Pension Plan FAQ's
- How do I become eligible for a benefit?
- Can I make contributions into the Fund?
- How do I earn a Vesting Credit?
- What is a Break-in-Service?
- Can Vesting Credits and contributions be forfeited?
- How can I transfer contributions for hours worked in another Fund's jurisdiction back to the Wisconsin Carpenters' Pension Fund?
- Can I borrow contributions, receive a lump-sum payment or roll over contributions from my Pension Plan before I retire?
- Is there a disability benefit available through Wisconsin Carpenters' Pension Fund?
- How do I designate a beneficiary?
- What if I get divorced?
- At what age can I retire?
- When should I call the Fund Office for a retirement benefit estimate and application?
- What is the Joint and Survivor Option?
- Can I get a lump sum benefit when I retire?
- Can my pension check be sent to my bank or other financial institution?
- Can I work in Plan-related Employment after I retire?
- Does my monthly retirement benefit increase after I retire?
- Can I change my tax withholding?
- Will I receive a statement for income tax purposes?
Active Employees
Thinking About Retiring?
After you retire
- How do I become eligible for a benefit?
- The first contributions received at Wisconsin Carpenters' Pension Fund
- The start of a Plan Year starting after the first contribution received.
- Can I make contributions into the Fund?
- How do I earn a Vesting Credit?
- What is a Break-in-Service?
- Can Vesting Credits and contributions be forfeited?
- How can I transfer contributions for hours worked in another Fund's jurisdiction back to Wisconsin Carpenters' Pension Fund?
- Can I borrow contributions, receive a lump-sum payment or roll over contributions from my Pension Fund before I retire?
- Is there a disability benefit available through Wisconsin Carpenters' Pension Fund?
- How do I designate a beneficiary?
- What if I get divorced?
- At what age can I retire?
- When should I call the Fund Office for a retirement benefit estimate and application?
- What is the Joint and Survivor Option?
- Can I get a lump sum benefit when I retire?
- Can my pension check be sent to my bank or other financial institution?
- Can I work in Plan-Related Employment after I retire?
- Does my monthly retirement benefit increase after I retire?
- Can I change my tax withholding?
- Will I receive a statement for income tax purposes after I retire?
Active Employees
You must become a Participant and earn enough hours to be vested. You become a Participant the July 1 or January 1 following a twelve month period beginning with:
- OR -
If a minimum of 750 hours of contributions are credited on your behalf from your Employer during the twelve month period.
Five years of Continuous Vesting Credit is required for a normal Retirement Benefit at age 62. Ten years of Continuous Vesting Credit is required for an Early Retirement Benefit at age 55.
If you've had a Break-in-Service, your Normal or Early Retirement Age may be different than age 62 or 55.
No. The Plan is funded by participating Employers who contribute to the Pension Fund for hours worked under a labor contract or participation agreement. No contributions are required from Participants themselves and none are permitted.
Each Calendar Year, you earn one year of Vesting Credit when at least 300 hours of Employer-paid contributions are credited in your behalf.
A Break-in-Service happens if you have four consecutive Calendar Years without working at least 300 hours for a contributing Employer. Any future improvements in the Plan would not apply to the contributions made prior to the Break-In-Service.
If you are not Vested and you have five consecutive Calendar Years without a year of Vesting Credit (300 hours), the contributions and Vesting Credits will be forfeited.
Call the Fund Office to request a pension transfer form from the Fund Office before you start working in another Fund's jurisdiction. If you stop working in another Fund's jurisdiction and return at a later date, check with the Fund Office to make sure your transfer is still in effect.
No. The Plan does not allow withdrawal of contributions, lump sum payments or rollovers of contributions. The only method of payment is a monthly pension benefit at Retirement Age.
Yes. You must be totally and permanently disabled and meet the Plan Requirements to receive a Disability Benefit.
If you need to designate or change a beneficiary, the beneficiary designation must be on a beneficiary card obtained from the Fund Office. It is important that you keep your beneficiary designation up-to-date as death benefits are paid according to the most recent designation filed by you as long it is in accord with Plan provisions and the law.
When your divorce is final, the Fund Office will need a copy of your divorce documents and will provide information and forms if a portion of your pension benefit is awarded to your ex-spouse.
Thinking About Retiring?
Normal Retirement Age is 62 for Participants with 5 years of vesting credit. Early Retirement Age is 55 for Participants with 10 years of vesting credit. If you've had a Break-in-Service, your Normal or Early Retirement Age may be different than age 62 or 55.
Request your retirement benefit estimate no earlier than 90 days before and no later than 31 days before the month you want to begin retirement benefits.
With the Joint and Survivor option, benefits paid to you as a retiree are continued after your death in a reduced amount to your spouse. Your monthly benefit is reduced because the total amount of benefit you have earned is expected to be paid over both your lifetime and your spouse's instead of yours alone. The monthly benefit payable to your spouse after your death is two-thirds of the monthly benefit that was paid or payable to you.
If the actuarial equivalent of your pension benefit is a lump sum of $5,000 or less, your benefit will be paid to you in one lump sum amount rather than in monthly payments. If you are eligible for a lump sum benefit at retirement, you can roll it over or have payment made directly to you.
Yes. You can have your pension check directly deposited into your checking or savings account.
Now That You're Retired
If you receive an Early Retirement Benefit, you cannot work the first 60 days from the date of your retirement and you must make no prior plans or arrangements to return to Plan-Related-Employment. If you receive a Normal Retirement Benefit, you can return to work immediately. The number of hours you can work in Plan-Related Employment is limited. Your pension benefit is suspended for any calendar month in which you work 40 or more hours after having worked 400 hours in prior months in any one Calendar Year in "Plan-Related Employment".
If you return to work for a contributing Employer, your monthly benefit will be adjusted the following January.
Yes. Request a federal income tax withholding form from the Fund Office. If you reside in Wisconsin, a state income tax withholding form can be provided as well.
Yes, you will receive a 1099-R form. The form is mailed no later than January 31 of each year.
