Northwest Carpenters Individual Account Pension Plan

Plan Document 

Restated as of January 1, 2014

Effective June 1, 1981, the Trustees adopted the Northwest Carpenters Individual Account Pension Plan for the exclusive benefit of eligible Employees and their beneficiaries. The Plan is intended to meet the requirements of Section 401(a) of the Internal Revenue Code, as amended, and the Employee Retirement Income Security Act of 1974.

The Plan was previously restated and amended as of January 1, 1986, January 1, 1989, January 1, 1991, January 1, 1994, January 1, 1999, November 1, 2004, and November 1, 2009. The effective date of this restated and amended Plan is January 1, 2014.

Effective January 1, 2014, this Plan is converted from a money purchase pension plan to a "profit-sharing plan" covering the same employees and subject to the same vesting rules. The eligibility and benefits of Participants who terminated or retired prior to January 1, 2014 shall be determined in accordance with the provisions of the Plan in effect as of the date of the Participant's termination or retirement unless specifically provided otherwise herein. Assets and liabilities in the ongoing Plan that are attributable to Contributions made prior to January 1, 2014 retain their money purchase pension plan attributes, in accordance with Revenue Procedure 2002-42 and other IRS guidance.

Topics Discussed in This Section

• Article 1. Definitions
  • 1.1 Terms Common to the Trust Agreement
  • 1.2 Account
  • 1.3 Break in Service
  • 1.4 Carpenters Retirement Plan
  • 1.5 Combined Service Credit
  • 1.6 Compensation
  • 1.7 Contributions
  • 1.8 Covered Service
  • 1.9 Credited Service
  • 1.10 Early Retirement Date
  • 1.11 Elective Contributions
  • 1.12 Elective Contribution Subaccount
  • 1.13 Employer Contributions
  • 1.14 Employer Contribution Subaccount
  • 1.15 Highly Compensated Employee
  • 1.16 Hour of Service
  • 1.17 Non-Covered Service
  • 1.18 Normal Retirement Date
  • 1.19 Participant
  • 1.20 Plan
  • 1.21 Plan Administrator
  • 1.22 Plan Year
  • 1.23 Regular Subaccount
  • 1.24 Related Plan
  • 1.25 Retired or Retirement
  • 1.26 Rollover Subaccount
  • 1.27 Supplemental Subaccount
  • 1.28 Trust or Trust Agreement
  • 1.29 Valuation Date
  • 1.30 Year of Service
• Article 2. Participation, Vesting and Eligibility For Benefits
  • 2.1 Participation
  • 2.2 Vesting and Forfeitures
  • 2.3 One-Year Break in Service
  • 2.4 Permanent Break in Service (Termination)
  • 2.5 Reinstating One-Year Breaks in Service
  • 2.6 Leave of Absence
  • 2.7 Employee Elective Contributions
  • 2.8 Eligibility for Retirement Benefits
  • 2.9 Total and Permanent Disability
• Article 3. Scope of the Plan
  • 3.1 Extension of Plan
  • 3.2 Related Plans
• Article 4. Payment of Retirement Benefits: Normal, Early, Disability
  • 4.1 Amount of Benefit
  • 4.2 Default Annuity Forms of Payment
  • 4.3 Non-Annuity Optional Forms of Payment
  • 4.4 Lump Sum Payment
  • 4.5 Application and Payment of Retirement Benefits
  • 4.6 Legal Disabilities – Facility of Payment
  • 4.7 Effect of Returning to Work
• Article 5. Preretirement Death Benefit
  • 5.1 Normal Death Benefit
  • 5.2 Alternative Death Benefit
  • 5.3 Designation of Beneficiaries
• Article 6. Administration of the Plan
  • 6.1 Payment of Administrative Expenses and Use of Forfeitures
  • 6.2 Valuation of Accounts
  • 6.3 Claims and Appeals Procedure
  • 6.4 Construction of the Plan
  • 6.5 Required Minimum Distributions
• Article 7. Amendments
  • 7.1 Right to Amend
  • 7.2 Mergers, Consolidations or Transfer of Assets
• Article 8. Termination of Plan
  • 8.1 Duration of Plan
  • 8.2 Non-forfeitable/Payment of Retirement Benefits
  • 8.3 Payment of Any Remaining Funds
• Article 9. Inalienability
• Article 10. Miscellaneous Provisions
  • 10.1 Information to Be Furnished
  • 10.2 Savings Clause
  • 10.3 Limits on Contributions
  • 10.4 Eligible Rollover Distributions
  • 10.5 Veterans Rights Upon Reemployment
  • 10.6 Pension Enhancement Option
  • 10.7 Transfers From Other Qualified Plans
• Appendix A. Actual Deferral Percentage ("ADP") Test
• Amendment 1
• Amendment 4
• Amendment 5

Last Updated: 12/02/2022