Northwest Carpenters Retirement Plan

Monthly Benefit and Income Option 

The amount available at disability retirement is your traditional income benefit and your sustainable income benefit less the appropriate reduction for disability retirement. Disability reduction factors for traditional and sustainable benefits are listed in Table 8. Your disability benefit is a single life benefit with guaranteed monthly payments for five years (60 payments). The example illustrates how to calculate a disability retirement income.

When you reach age 65, your monthly benefit is recalculated to reflect what would have been your total monthly benefit if you had not taken disability retirement. Normal retirement payment options are available at that time and no further proof of disability is required.

If you elect disability retirement and die before age 65, your beneficiary receives any of the outstanding guaranteed monthly payments. If you die between the ages of 55 and 65 and all guaranteed monthly payments have been made, your spouse receives the survivor's portion of a 50% joint and survivor benefit beginning the month following your death (please see Qualified Spouse's Benefit). If you die before age 55 and all guaranteed monthly payments have been made, your spouse receives the survivor's portion of a 50% joint and survivor benefit beginning the month you would have attained age 55 had you lived. This benefit is payable for your spouse's lifetime.

Retirement benefits are taxable income. Carpenters Trusts will automatically provide you with a Form 1099-R in late January of each year for the upcoming April 15 tax deadline.

  • For additional information about the monthly benefit available under disability retirement, please see Article 6.3.

Example 1

If become disabled at age 45 with a traditional income benefit of $600.00 and a sustainable income benefit of $200.00, what is your monthly benefit?

Traditional Income Benefit
$600.00 x 0.700 = $420.00

Initial Sustainable Income Benefit
$200.00 x 0.700 = $140.00

Total Sustainable Monthly Benefit
$420.00 + $140.00 = $560.00

In this example, your $600.00 traditional income benefit is reduced by $180.00 for disability retirement (please see Table 8 below) and your initial sustainable income benefit of $140.00 is reduced by $60.00 (please see Table 8 below). This provides you with an initial monthly disability benefit of $560.00. Your sustainable income benefit will continue to be adjusted to reflect investment performance each year of your disability retirement. Your traditional benefit remains unchanged.

Your monthly disability benefit will continue until you attain age 65 at which time you will retire under normal retirement.

Table 8
Disability Retirement Reduction Factors For All Years
Traditional and Sustainable Income Benefits

To qualify for disability retirement, you must satisfy the disability retirement requirements listed.

If you qualify for disability retirement, select the year and month closest to your age on your retirement effective date. Then multiply your monthly benefit by the corresponding reduction factor.

Age – Factor
55 – 0 70.00
55 – 1 70.25
55 – 2 70.50
55 – 3 70.75
55 – 4 71.00
55 – 5 71.25
55 – 6 71.50
55 – 7 71.75
55 – 8 72.00
55 – 9 72.25
55 – 10 72.50
55 – 11 72.75
56 – 0 73.00
56 – 1 73.25
56 – 2 73.50
56 – 3 73.75
56 – 4 74.00
56 – 5 74.25
56 – 6 74.50
56 – 7 74.75
56 – 8 75.00
56 – 9 75.25
56 – 10 75.50
56 – 11 75.75
57 – 0 76.00
57 – 1 76.25
57 – 2 76.50
57 – 3 76.75
57 – 4 77.00
57 – 5 77.25
57 – 6 77.50
57 – 7 77.75
57 – 8 78.00
57 – 9 78.25
57 – 10 78.50
57 – 11 78.75
58 – 0 79.00
58 – 1 79.25
58 – 2 79.50
58 – 3 79.75
58 – 4 80.00
58 – 5 80.25
58 – 6 80.50
58 – 7 80.75
58 – 8 81.00
58 – 9 81.25
58 – 10 81.50
58 – 11 81.75
59 – 0 82.00
59 – 1 82.25
59 – 2 82.50
59 – 3 82.75
59 – 4 83.00
59 – 5 83.25
59 – 6 83.50
59 – 7 83.75
59 – 8 84.00
59 – 9 84.25
59 – 10 84.50
59 – 11 84.75
60 – 0 85.00
60 – 1 85.25
60 – 2 85.50
60 – 3 85.75
60 – 4 86.00
60 – 5 86.25
60 – 6 86.50
60 – 7 86.75
60 – 8 87.00
60 – 9 87.25
60 – 10 87.50
60 – 11 87.75
61 – 0 88.00
61 – 1 88.25
61 – 2 88.50
61 – 3 88.75
61 – 4 89.00
61 – 5 89.25
61 – 6 89.50
61 – 7 89.75
61 – 8 90.00
61 – 9 90.25
61 – 10 90.50
61 – 11 90.75
62 – 0 91.00
62 – 1 91.25
62 – 2 91.50
62 – 3 91.75
62 – 4 92.00
62 – 5 92.25
62 – 6 92.50
62 – 7 92.75
62 – 8 93.00
62 – 9 93.25
62 – 10 93.50
62 – 11 93.75
63 – 0 94.00
63 – 1 94.25
63 – 2 94.50
63 – 3 94.75
63 – 4 95.00
63 – 5 95.25
63 – 6 95.50
63 – 7 95.75
63 – 8 96.00
63 – 9 96.25
63 – 10 96.50
63 – 11 96.75
64 – 0 97.00
64 – 1 97.25
64 – 2 97.50
64 – 3 97.75
64 – 4 98.00
64 – 5 98.25
64 – 6 98.50
64 – 7 98.75
64 – 8 99.00
64 – 9 99.25
64 – 10 99.50
64 – 11 99.75

Last Updated: 04/20/2023