Northwest Carpenters Individual Account Pension Plan

Introduction 

The Northwest Carpenters Individual Account Pension Plan is a “defined contribution plan” which means your benefit is determined by the amount of money in your individual account when you retire. Your account balance at retirement is determined by five major factors:

1. The number of hours you work each year for contributing employers and the length of your union career with this plan.
2. The hourly contribution rate to the regular subaccount and to the employer contribution subaccount during your union career with this plan.
3. The amount of supplemental contributions made to the plan between July 1, 2000 and December 31, 2013.
4. The amount of 401(k) elective contributions you made to the plan from January 1, 2014 until your retirement.
5. The investment performance of your individual account during your participation in this plan. Prior to July 1, 2021, the Board of Trustees directed investment of all accounts. Beginning July 1, 2021, the performance of your account is determined by the investment funds you choose (or in accordance with the plan’s qualified default investment alternative procedures).

Last Updated: 04/25/2023