|
What is the Supplemental Annuity Plan?
The Supplemental Annuity Plan (the “Annuity Plan”) is a plan providing a portion of the benefits provided under the Chicago Regional Council of Carpenters Pension Fund (“Pension Fund”). The Annuity Plan portion of the Pension Fund provides “defined contribution” benefits – your benefits under the Annuity Plan are determined by the contributions made to your account in the Annuity Plan and the investment performance of the funds you select.
Who Administers the Pension Fund and The Annuity Plan?
A Board of Trustees, which serves without compensation, acts on your behalf and on behalf of your fellow Employees in managing all aspects of the Pension Fund’s operations. This Board, whose powers and duties are set forth in the Trust Agreement, is made up of an equal number of Regional Council and Employer representatives.
|
|
What is the Annuity Plan Document?
The Annuity Plan document is the legal document that sets forth the supplemental benefits provided by the Pension Fund and also the eligibility requirements for those benefits. The Annuity Plan document appears in the second part of this booklet.
|
|
Who Contributes to the Annuity Plan?
The contributions to the Annuity Plan are made by the participating Employers who contribute to the Pension Fund. No contributions are required from you and none are permitted.
|
|
Who Is Covered by the Annuity Plan?
The Annuity Plan covers all Employees for whom Employer contributions are required to be paid into the Pension Fund by a collective bargaining agreement (or other written agreement).
|
|
When Was the Annuity Plan Established?
The Annuity Plan portion of the Pension Fund was established June 1, 2000 with respect to Mid-America Regional Bargaining Association and July 1, 2000 with respect to Residential Construction Employers Council.
|
|
How Is the Annuity Plan Different from the Pension Plan?
The Pension Plan is a defined benefit plan in which your benefit is based on your years of service and the benefit accrual rate that applies to your years of service. Unlike the Pension Plan, the Annuity Plan portion of the Fund is a defined contribution plan. Instead of your benefit being based on your years of service and benefit accrual rate, you have a specific individual account in the Annuity Plan and your Employer makes contributions to that account on your behalf. You have the right to invest that account in a variety of investment options. Your account balance will increase when employer contributions are made and can increase or decrease based on your investment choices. When you retire, your benefit is the total amount in your account.
|