Northwest Carpenters Individual Account Pension Plan

401(k) Election 

Section modified by Amendment 1 and Amendment 5. Click here to view previous policy.

Effective January 1, 2018, participants can make elective contributions of $1.00 to $9.00 per hour, in one-dollar increments. If you are at least 50 years of age, or will turn 50 during the plan year, you are also eligible to make an additional "catch-up" contribution of $1.00 to $3.00 per hour, making your total contribution $10.00 to $12.00 per hour.

Previous Policy

9/26/2014
A Participant may elect annually to make Elective Contributions to the Plan for the succeeding Plan Year in increments of $1.00 up to a maximum of $8.00 per hour of Covered Service, provided the Collective Bargaining Agreement or the terms of a written contribution agreement between an Individual Employer and the Trustees allow for Elective Contributions.

1/1/2014
A Participant may elect annually to make Elective Contributions to the Plan for the succeeding Plan Year in increments of $1.00 up to a maximum of $4.00 per hour of Covered Service, provided the Collective Bargaining Agreement or the terms of a written contribution agreement between an Individual Employer and the Trustees allow for Elective Contributions.

To make a timely election, you must complete an Application For 401(k) Elective Contributions and return it to Carpenters Trusts. You must also notify your employer on the first day of employment but not later than the tenth business day of employment. Timely notification allows your employer to make the necessary changes to the payroll process.

Once you make an election, that 401(k) election amount remains in place, year after year, unless you elect to increase or decrease it during the annual election period. You can increase or decrease your 401(k) contribution amount as many as two times in a calendar year. You can also elect to rescind your 401(k) contribution (elect a $0/hour contribution) even if you previously made two changes within the same calendar year.

If you move from one employer to another employer, please provide a copy of the application to your new employer on the first day of employment but not later than the tenth business day of employment. This is the only way your employer will know to make 401(k) deductions from your paycheck and how much to deduct.

Last Updated: 12/02/2022