Northwest Carpenters Individual Account Pension Plan

Credited Service 

If you worked or work under a collective bargaining agreement under which contributions are made to this plan, you are entitled to credited service based on the schedule below:

Hours Worked in a Calendar Year   Credited Service
1,000 or more covered hours 1.00 year of credited service
750-999 covered hours 0.75 year of credited service
500-749 covered hours 0.50 year of credited service
Less than 500 hours 0.00 years of credited service

You are also entitled to credited service based on the schedule above if you worked or work outside the jurisdiction of this plan but your hours and contributions were or are transferred to Northwest Carpenters Trusts under Money Follows the Carpenter (please see Money Follows the Carpenter).

The following employment categories may require employer contributions to the Northwest Carpenters Health and Security Plan but may not require employer contributions to the Northwest Carpenters Individual Account Pension Plan:
Participant working under a collective bargaining agreement or a written contribution agreement that does not require an hourly contribution by the employer.

  • Participants working under a residential bargaining agreement.
  • Participants who are in the first six months of the apprenticeship program (first-period apprentices).
  • Participants who are in the first twelve months of the drywall utility program.

If you work in one of these employment categories, you will earn credited service toward vesting even though no contributions were made to the Northwest Carpenters Individual Account Pension Plan on your behalf. If you work in one of these employment categories you may be eligible to make 401(k) elective contributions to the plan (please see Elective Contribution Subaccount).

Key Point

If your employer is required to make an hourly contribution to this plan on your behalf, credited service is important because it determines your vesting status for those contributions. Your vested status is important because you must vest in employer contributions within a certain period of time or risk forfeiting those contributions and any investment earnings associated with those contributions. Please see Vesting for additional information. You are always fully vested in your Supplemental Contribution and 401(k) Elective Contribution Subaccounts. Your rollovers into the plan are fully vested beginning with your initial contribution.

For additional information about credited service, please see Article 1.9.

Last Updated: 04/25/2023