Summary Plan Description

Money Follows the Carpenter

"Money Follows the Carpenter" is a special provision under the United Brotherhood of Carpenters and Joiners of America International Reciprocal Agreement for Carpenters Pension Funds that allows you to have hours and contributions transferred to your home trust – Carpenters Trusts of Western Washington – when you work under a reciprocal plan. Money follows the carpenter allows you to accumulate contributions in your home trust. You must be a member of a Local Union in the jurisdiction covered by this plan for this trust to be your home trust.

To take advantage of "Money Follows the Carpenter," please contact Retirement Services at the Trust Office each time you work under a reciprocal plan. Retirement Services will send you an Authorization to Transfer Fringe Benefit Contributions form. This form must be completed as soon as possible but no later than 60 days from the onset of employment in the other jurisdiction. Contributions cannot be transferred retroactively. "Money Follows the Carpenter" also requires the home trust and the reciprocal trust to accept or transfer both retirement contributions and health and security contributions. Several other restrictions also apply (please see "Related Plans" on page 66).

401(k) elective contributions cannot be transferred or received under "Money Follows the Carpenter."

  • For additional information about "Money Follows the Carpenter," please see Article 3.2 on page 66.

Key Point

To take advantage of "Money Follows the Carpenter," you must contact Retirement Services at the Trust Office within 60 days of the onset of employment under a reciprocal plan. If you do not establish a home trust to which all contributions are sent, your pension accounts may be split between two or more plans. "Money Follows the Carpenter" is a particularly important provision if you are trying to satisfy the requirements for rule of 80 early retirement under the Carpenters Retirement Plan of Western Washington because service must be in this jurisdiction to qualify.