Summary Plan Description (Revised January 1, 2012)


The Carpenters Retirement Plan is a "defined benefit plan" which means you earn a specified monthly income for life. Your monthly income at retirement is determined by five major factors:

  • Past service in this plan.
  • Future service in this plan.
  • Employer contributions and benefit factors used during your career.
  • Your age and service activity at retirement.
  • The income option you select at retirement.

The following three equations demonstrate how three of these factors interact: 


(1) Past Service Benefit + Future Service Benefit = Total Monthly Benefit

(2) Total Monthly Benefit x Early Retirement Reduction = Single Lifetime Monthly Income

(3) Single Monthly Income x Joint and Survivor Reduction = Joint Lifetime Monthly Income 

In the first equation, your monthly benefit earned for each year of credited service is added together to determine your total monthly income. In the second and third equations, your monthly benefit is adjusted to compensate for early retirement (if applicable) and the payment of a survivor's benefit (if applicable).