Retirement Fund
The Southern California Lumber Industry Retirement Fund was first established in 1957 by a Board of Trustees composed of Union and Employer Trustees. The Retirement Plan is a defined benefit plan that provides you with a monthly benefit at retirement. The Plan is Federally qualified under the I.R.S. and the Department of Labor Regulations. The Plan accepts flat rate or hourly employer contributions. Contributions range from $95.15 per month ($0.55 per hour) to $200 ($1.15 per hour).
Individual Account Benefit
In 1987, the Board of Trustees started the individual account benefit as a new feature to the retirement plan. A credit is accumulated in each active member's account and accumulates, with interest, until retirement. It is separated from the monthly retirement benefit. When you retire, you have the option of taking the total balance of your individual account as a lump sum payout or converting it to an equivalent monthly benefit that will be paid out over your lifetime.
Vesting
A participant shall become vested at the time they satisfy one of the following conditions:- Accumulate 10 years of unbroken Credited Service, including at least one year of Current Service Credit or
- Accumulate 5 years of unbroken Credited Service and twelve months of contributions after June 1, 1988, or
- Accumulate 5 years of unbroken Credited Service which includes at least one Hour of Service earned after January 1, 1999.
- Accumulate 3 years of unbroken credited service which includes at least one Hour of service earned on or after January 1, 2010.
Current Plan Provisions
- 3 year vesting
- Normal retirement - at age 65
- Early retirement - at age 60
- Individual account benefit - started 6/87
Other Plan Features
Joint and Survivor Benefit - survivor receives 75% of pension benefit.
"Pop-up" provision for pensioners who are predeceased by spouse.
Reciprocity - Plan is signatory to UBC reciprocity agreement assuring members that "service credits" from other Carpenters Plans are counted toward retirement.
The following links will provide you with more and detailed information regarding your Retirement Plan.
Should you have any questions, please contact the Administrative Office.
Health benefits are available only if your employer participants in the Retirement program by paying the proper contributions. If you are in doubt as to whether contributions are being made on your behalf, check with your employer or the Administrative Office.