Northwest Carpenters Retirement Plan

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.

Last Updated: 04/20/2023