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Investment Losses Recovered in Settlement

March 31, 2022

An agreement has been reached in the effort to recoup 2020 investment losses from Allianz Global Investors (AllianzGI) on behalf of the Northwest Carpenters Retirement Plan, the Northwest Carpenters Individual Account Pension Trust, and the Northwest Carpenters Health and Security Trust.

The recovery proceeds have been re-invested in each Trust. In the case of the Carpenters Retirement Plan and the Carpenters Individual Account Pension Plan, the recovery has been applied to restore benefits to participants who were affected by the investment losses in February and March 2020–i.e., participants in the pre-merger Carpenters Retirement Plan of Western Washington and the Carpenters of Western Washington Individual Account Pension Plan. Benefits for Oregon-SW Washington plans in 2020 were not affected by the AllianzGI losses.

The 2020 Allianz losses experienced by the Northwest Carpenters Health and Security Trust did not impact medical benefits. The Trust’s settlement recovery has been deployed to the Trust’s investments to help pay for future eligibility and benefits.

Participants will receive a letter from the Trustees with details about the settlement and its impact on benefits. Additional information will be posted here when available.