Participation
Overview
In general, you are a Participant in the Annuity Fund if you are working for a Contributing Employer in a job covered by a Collective Bargaining Agreement (CBA) or Subscribers Agreement, which requires the Employer to make Contributions to the Annuity Fund for hours worked by you under the terms of the CBA or Subscribers Agreement.
The Plan
The Annuity Fund is a defined contribution money purchase retirement plan with benefits payable to its Participants upon Retirement based upon the balance in their Individual Accounts. Like Social Security and the Carpenters Pension Plan for Northern California, it’s primary purpose is to provide Participants with a source of income at retirement. The Annuity Fund is not permitted to provide in-service distributions such as hardship withdrawals.
Your Individual Account
Your “Individual Account" holds the money that represents your Annuity Fund benefit. Your Individual Account balance or “Accumulated Share” describes how much money you would be entitled to receive from the Annuity Fund if you were entitled to a retirement distribution at a given time. Your Individual Account is set up after the end of the first full calendar month after Contributions are required to be made to the Annuity Fund on your behalf.
Your Individual Account is valued daily. However, you will receive quarterly statements from the Fund Office showing the actual Employer Contributions required to be paid with respect to your work during the quarter and the value of your Individual Account as of the end of the quarter.