Northwest Carpenters Retirement Plan

Benefit Factor 

Your total hourly contributions for each year of covered service are multiplied by a benefit factor which converts these contributions into a monthly benefit. The benefit factor has varied during the history of this plan but is set at 0.87% for 2017 and future years. The benefit factor for each upcoming plan year is determined by the Board of Trustees in consultation with the plan's actuary after consideration of the investment performance of the plan, employment and retirement trends experienced by the plan, and the overall retirement and mortality experience of the plan. The Trustees reserve the right to increase or decrease the factor depending on the actuarial requirements of the plan. The Board of Trustees can increase the benefit factor retroactively if it determines the appropriate funding is available. Benefit factors cannot be decreased retroactively, except in very limited circumstances. Table 2 lists the benefit factors from 1960–2018.

Table 2
Benefit Factors

If you were active in this plan (and not retired before January 1, 1989) and earned at least 750 hours of covered service in this plan in the three plan years 1986-1988, then your benefit for the years of service shown below are calculated using the improved benefit factors.

If you were active in this plan but did not earn at least 750 hours of covered service in this plan in the three plan years 1986-1988, or if you retired before January 1, 1989, then your benefit for 1960-1987 is calculated using the standard benefit factors.

Benefit factors for 1988 through the present are the same for all participants.
From To Benefit Factors – Improved Benefit Factors – Standard
1-1-1960 12-31-1983 4.00% 3.308%
1-1-1984 12-31-1984 4.00% 3.722%
1-1-1985 12-31-1985 4.00% 3.544%
1-1-1986 12-31-1987 4.00% 3.375%
1-1-1988 12-31-1995 5.00%  
1-1-1996 12-31-2003 4.00%  
1-1-2004 12-31-2005 2.50%  
1-1-2006 12-31-2007 2.00%  
1-1-2008 12-31-2016 1.50%  
1-1-2017 Current 0.87%  

Last Updated: 04/20/2023