Summary Plan Description

Statement of Purpose

Dear Participant and Family:

The Carpenters of Western Washington 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 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. An equal number of employee and employer members are elected to the Board by their organizations in Western and Central Washington. The operation of the plan is governed by an agreement and declaration of trust. It provides that all funds must be used to provide pensions and related benefits to eligible participants and their beneficiaries, and for operating expenses and administrative costs.

Effective January 1, 2014, the Board of Trustees amended the plan to convert it from a money purchase pension plan to a defined contribution 401(k) plan. While this did not change the employer contribution established in the bargaining agreements, it does allow plan participants to make 401(k) contributions and it streamlines certain other aspects of the plan's design.

This plan booklet is divided into two sections. The first section (pages 5-53) is the summary plan description (SPD). The summary plan description is a summary of plan benefits and plan provisions. The second section (pages 55-91) 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 Carpenters Trusts.

The address and telephone numbers are on the back cover of this booklet. Board of Trustees Carpenters of Western Washington Individual Account Pension Plan.