rollover subaccount (please see Benefit Statements). 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.

  • For additional information about your rollover subaccount, please see Article 1.26.
Table 1
Hourly Contribution Rates
From To Regular Contribution Employer Contribution 401(a) Supplemental Contribution 401(k) Elective Contributions
06/01/1981 12/31/1981 $.33
01/01/1982 12/31/1982 $.38
01/01/1983 12/31/1983 $.45
01/01/1984 12/31/1984 $.55
01/01/1985 05/31/1973 $.50
06/01/1973 06/30/2000 $.60
07/01/2000 12/31/2013 $.60 $1, $2, $3, $4
01/01/2014 12/31/2014 $1.00 $1, $2, $3, $4
01/01/2015 12/31/2017 $1.00 $1, $2, $3, $4, $5, $6, $7, $8
01/01/2018 Current $1.00 $1, $2, $3, $4, $5, $6, $7, $8, $9

Qualified participants may add a Catch-Up Contribution of:
$1, $2, $3

Last Updated: 11/10/2020