New Sustainable Income Benefit
The Carpenters Retirement Plan of Western Washington will transition to a “sustainable income benefit” for hours worked beginning January 1, 2017. This new benefit design will apply only to benefits accrued on and after January 1, 2017.
The following links direct you to information about how the new sustainable income benefit works and how you may be affected. If you have questions or want additional information, please contact Retirement Services at Carpenters Trusts: (800) 552-0635.
- Introducing Your New Sustainable Income Benefit – This pamphlet provides the most comprehensive explanation of the new sustainable income benefit and other plan changes.
- Sustainable Income Benefit Joint & Survivor Factors — New factors that apply to the sustainable income portion of the benefit for distributions occurring between January 1, 2017 and December 31, 2017.
- Online Modeling Tool – The sustainable income benefit is designed to increase over time, based on the investment performance of the plan. The online modeling tool allows the participant to change certain variables (retirement age, annual hours, and/or investment return) to experiment with different projections. The modeling tool is available on Healthy Wealthy Wise (the secure area of the Carpenters Trusts website) and automatically incorporates your benefits information to make projections as realistic as possible. Registration is required to use this area of the website. Go to www.ctww.org/member to register or log on, or read the frequently asked questions to learn more about accessing personal benefits information through this secure website. If you need help with your registration, contact Participant Services at 800-552-0635.
To access the modeling tool:
- Log on to Healthy Wealthy Wise.
- Click Retirement Plans from the left-hand menu.
- On the Retirement Plans page, you’ll see your current balances for the Carpenters Retirement Plan and the Carpenters Individual Account Pension Plan.
- Look for the Pension Modeling Tool link below the Carpenters Retirement Plan table.
- Video: Intro to New Sustainable Income Benefit — Starting Jan. 1, 2017 there will be new formula for calculating your retirement benefit. The new benefit is called a "sustainable income benefit" and will apply only to hours worked on and after Jan. 1, 2017. Watch this short video to learn more.
- Video: The Future of Secure Retirement— The economic events of the past decade have prompted the Carpenters Retirement Plan of Western Washington to create a new formula for calculating pension benefits. As this video explains, the new "sustainable income benefit" lessens the impact of unpredictable and undesirable economic events. The presenter is Kelly Coffing, an actuary with Milliman, the firm selected to design this new benefit. This is a recording of Ms. Coffing's presentation to the PNWRCC delegation on Aug. 20, 2016 in Spokane.
- High-level Summary — This brochure summarizes the retirement plan’s current funding status and the circumstances challenging our ability to fund future benefits. It highlights important differences between the traditional benefit and the new sustainable income benefit. It explains the advantages of this new plan design and why it will do a better job of balancing retirement risks.
- Current State of the Carpenters Retirement Plan — This document provides answers to frequently asked questions about the retirement plan.