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Trustees Amend Retirement Plan Suspension Rules
The Board of Trustees has approved a temporary waiver to the suspension of benefit rules under the Northwest Carpenters Retirement Plan.
With this modification, an eligible retiree is allowed to work more than 480 hours in the building and construction industry without loss of monthly pension benefit payments, provided the hours are worked for a contributing employer. The Plan's normal suspension rules will be waived for hours worked between August 1, 2023 and December 31, 2024. To be eligible for this waiver, a participant must be retired as of July 1, 2023. A notification form must be completed and returned to Northwest Carpenters Trusts before the last day of the month following the first month in which the retiree is engaged in post-retirement service.
If an eligible retiree's benefits were already suspended for hours worked prior to August 1, 2023, the retiree's monthly payments will resume as of that date and for the remainder of 2023 and 2024, regardless of the hours worked for a contributing employer in the building and construction industry.
The Plan's normal suspension-of-benefit rules will apply in full beginning January 1, 2025. Please read the Summary of Material Modification for complete information about this temporary waiver of suspension rules. If you have any questions about this change, please contact Participant Services at Northwest Carpenters Trusts: (800) 552-0635 or email@example.com.