Summary Plan Description (Revised January 1, 2012)

Vesting

Vesting means you gain a permanent right to earned benefits, even if you stop working in covered service. Vesting is based on credited service earned under this plan and, in certain circumstances, under reciprocal plans (please see Reciprocal Plan Service). The plan has had a variety of vesting rules since its inception but there are currently two ways to become vested in this plan. 

Five-Year Vesting Rule

The five-year vesting rule was effective on January 1, 1988. Five-year vesting requires five years of credited future service in this plan earned on or after January 1, 1985. Reciprocal service cannot be used to help satisfy five-year vesting.

  • For additional information about five-year vesting, please see Article 3.2.1(b).
Ten-Year Vesting Rule

Prior to the addition of five-year vesting, this plan had a ten-year vesting requirement. The ten-year vesting rule was established on January 1, 1960 and requires ten years of credited service in this plan or in combination with one or more reciprocal plans. At least one of the ten years must be credited future service in this plan. Most carpenters vest under the five-year vesting rule but ten-year vesting can be helpful for carpenters who lived or worked in more than one jurisdiction during their career.

  • For additional information about ten-year vesting, please see Article 3.2.1(a).

Key Point

Your retirement benefits are not guaranteed until you become vested in this plan. Other plan benefits such as disability retirement, the primary spouse's benefit, and certain survivor benefits are not available until you become vested in this plan and satisfy certain other activity requirements. Vested benefits are not available until you retire (age 55 and older).