Retirement Benefits
What about your Retirement Benefits during the Shelter in Place order?
Pension Benefits
If you’re already Retired:
We continue to issue monthly Pension benefit payments to our Retirees.
If you haven’t already done so, we encourage you to sign up for Direct Deposit of your payments to avoid delays that could arise from the delivery and cashing of paper checks once we’ve placed them in the mail.
If you’re thinking about Retiring:
We’re still processing Applications for Retirement and assisting with any questions you may have about qualifying for Retirement via emails to benefitservices@carpenterfunds.com and calls to (888) 547-2054.
Annuity Benefits
If you’ve already Retired:
We continue to process Annuity payments.
If you are in receipt of incremental (monthly, quarterly or annual) Annuity payments, we encourage you to sign up for Direct Deposit of those benefit payments.
If you’re thinking about Retiring:
We’re still processing Applications for Withdrawal and assisting with any questions you may have about qualifying for Withdrawal via emails to benefitservices@carpenterfunds.com and calls to (888) 547-2054.
More information on Retirement
If you want to know your Account balance:
Visit the Participant Portal for the balance of your Annuity Individual Account.
Northern California Carpenters 401(k) Plan
The Plan has specific rules around making contributions and qualifying for Retirement, Loans and Hardship Withdrawals.
At this time, Trustees are considering additional loan and hardship withdrawal options in relation to the COVID-19 pandemic. Plan Participants will be notified of any future Amendments made to the Plan.
Subject to Plan Amendment, the Board is considering the following:
- Loans related to COVID-19 treatment may be increased from a maximum of $50,000 to a maximum of $100,000 but may not exceed your individual balance. Special rules apply to repaying such a loan. The loan provisions do not change for non-COVID-19 loans.
- For those who have COVID-19 related treatment, a hardship withdrawal of up to $100,000 of your individual balance may be available. Normal income taxes are required, however the 10% penalty for early withdrawal has been waived. Hardship withdrawal provisions do not change for non-COVID-19 withdrawals.