> If Your Work Status Changes
Health Benefits Fund
If you do not work enough hours or have enough banked hours to maintain your eligibility for benefits through the Health Benefits Fund, you may be eligible to continue your coverage through COBRA.
If you move from covered employment with one employer to covered employment with another employer that participates in the Pension Plan, you will continue to earn pension credits made by your new employer.
Leaving Covered Employment
If you are vested in the Pension Plan and you take a job (or several jobs) that are not considered covered employment, you won’t lose any benefits you have already earned in the Plan. Your Pension benefit belongs to you and you will be eligible for a Vested Pension at age 62.
If you leave New England or the field of carpentry, your benefits must be paid out by April 1 of the year after you turn age 70½. You could lose benefits if the Plan cannot locate you then, so be sure to keep your address current with the Fund.
Changing Jobs within Covered Employment
If you move from covered employment with one employer to covered employment with another employer that participates in the Guaranteed Annuity Plan, your Individual Account benefit will continue to grow from contributions made by your new employer. Those contributions will continue to earn interest as long as they remain in the Plan.
Leaving Covered Employment
If you take a job or several jobs that are not considered covered employment, you won’t lose any benefits you have already earned in the Plan. Your Individual Account benefit is nonforfeitable and belongs to you. It will continue to earn interest and grow—even if no employers are contributing to it—until you receive your benefit.
When you haven’t worked in covered employment and no employer contributions are made on your behalf for 24 consecutive calendar months, you may file an application to receive a payout of your Individual Account benefit. Taxes, including possible penalty taxes, would become due at that time. To avoid penalty tax, you can take your individual account benefit and roll it over into a new retirement annuity or Individual Retirement Account (IRA).
If you leave New England or the field of carpentry and keep your Individual Account in the Annuity Plan, be sure not to forget about it. Your benefits must be paid out by April 1 of the year after you turn age 70½. You could lose benefits if the Plan cannot locate you then, so be sure to keep your address current with the Fund.
Returning to Covered Employment
If benefits are paid out to you and then you later return to covered employment, you will again become a Plan participant. A new Individual Account will be created for you. The additional benefits you earn for working during that new period of covered employment will be paid out to you later, as you direct.
If Your Employer Leaves the Plan
If you’re working for an employer who stops making contributions to the Plan or discontinues participation with the Plan, your individual account with the New England Carpenters will continue to be active, but because annual contributions will not be made, the value of your account will not grow as quickly.
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