Pension Forms of Payment

PENSION FUND

Pension Forms of Payment in Retirement

Qualified Joint and Surviving Spouse

Lifetime Spouse Protection REDUCTION in participant's Accrued Monthly Pension (in addition to any Early Retirement reduction) will provide spouse a lifetime monthly check.

Additional Information

Automatic for Married Participants

Under the Qualified Joint and Surviving Spouse Pension, you will receive a benefit for life, and your surviving spouse will receive a lifetime benefit equal to 50% of the amount you were receiving at the time of your death. If you earned a pension benefit under the VPP, the portion of the survivor annuity attributable to the VPP will continue to adjust annually. The benefit payable to your surviving spouse under the Qualified Joint and Surviving Spouse Pension form will begin on the first of the month following your death.

Optional Forms of Payment for Married Participants

If you and your spouse validly reject the Qualified Joint and Surviving Spouse Pension form, you and your spouse may elect one of the optional forms of payment discussed below. Additionally, if you are unmarried and formally reject the Straight Life Pension, you may elect one of these available payment options.

75% Joint and Survivor Pension Benefit
- Under this option, your monthly pension amount is reduced for your lifetime in return for providing a lifetime survivor pension to your Designated Beneficiary. Your Designated Beneficiary will receive 75% of your monthly pension benefit if they survive you, and, if you earned a pension benefit under the VPP, the portion of the survivor annuity attributable to the VPP will continue to adjust.

100% Joint and Survivor Pension Benefit
- Under this option, your monthly pension amount is reduced for your lifetime in return for providing a lifetime survivor pension to your Designated Beneficiary. Your Designated Beneficiary will receive 100% of your monthly pension benefit if they survive you, and, if you earned a pension benefit under the VPP, the portion of the survivor annuity attributable to the VPP will continue to adjust.

Ten Year Certain and Life Benefit

- Monthly payments under the Ten Year Certain and Life Benefit form will be paid to you for your lifetime. In addition, if you die before receiving at least ten (10) years of pension payments, the full monthly amount will continue to be paid to your spouse or Designated Beneficiary until the Plan has paid a combined total of ten (10) years of pension payments (120 monthly checks) to you and your Designated Beneficiary. Finally, if you earned a pension benefit under the VPP, the VPP portion of the continued payments to your Designated Beneficiary will continue to adjust.

Unmarried Participants - Straight-Life Pension

If you are not married on the Effective Date of your pension, your payments will automatically be paid in a Straight Life Pension.

Additional Information

Automatic Form of Payment

The Straight Life Pension provides an unreduced monthly amount, as adjusted accordingly if you earned a pension benefit under the VPP, payable for the remainder of your life. (If you are married, you and your spouse may reject the Qualified Joint and Surviving Spouse Pension form and elect the Straight Life Pension.)

Optional Forms of Payment

If you are unmarried and formally reject the Straight Life Pension, you may elect one of these available payment options.

50% Joint and Survivor Pension Benefit
- Under this option, your monthly pension amount is reduced for your lifetime in return for providing a lifetime survivor pension to your Designated Beneficiary. Your Designated Beneficiary will receive 50% of your monthly pension benefit if they survive you, and, if you earned a pension benefit under the VPP, the portion of the survivor annuity attributable to the VPP will continue to adjust.

75% Joint and Survivor Pension Benefit
- Under this option, your monthly pension amount is reduced for your lifetime in return for providing a lifetime survivor pension to your Designated Beneficiary. Your Designated Beneficiary will receive 75% of your monthly pension benefit if they survive you, and, if you earned a pension benefit under the VPP, the portion of the survivor annuity attributable to the VPP will continue to adjust.

100% Joint and Survivor Pension Benefit

- Under this option, your monthly pension amount is reduced for your lifetime in return for providing a lifetime survivor pension to your Designated Beneficiary. Your Designated Beneficiary will receive 100% of your monthly pension benefit if they survive you, and, if you earned a pension benefit under the VPP, the portion of the survivor annuity attributable to the VPP will continue to adjust.

Ten Year Certain and Life Benefit

- Monthly payments under the Ten Year Certain and Life Benefit form will be paid to you for your lifetime. In addition, if you die before receiving at least ten (10) years of pension payments, the full monthly amount will continue to be paid to your spouse or Designated Beneficiary until the Plan has paid a combined total of ten (10) years of pension payments (120 monthly checks) to you and your Designated Beneficiary. Finally, if you earned a pension benefit under the VPP, the VPP portion of the continued payments to your Designated Beneficiary will continue to adjust.

Pop-Up Benefit

The Plan provides an optional "pop-up" benefit for a retiree who is receiving a Normal, Early or Disability Pension and who elected a reduced pension payable in the form of a Joint and Survivor Option.

Additional Information

You may elect to have the Qualified Joint and Surviving Spouse Pension or a 100%, 75%, or 50% Joint and Survivor Pension Benefit with a spouse or a Designated Beneficiary include a “Pop-Up” feature. This “Pop-Up” feature means that if your spouse or Designated Beneficiary predeceases you, your pension payments will increase, or pop up, to the amount you would have received if you had elected to collect your pension in the Straight Life Pension payment form, as adjusted accordingly if you earned a pension benefit under the VPP. If you are married and wish to elect this Pop-Up feature, you and your spouse must waive the Qualified Joint and Surviving Spouse Pension in writing.

Retirement Option Examples

Retires with a $3,000 Monthly Pension Reduction Examples

10 Year Life and Certain Benefit - $2,850 Pension Payment ($150 monthly reduction)
This option is available to both married and non-married Participants. There is a monthly reduction is since the payment guarantee is spread out over a longer period of time.
50% Joint and Survivor Benefit - $2,700 Pension Payment ($300 monthly reduction)
Default option if married. This option would provide your spouse a $1,350 monthly payment for the remainder of their life.
75% Joint and Survivor Benefit - $2,450 Pension Payment ($550 monthly reduction)
This option would provide your spouse a $1,840 monthly payment for the remainder of their life.
100% Joint and Survivor Benefit - $2,240 Pension Payment ($760 monthly reduction. No reduction if age 65 and Active)
This option would provide your spouse a $2,240 monthly payment for the remainder of their life.

Note: Examples are for illustrative purposes only. Individual circumstances for reduction amounts will vary. All Pension Payments are considered Taxable Income.

You cannot change this election once you retire.

Survivor Benefits Before Retirement

Lump Sum Death Benefit

Surviving Spouse Pension

Lump Sum Death Benefit

Lump-sum Death Benefit of $10,000 to your Surviving Spouse or Designated Beneficiary if you are Vested and:

Had at least 1,000 hours in Covered Employment in the 12-month period immediately preceding your date of death; or
You failed to work at least 1,000 Hours in Covered Employment during such 12-month period but maintained Emergency Continuation of Eligibility under the Mid-Atlantic Carpenters’ Health Fund due to Total and Permanent Disability or Workers’ Compensation Injury; or
You died while performing qualified military service and would have satisfied either subparagraph no. 1 or no. 2 had you otherwise died immediately prior to entering qualified military service.

Surviving Spouse Pension

Preretirement Surviving Spouse Pension

If you are married, Vested, and die before establishing a Pension Effective Date, your Qualified Spouse will receive a Preretirement Surviving Spouse Pension. The amount of your surviving spouse’s benefit will be 50% of what your monthly pension would have been in the form of a Qualified Joint and Surviving Spouse Pension, after adjustment for early retirement, if applicable. In addition, if you earned a pension benefit under the VPP, the portion of the Qualified Preretirement Surviving Spouse Pension attributable to the VPP will adjust as described in the Pension Fund SPD. The Qualified Preretirement Surviving Spouse Pension is payable to your surviving spouse on the first day of the month following your death. However, your surviving spouse may elect in writing to delay payments until a future date but not after the calendar month in which you would have reached age 70 ½ had you survived.

Key Terms and Definitions

Accrued Benefit

Active Participant

You become an "active" participant of the Pension Plan the first day of the Plan year within which you are credited with 350 Hours of Service.

Once you meet the initial eligibility requirement, your eligibility will continue as long as you remain an Eligible Employee and obtain at least 250 hours in each Plan Year.

The eligibility requirement is based on all hours which are credited for vesting purposes under the Plan.

Association

Beneficiary (or Designated Beneficiary)

Break-In-Service

Collective Bargaining Agreement

A written labor contract or other written agreement between the Union and the Association or an individual Employer requiring contributions to the Plan. It also means any a project labor agreement, signed stipulation with the Trustees, or any reciprocal agreement between the Trustees and another multiemployer pension fund requiring contributions to the Plan. It includes any agreement, including a project labor agreement between the United Brotherhood of Carpenters and Joiners of America and any employer, employer group, association of employers requiring contributions to the Fund.

Contribution or Contributions

Contributions, or Total Employer Contributions, means the money paid or payable into the Trust Fund by an Employer pursuant to a Collective Bargaining Agreement. Benefit Contributions and Special Funding Contributions comprise Total Employer Contributions. Benefit Contributions are the portion of Total Employer Contributions payable under a Collective Bargaining Agreement that are not Special Funding Contributions and constitute the portion of Total Employer Contributions used to calculate the monthly amount of a Participant’s Accrued Benefit (benefit-bearing contributions). Special Funding Contributions are non-benefit bearing contributions.

Covered Employment

Covered Employment means employment of an Employee by an Employer in a category covered by the Collective Bargaining Agreement and for which Contributions are required to be made to the Fund. It also means employment for which Contributions are transferred to the Fund pursuant to the United Brotherhood of Carpenters and Joiners of America International Reciprocal Agreement for Carpenters’ Pension Funds, or other reciprocal agreements recognized by the Trustees.

Deferred Vested Pension

If you are Deferred Vested Participant, you may retire with a Deferred Vested Pension upon:

Attaining age 62; and
Completing at least five (5) Years of Vesting Service.

The Deferred Vested Pension is the only pension benefit available to Deferred Vested Participants. A
Deferred Vested Participant is not eligible for an Early Retirement Pension, an Unreduced Future Service Pension, or any other type of early retirement pension benefit.

You become a Deferred Vested Participant if you fail to earn 250 Hours of Service in a Plan Year. Deferred Vested status is effective beginning the first day of the Plan Year following the Plan Year in which you fail to earn 250 Hours of Service. For example, if you failed to earn 250 Hours of Service from January 1, 2022 through December 31, 2022, you will become a Deferred Vested Participant on January 1, 2023.
You may regain active status by earning 1,000 Hours of Service in a Plan Year. Active status shall take effect beginning the first day of the Plan Year following the Plan Year in which you work 1,000 or more Hours of Service. For example, if you are Deferred Vested beginning January 1, 2022, but you work 1,000 Hours from January 1, 2022 through December 31, 2022, you will be considered an active Participant effective January 1, 2023.

If you are eligible for and elect to receive a Deferred Vested Pension, the amount of your pension will be calculated in the same manner as a Normal Retirement Pension, after which the amount of your benefit will be reduced by 0.5% for each month, if any, by which you are younger than Normal Retirement Age on your Pension Effective Date.

Your benefit may be reduced even further if you choose a form of payment that provides a survivor annuity to your spouse or Designated Beneficiary. Finally, if you earn a pension benefit under the VPP, it will continue to adjust into retirement, and, if a survivor annuity becomes payable to your spouse or Designated Beneficiary, the portion of the survivor annuity attributable to the VPP will continue to adjust as well.

Effective Date (or Pension Effective Date)

Hour or Hour of Service

Legacy Pension

Normal Retirement Age

Normal Retirement Age means the later of age- 65 or the 5th anniversary of your participation in the Plan. However, if you are a former participant of the EDCC, your Normal Retirement Age for purposes of the benefit you earned through July 31, 2004 (the day before the effective date of the merger of the EDCC into this Plan) is the later of age 62 or the 5th anniversary of your participation under the Plan.

Qualified Domestic Relations Orders (Q.D.R.O)

A Qualified Domestic Relations Order (Q.D.R.O.) is a judgment, decree, or order made pursuant to state domestic relations law that relates to a divorce or other domestic relations proceedings which specifies an amount of the Participant's benefit to be paid to an alternate payee, and the manner of such payment.

Payment to an alternate payee may be paid in any form permitted under the Plan.

Variable Pension

Vested

Year of Vesting Service