Summary Plan Description (Revised January 1, 2012)
Money Follows the Carpenter
Money follows the carpenter is part of the International Reciprocity Agreement that allows you to have hours and contributions transferred to your home trust – the Carpenters Retirement Plan of Western Washington – when you temporarily work in another jurisdiction under a reciprocal plan. Money follows the carpenter allows you to accumulate all or most contributions in your home trust. Money follows the carpenter is a particularly important provision if you are trying to satisfy the requirements for rule of 80 early retirement (please see Rule of 80 Early Retirement).
To take advantage of money follows the carpenter, please contact Participant Services at the Trust Office each time you begin work under a reciprocal plan. The Trust Office will send you the appropriate Authorization to Transfer Fringe Benefits form. This form is also available on the Trust Office website: www.ctww.org. The Authorization to Transfer Fringe Benefits form must be completed as soon as possible but no later than 60 days from the onset of employment in the other jurisdiction. Contributions cannot be transferred retroactively. In most situations, money follows the carpenter requires the home trust and the reciprocal trust to accept or transfer both retirement contributions and health and security contributions. Several other restrictions also apply.
- For additional information about money follows the carpenter, please see Article 5.3.
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