Summary Plan Description

Introduction

You participate in the Carpenters Individual Account Pension Plan when you work for an employer signatory to a collective bargaining agreement recognized by the Board of Trustees under which contributions are made to this plan on your behalf. You also participate in this plan if you are employed with a union or employer that is signatory to a written contribution agreement recognized by the Board of Trustees and that agreement requires contributions to this plan on your behalf. You remain a participant in this plan until your vested accounts are fully distributed or until your death.

  • For additional information about participation in this plan, please see Article 2.1 on page 62.

Key Point

Signatory employers are required to make an hourly contribution to this plan for each compensable hour. Most collective bargaining agreements also allow participants to make a 401(k) elective contribution of $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, for a total contribution of $10.00 to $12.00 per hour.