Withdrawal Rules
Overview
You may be eligible to withdraw your Account if you meet the Retirement guidelines set out in the Plan Rules and Regulations. Reasons for Retirement include becoming age 62, ceasing work in the Building and Construction Industry, receiving a Social Security Disability Award, terminal illness, or military service.
Annuity Withdrawal Rules
This is a retirement account, not eligible for loans or hardship withdrawals. Generally, money purchase plan benefits, like this Plan, can only be paid at Retirement or death. In order to comply with the law, you may only receive the money in your Individual Account under one of the following ten conditions for Retirement:
- Attain age 62 with no contributions made to your Individual Account for at least three consecutive months
- You stop working in the Building and Construction Industry for at least 24 months
- You receive an entitlement to a Social Security Disability Benefit
- You have been awarded a Pension from the Carpenters Pension Trust for Northern California
- You qualify for a Hospice Program
- You enter Military Service
- You reach your Required Beginning Date, which is the April 1st following age 72
- You have a Qualified Domestic Relations Order
- You have an Individual Account of less than $2,000 and have not received Contributions for at least the past 24 months
- Death of the Participant
A request for Retirement must be applied for in writing on an application which may be obtained online or from the Fund Office. The Application should be completed, signed and sent together with any required documents.