Summary Plan Description

Hourly Contributions

Your Vacation Plan contributions are made through a payroll deduction process. Your employer deducts $1.00 from your hourly wage for each compensable hour as required by the collective bargaining agreement. Your contributions are then processed by your employer, Carpenters Trusts and Qualstar Credit Union as follows:

  • At the end of each month, your employer computes the total number of hours you worked for that month and then forwards the appropriate contributions to Carpenters Trusts. These contributions are usually received by Carpenters Trusts by the end of the month following the month you worked.
  • When Carpenters Trusts receives the employer report and the appropriate contributions, your contributions are electronically transferred to your account at Qualstar. Transfers to Qualstar are generally made on the first Wednesday following the receipt of your contributions.
  • Qualstar processes your contributions and then posts them to your account. These contributions are generally available to you on the evening they were transferred to Qualstar or on the following morning.

If your contributions are not available after this processing cycle, or if there is a discrepancy in the contribution amount, please contact Carpenters Trusts. Trust Office staff will continue to resolve any employer reporting problems on your behalf.

Helpful Hint

Contributions for the current month are generally available to you at the end of the following month. For example, if you worked 160 hours in January, your $160 in contributions are normally received by Carpenters Trusts by the end of February and then applied to your Qualstar account the following Wednesday. Your money would then be available to you that Wednesday evening or the following morning.

Your account balance at Qualstar is the sum of all hourly contributions received from Carpenters Trusts plus any dividends posted to your account by Qualstar.