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Health & Welfare - Active

Health & Welfare - Retiree

Vacation, Holiday & Sick Leave

Pension

  • How do I become eligible to receive benefits?

    You only become eligible to receive benefits upon retirement when you satisfy the vesting requirements and after you have fulfilled all the conditions of the entitlement to benefits.

    Pension Vesting

  • What is Vesting?

    Vesting guarantees your entitlement to future benefits from the Plan. Once you become vested, your accumulated Eligibility Credit, Unit Value Benefit Credit, Percentage of Contribution Benefit Credit, and Vesting Credit cannot be canceled even after you stop working in Covered Employment. One-Year Breaks in Service and Permanent Breaks in Service do not apply if you have met the requirements for vesting.

     

    Note: Achieving Vested Status guarantees your entitlement to future benefits from the Plan, however, your benefits may still be frozen if you have a Separation from Covered Employment.

  • How do I become Vested?

    On and after September 1, 1999, you are vested if you meet the following requirements:

    • You are a Participant; and 
    • You have earned at least one Hour of Work in this Plan on or after September 1, 1999; and
    • You have accumulated 5 Years of Vesting Credit, or you have accumulated 5 full Eligibility Credits without a Permanent Break in Service, or you have attained your Normal Retirement Age without a Permanent Break in Service.

    Prior to September 1, 1999 and after September 1, 1976, you were vested if you had accumulated 10 years of Vesting Credit, or 10 full Eligibility Credits without a Permanent Break in Service or you had attained your Normal Retirement Age.

  • When can I retire?

    If you are eligible, your Normal Retirement Age is age 65 or your age on your fifth anniversary of participation, if you are older than age 65. However, you may be able to Retire before your Normal Retirement Age, if you meet certain age and service requirements as explained in the Pension FAQs section.  In order to receive pension benefits, you MUST be Retired from the Building and Construction Industry and you must have fulfilled all the conditions to be entitled to benefits.

  • When can I retire on a Regular or Service Pension before age 65?

    You may retire on a Regular Pension when you are at least age 62 and have 10 years of Vesting Credit or 10 full Eligibility Credits (excluding any Vesting Credit or Eligibility Credit lost due to a Permanent Break in Service).

     

    You may retire on a Service Pension before age 62 when you accumulate at least 30 full Eligibility Credits in Northern California (excluding any Eligibility Credit lost due to a Permanent Break in Service). However, if you have performed work in Non-Covered Employment for an employer that does not contribute to this Plan, Service Pension benefits accrued after July 1, 1991, will be delayed six months for every calendar quarter in which you worked in such Non-Covered Employment.

     

    Note: A Service Pension is not available if you previously received an Early Retirement Pension under the Plan.

     

    In order to receive pension benefits, you MUST refrain from Prohibited Employment and you must make application for your pension.

  • What will be the amount of my Regular or Service Pension?

    The monthly amount of a Regular or Service Pension will be the same as the unreduced accrued benefit payable at Normal Retirement Age. The payment form you select, deductions and withholding, community property claims, and any court ordered reductions may also reduce your benefit amount.

  • When can I retire on a reduced Early Retirement Pension?

    When you are at least age 55 and have at least 10 full Eligibility Credits (excluding any Eligibility Credit lost due to a Permanent Break in Service); and after you have fulfilled all the conditions which would entitle you to a benefit, including the filing of an application and refraining from Prohibited Employment.

  • Is there any reason that my Early Retirement Pension may be delayed?

    Yes. If you have performed work in Non-Covered Employment for an employer that does not contribute to this Plan, your Early Retirement Pension will be delayed 6 months for each calendar quarter in which you worked in Non-Covered Employment. 

  • What will be the amount of my Early Retirement Pension?

    Your Early Retirement Pension amount will equal your Regular Pension amount reduced by ½ of 1% for each month that you are younger than age 62 on the effective date of your Early Retirement Pension. This reduction takes into account that you are younger than age 62 when your pension begins and, therefore, you will be receiving a pension for a longer period of time. The payment form you select, deductions and withholding, community property claims, and any court ordered reductions may also reduce your benefit amount.

  • Can I receive a Disability Pension?

    Yes. If your Covered Employment is terminated because you become Totally Disabled, you may be entitled to receive a Disability Pension if:

    1. You are not yet age 62;
    2. You have at least 10 full Eligibility Credits (without a Permanent Break in Service; and 
    3. You earned at least three-twelfths of a Future Service Eligibility Credit in the 5 consecutive Calendar Year periods prior to the Calendar Year in which you became Totally Disabled.
  • What does it mean to be “Totally Disabled?”

    "Totally Disabled" means that you are totally disabled from work of any kind and you are receiving a Social Security Disability Benefit or otherwise meet the Social Security Administration’s rules for determining total disability.

  • What will be the amount of my Disability Pension if I am Totally Disabled?

    The monthly amount of your Disability Pension would be equal to the monthly amount of your Regular Pension. There is no reduction because of age, as in the case of an Early Retirement Pension, but there may be a reduction depending on the payment form that you select, deductions and withholding, community property claims, and any court ordered deductions may also reduce your benefit amount.

Annuity

401(k) Plan

  • What is the difference between traditional and Roth savings?

    In a traditional 401(k), you contribute income pre-tax, and then pay taxes on the funds when you withdraw them during retirement.  In a Roth savings, you pay taxes upfront so you can make withdrawals tax-free during retirement.

  • When can I withdraw my account?

    A withdrawal from the account can be made based on any of the following events:


    (a) The Participant’s death;

    (b) The Participant’s retirement with all Employers at or after attaining Normal Retirement Age, or on account of Disability;

    (c) The Participant’s retirement under the Carpenters Pension Trust Fund for Northern California;

    (d) The Participant has ceased working in Covered Employment for a period of six consecutive months; or

    (e) Entry to military service.


    The Account of a Participant who is (was) a Non-Collectively Bargained Employee shall become distributable once the Participant has a separation of employment with the Employer (including separation due to retirement, Disability or death).

  • Can I take a loan from my 401(k)?

    The Plan allows you to borrow against the value of your account balance. It’s a way for you to borrow your own money. The interest you pay on your loan goes back into your own Plan account. You can model your repayment schedule and apply for a loan by contacting John Hancock. Loan documentation and processing instructions will be mailed to you.

     

    A loan setup fee of $100 will be deducted from your account each time you initiate a Plan loan. You may have no more than two loans outstanding at any time. The interest rate is fixed and will be equal to the Prime Rate (as published in The Wall Street Journal on the day the loan is initiated).

     

    The minimum amount you can borrow is $500. The maximum loan amount available to you will be determined by your account balance. You may borrow up to the lesser of 50% of your account balance or $50,000.

  • Can I take a hardship withdrawal?

    Under the Plan, you are permitted to withdraw a portion of your account if you experience one of the following six financial hardships:

    • Purchase of your principal residence;
    • Payment of unreimbursed medical expenses incurred by you, your spouse or dependents; or to permit you, your spouse, or your dependents to obtain medical care;
    • Payment of tuition and “related expenses” (as defined under federal law) for the next 12 months of post-secondary education (for example, college, graduate school and/or equivalent courses) for you, your spouse, your children or dependents;
    • Payment to prevent eviction from your principal residence or foreclosure on the mortgage of your principal residence;
    • Payment of funeral or burial expenses for your deceased parent, spouse, children or dependents (as defined in Section 152 of the Internal Revenue Code, without regard to Section 152 (d)(1)(B) of the Code); or
    • Payment to repair damage to your principal residence that would qualify for a casualty loss deduction under Section 165 of the Internal Revenue Code (determined without regard to whether the loss exceeds ten percent (10%) of your adjusted gross income).

    You may only withdraw the amount of your pre-tax contributions (not including any investment earnings), any Roth contributions and any rollover contributions you may have made to the Plan (including any investment earnings) needed to meet your hardship. However, you may elect to increase the amount withdrawn to cover any applicable tax withholding on the withdrawal.

    The minimum amount you can withdraw is $500 (or, if less, the entire available amount). A Hardship Withdrawal fee of $75 will be deducted from your account each time a Hardship Withdrawal is initiated.

    In reviewing your request for a hardship withdrawal, consideration will be given to the nature of your financial need, the documentation you provide and whether or not you have exhausted all other financial resources available to you, including a Plan loan or other withdrawal from the Plan. In other words, you will have to prove a financial hardship and that you (and your spouse and dependents) have no other monies immediately available to meet that hardship. In connection with your request for a hardship withdrawal, you will be asked to provide certain documentation, including a statement to the effect that the need cannot reasonably be relieved through reimbursement or compensation by insurance or otherwise, by liquidation of your assets, by stopping your contributions to the Plan, by taking other distributions and loans available under this Plan or other plans maintained by the Board of Trustees, or by borrowing from a commercial source on reasonable terms.

    The amount you withdraw for financial hardship will be subject to optional federal income tax withholding. If you are under age 59½, an additional 10% penalty tax may apply. You may request a hardship withdrawal form by contacting John Hancock. You should, however, consult with your tax advisor before exercising this option.

Employer

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