Attention: Annual Tax and Health forms are in the mail. Check your mailboxes and be on the lookout.

How much money do I have in my Annuity account?

You will receive an annual statement reflecting your account activity, your balance and interest earned. You may also register for the Member Self-Service portal so you can view your information on your phone, computer or iPad. You can also contact the Fund Office directly for your balance. Please contact the Guaranteed Annuity Fund at (800) 344-1515 or the Annuity Fund at (877) 372-3236 for more information.

Can I contribute to the Annuity Fund?

Guaranteed Annuity Fund
No. Only employer contributions are permitted.

Annuity Fund
Yes. Voluntary contributions may be made with after-tax dollars. Please see the Voluntary Contributions form located under Annuity Forms for more information.

Can I specify how I want my individual account balance invested?

No. The Trustees work with professional investment advisors to invest participants’ account balances. Participants are not allowed to direct their accounts.

What happens to my account if I die before I retire?

Your named beneficiary(ies) will be entitled to your annuity.

Can I borrow money from the Fund?

Loans are available under certain circumstances, if you meet specific requirements. Refer to the Summary Plan Description for the Guaranteed Annuity Fund or Annuity Fund or contact the Fund Office to discuss your personal situation.

I recently became disabled and cannot work. Can I receive the money in my account?

Guaranteed Annuity Fund
Yes, as long as you are considered totally and permanently disabled. Refer to the Annuity Fund Summary Plan Description or contact the Fund Office to discuss your options at 800-344-1515.

Annuity Fund
Yes, as long as you are considered totally and permanently disabled with a Social Security Disability award. Refer to the Annuity Fund Summary Plan Description or contact the Fund Office to discuss your options at 877-372-3236.

What happens if I get divorced?

Contact the Fund Office for a Beneficiary Designation form to change your beneficiary. You will be required to submit a copy of your divorce decree and all documents filed with the decree. Your former spouse may be awarded a portion of your annuity account through a Qualified Domestic Relations Order.

When am I eligible to apply for my Guaranteed Annuity Benefit?

      You are eligible to apply for your Guaranteed Annuity Benefit as follows:
  • Retirement – Normal at age 62, Early at age 55 or if you are receiving a Service Pension under the North Atlantic States Carpenters Pension Fund.
  • Disability – Totally and permanently disabled from the Construction Industry
  • Termination:
    – 24-Month Withdrawal – No more than 160 hours worked within a 24-Month period provided no hours have been worked in the first month or the last three months prior to the distribution.

    – 12-Month Withdrawal – No more than 160 hours worked within a 12-Month period provided no hours have been worked in the first month or the last three months prior to the distribution. One Time allowance of 50% of the account balance not to exceed $50,000 maximum.

    – 3-Month Withdrawal and Facing Foreclosure – No contribution for three consecutive months and facing foreclosure. One Time withdrawal of 50% of the account balance not to exceed $50,000 maximum over lifetime allowed.

To apply for your Guaranteed Annuity Benefit account balance, you must submit a written application. Contact the Fund Office for the necessary forms.

Please refer to Summary Plan Description for a complete description.

How does my Guaranteed Annuity Fund accrue interest?

The interest is based on the following formula:

Effective yield for three-month Treasury bills on the FIRST business day of the year

PLUS

Effective yield for the three-month Treasury bills on the LAST business day of the year
DIVIDED BY TWO
PLUS
1.5%

Inclusion of the Interest Crediting Rate is Guaranteed regardless of the Fund’s Investment Performance.