Northwest Carpenters Individual Account Pension Plan

Hourly Contributions and Subaccounts 

The Northwest Carpenters Individual Account Pension Plan has five subaccounts. Some collective bargaining agreements require an hourly contribution to the employer contribution subaccount. All participants can elect to make hourly contributions to the 401(k) elective subaccount.

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 June 1, 2021, you may elect to make pre-tax contributions, in $0.25 increments, up to 100% of your pay, subject to annual IRS limits. You may make changes to your contribution amount on a monthly basis. These hourly 401(k) contributions are added to your elective contribution subaccount. The money in this subaccount is vested beginning with the initial contribution and cannot be forfeited. Applications are available from the Milliman Benefits Service Center or MillimanBenefits.com.

For additional information about elective contributions and your elective contribution subaccount, please see Article 1.11, Article 1.12, and Article 2.7.

Employer Contribution Subaccount

Effective January 1, 2014, some 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 added to your employer contribution subaccount. The money in this subaccount is subject to three-year vesting. Three-year vesting includes credit earned before and after January 1, 2014.

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 added to 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.

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

Supplemental Subaccount

Effective July 1, 2000 through December 31, 2013, employers could make supplemental contributions to the plan on your behalf. The amount of the 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 contributions were added to your supplemental subaccount. The money in this subaccount was vested beginning with the initial contribution and cannot be forfeited.

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 added to your rollover subaccount. The money in this subaccount is vested beginning with the initial contribution and cannot be forfeited. Please contact the Milliman Benefits Service Center or MillimanBenefits.com for assistance with the rollover process.

For additional information about your rollover subaccount, please see Article 1.26.

Last Updated: 04/25/2023