Summary Plan Description (Revised January 1, 2012)

Introduction

Retirement benefits are payable under the Carpenters Retirement Plan if you satisfy all of the following requirements:

  • You are vested in this plan.
  • You are age 55 or older.
  • You satisfy the plan's activity test if you are applying for special early retirement, rule of 80 early retirement or disability retirement. To satisfy the activity test you must have at least 750 covered hours in this plan during the three plan years immediately preceding your retirement effective date. For example, if your retirement effective date is January 1, 2012, you must have a total of 750 or more hours in 2009-2011.
  • If you have not attained age 65, you withdraw and completely refrain from any work with an employer that contributes to the plan. If you have attained age 65, you stop working in the building and construction industry in the geographic areas of the plan for 40 hours or more during a calendar month or during a four- or five-week payroll period ending in a calendar month. Building and construction industry means business activities of the type engaged in by any employers maintaining the Carpenters Retirement Trust of Western Washington.
  • Your completed application, election form and other required documents have been received by Carpenters Trusts.

Separate rules determine disability retirement.