Retirement may seem far away but it is closer than you think and it is never too early to plan.
Union Carpenters, Drywallers, Millwrights are offered the Southwest Carpenters Annuity when working in Southern Nevada or Southern California (beginning July 1, 2020).
- Defined Contribution Retirement Plan
- 100% vested (all the money contributed and investment income belongs to you, the participant)
- Separate from your Defined Benefit Pension Plan already provided by the Southwest Carpenters Pension Trust.
- Employer Funded Contributions
- Funded by a contribution per man-hour worked based on the labor agreement you work under. The amount is listed on your work referral.
- Contributions are tax-deferred (taxed upon distribution)
- Investments are Participant Directed
- You decide how the funds are invested
- Investment income is tax-deferred (taxed upon distribution)
- Contributions subject to the working agreement and job class.
- Available at retirement in the form of a lump sum payment or in fixed monthly amounts.
By registering with Prudential Financial at swcarpentersannuity.org you will have up to date access to view your annuity account balances and to view or direct your investments.
- The website will be available July 1, 2020 with general information regarding the Annuity Plan, investments and financial wellness.
- Registration will be available after your first contribution to the plan (about 6 weeks after your first month).
- Target Date Investment funds are selected automatically unless you make other choices.
- Based on your age and the year you will turn 65.
- Make sure your correct date of birth is in MemberXG so the correct Target Date Fund is selected.
- A variety of other investment options are offered if you choose to be a “hands-on” investor.
Accessing Your Annuity Fund
The balance in your Annuity belongs to you from the first contribution but because this is a retirement account, your funds can only be withdrawn if certain events occur.
- Termination as a participant – no contributions made for 12 consecutive months.
- Forms of Payment
- Distributions are treated as taxable income
- Lump sum distribution
- Equal monthly payments