Northwest Carpenters Individual Account Pension Plan

Statement of Purpose 

Dear Participant and Family:

The Northwest Carpenters Individual Account Pension Plan became effective June 1, 1981 and is one of two retirement plans provided as part of your negotiated fringe benefit package. The Northwest Carpenters Individual Account Pension Plan is designed to provide you, or you and your spouse or other designated beneficiary with a retirement benefit when you retire. The plan is also designed to provide you, or you and your spouse or other designated beneficiary with a benefit in the event of disability or death prior to your retirement. The plan was established and is administered by a Board of Trustees. The Board is comprised of representatives of both employee and employer representatives in Washington and Oregon. The operation of the plan is governed by an agreement and declaration of trust. It provides that all funds must be used to provide retirement and related benefits to eligible participants and their beneficiaries, and to pay operating expenses and administrative costs.

Effective June 1, 2021, the Board of Trustees amended the plan to provide participant-directed investments and adopt new distribution and withdrawal provisions. Effective July 1, 2021, the Oregon-SW Washington Carpenters-Employers 401(k) Plan merged with the Northwest Carpenters Individual Account Pension Plan. The accounts of participants in the Oregon-SW Washington Carpenters-Employers 401(k) Plan as of July 1, 2021 were transferred to the Northwest Carpenters Individual Account Pension Plan.

Employer contributions to the plan are based on a participant’s collective bargaining agreement. 401(k) contributions to the plan are transferred by contributing employers at the direction of trustees, consistent with the plan and IRS guidelines and limitations.

This plan booklet is divided into two sections. The first section is the summary plan description (SPD). The summary plan description is a summary of plan benefits and plan provisions. The second section is the plan document. The plan document contains the legal provisions governing the plan. As you read the summary plan description you will find cross-references to the corresponding sections in the plan document. If any discrepancy exists between these two sections, the terms of the plan document govern.

We encourage you to read this booklet carefully. If you have any questions or concerns about this booklet or about the plan in general, please contact Retirement Services at Northwest Carpenters Trusts. If you have questions about your account balance, investment options or access to your account, please contact the plan’s recordkeeper, Milliman, at the address and telephone number below:

Milliman Benefits Service Center
(866) 767-1212
MillimanBenefits.com

Board of Trustees
Northwest Carpenters Individual Account Pension Plan

Last Updated: 04/25/2023