Plan Booklet Revision

July 1, 2022

The Northwest Carpenters Individual Account Pension Plan is a “defined contribution” plan which means your retirement benefit is based on the amount in your account when you retire. You have a number of income options available to you when you retire.

Several important changes have been made to this plan since the last plan booklet was printed and issued, including the following:

  • The name of the plan was changed. Previously the Carpenters of Western Washington Individual Account Pension Plan, the plan is now called the Northwest Carpenters Individual Account Pension Plan.
  • All plan contributions are now transferred to Milliman, the plan’s new recordkeeper.
  • The plan now provides participant-directed investments which allow you to select investment options that best suit your goals and risk profile.
  • The plan has increased flexibility with 401(k) contributions and access to your money.

The plan, as well as the Northwest Carpenters Individual Account Trust, are administered by the Board of Trustees and Northwest Carpenters Trusts. All customer service questions related to your account and investment options should be directed to the Milliman Benefits Service Center. Visit MillimanBenefits.com or call (866) 767-1212 Monday–Friday, 5 am–5 pm Pacific.

Here is a summary of the major sections of the new plan booklet.

plan at a Glance

This section describes the major features of this plan including participation, vesting, the plan’s five subaccounts, the retirement process, and the various payment options available from this plan.

participation and Eligibility

This section describes how you participate and vest in this plan. Vesting is critical because it guarantees your right to a benefit from this plan even if you stop working. This section describes breaks in service and how breaks can be avoided or repaired. The information on Money Follows the Carpenter and Contiguous Noncovered Service may be helpful if you work, or plan to work, outside this plan’s jurisdiction, or in a nonbargaining position for a contributing employer.

contributions and Investment Strategy

This section describes how employer contributions are made to this plan on your behalf, and how and when you can make 401(k) contributions. With 401(k), you can direct your employer to withhold from your paycheck an hourly contribution in $.25 increments up to the annual maximum allowable by the IRS. In 2023, the annual maximum is $22,500 if you are under age 50 and $30,000 if you are age 50 or older. 401(k) contributions are tax deferred which means you have more of your money invested and working for you prior to withdrawal. This plan has participant-directed investments which allow you to select investment options that are well matched to your goals as well as your risk tolerance.

retirement Options

This section describes the qualifications for retirement and the payment options available at retirement. It also describes how to apply for these benefits. This plan has a disability retirement option if you are permanently injured and unable to work in the building and construction industry.

death Benefits

This section describes the benefits available to your spouse or other beneficiary if you die prior to retirement.

important Information

The plan is regulated by the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides you with specific rights under this plan. These rights are described, in detail, in this section.

plan Document

The plan document is the legal language governing this plan. Each topic discussed in the plan booklet has a cross reference to the corresponding article or articles in the plan document.