Summary Plan Description (Revised January 1, 2018)

Defined Benefit Plan

The Carpenters Retirement Plan is a "defined benefit plan" which means you earn monthly retirement income payable at retirement for the rest of your life. You may also elect to provide a continuing monthly income for a spouse or other qualified beneficiary for the rest of his or her life if you predecease them.

Your monthly retirement income is the sum of:

  • The traditional income benefit accrued before January 1, 2017; and
  • The sustainable income benefit accrued on and after January 1, 2017.

The amount of your monthly income at retirement is primarily determined by six major factors:

  • Your years of covered service in this plan;
  • The hourly contribution rate each year during your years of covered service;
  • The benefit factor each year during your years of covered service;
  • The investment performance of the plan (in the case of your sustainable income benefit);
  • Your age and service activity at retirement; and
  • The income option you select at retirement.

The hourly contribution rate and benefit factor are described below.