Summary Plan Description (Revised January 1, 2012)
Plan records are updated each quarter to reflect employer contributions for the previous quarter. A Quarterly Benefit Statement is mailed to you four times each year. We encourage you to review this statement and notify Participant Services at the Trust Office if you find any errors or discrepancies.
The benefit statement lists, on a year-by-year basis, the number of hours reported to the plan on your behalf, the contributions received by the plan on your behalf, the benefit factor, your total monthly benefit, the number of credits you earned, your total monthly benefit through the end of the previous quarter, and your total years of credit through the end of the previous quarter.
In the statement shown below, the total monthly benefit is the sum of the monthly benefits earned each year from 1984-2011. The total monthly benefit is the monthly amount available if you retire at age 65 and select a single life benefit (please see Retirement Payment Options), retire at age 62 under special early retirement, or retire earlier under rule of 80 early retirement. Typically, most participants retire early and select a payment option that provides for their spouse or other designated beneficiary. These options reduce the total benefit to compensate for early retirement or the benefits provided for your spouse or other designated beneficiary.
|Carpenters Retirement Plan (CRP)|
|Plan Year||Hours Reported||Contributions||Benefit Factor||Monthly Benefit||Years of Credit|
|Total Monthly Benefit||$3,393.62||24.75|
Your Quarterly Benefit Statement provides a variety of information including your years of credited service, the hours and employer contributions reported to the plan on your behalf, the benefit factor applied to those employer contributions, and the monthly benefit generated for that year. The "Total Monthly Benefit" at the bottom of your Quarterly Benefit Statement is the monthly benefit available to you at age 65 if you are vested in this plan and take a single life benefit. If you would like to estimate your "Total Monthly Benefit" at retirement, the following process may be helpful:
- Estimate the number of years you plan on working prior to your retirement.
- Estimate the number of hours you plan on working in each of those years prior to retirement.
- Multiply the number of hours you plan on working in each of those years by the current net hourly contribution rate ($3.04). This is your estimate of the employer contributions made on your behalf for that particular year of work. Remember, the hourly contribution rate is subject to change based on the collective bargaining process.
- Multiply your employer contributions estimate for that particular year by the current benefit factor (1.50% or 0.015). This is your estimate of the monthly benefit earned for that particular year of work. Remember, the benefit factor is subject to change based on various performance factors of the plan.
- Add the estimated monthly benefit earned each year to your "Total Monthly Benefit" listed on your Quarterly Benefit Statement. This provides you with an estimate of the "Total Monthly Benefit" available when you retire.
See All the Plan Rules and Forms Related to Events in Your Life