Member Benefits - RI Pension Fund Plans

Types of Benefits - In Brief

Here is a brief explanation of the types of benefits available under the Pension Plan.

1. Regular Pension.
If you retire at or after age 62 with at least 10 years of Credited Service (five of which must be Credited Future Service), you may be eligible for a Regular Pension.

2. Early Retirement Pension.
If you have reached age 55 and have accumulated at least 10 years of Credited Service (five of which must be Credited Future Service), you may be eligible for an Early Retirement Pension.

3. Vested Deferred Pension.
If you leave Covered Employment before age 55, after you have accumulated ten years of Vesting Credit, you may be eligible to retire on a Vested Pension at Normal Retirement Age.

4. Vested Pension.
If you are still a Participant when you attain Normal Retirement Age and have earned some Credited Service, you will be entitled to some benefits.

5. Disability Pension.
You may be eligible for a Disability Pension if you are younger than age 62; you are deemed totally and permanently disabled as defined on page 12; and you have accumulated at least ten years of Credited Service, one of which must be Credited Future Service.

6. Service Pension.
You may be eligible for a Service Pension, at any time, after you have accumulated 30 years of Credited Service or 30 years of Vesting Credit, five of which must be Credited Future Service.

7. Partial Pension.
You may be eligible for a Partial Pension if your years of employment have been divided between this Pension Plan and other Carpenters Pension Plans with which this Plan has a pro-rata agreement. A Partial Pension is provided for employees who would not otherwise qualify for a pension from the Fund or whose pensions would be less than the full amount because of the divided employment.

Generally, you are eligible for a Partial Pension if:

(a) You would be eligible for a Pension under this Plan if your combined Credited Service under all related plans were treated as service under this Plan; and

(b) You have earned Credited Service during the Contribution Period required by each of the related plans involved in your Covered Employment. The amount of the Partial Pension from this Fund is dependent upon the benefit rate in effect in the year in which you left employment under this Plan or, under certain circumstances, under the Massachusetts State Carpenters Pension Plan.

8. Death Benefit for Active Employees
If you are a participant who is vested and you die prior to your retirement, your surviving spouse will receive 50 percent of the pension to which you would have been entitled if you had retired on a Participant-Spouse Pension at age 62 (or at your actual age, if that is older). If you and your spouse reject the Participant-Spouse Pension or you do not have a spouse, your beneficiary will receive a pension for ten years, based upon your years of Credited Service and calculated as if you had retired on a "Ten Years Certain" pension at age 62 on the day before your death.

9. Lump Sum Death Benefit
If you have at least one year of Credited Future Service, have worked at least 160 hours if you are a Construction Employee (180 hours if you are a Non-Construction Employee) in the 24 months before your death and have not retired, your designated beneficiary will receive $300 ($150 for semi-skilled employment) for each year of Credited Future Service you have earned. This benefit cannot exceed $6,000 ($3,000 for semi-skilled employment).

For the complete Summary Plan Description, contact:

Rhode Island State Carpenters Pension Fund
Co-Administrator: Valarie Campana
Co-Administrator: Donald Lavin
14 Jefferson Park Road Warwick, RI 02888
Phone: 401-467-6813
Fax: 401-657-6816

Application for a pension

You must file a written application with the Board of Trustees on a form which will be provided upon request by the Fund Office. Application for retirement must be filed at least one month in advance. While the rules require pension applications to be filed one month in advance, you are urged to file as soon as you decide on your intended retirement date. Early filing will avoid subsequent delay in the processing of your application and payment of benefits. You can secure an application for pension benefits by getting in touch with the Pension Fund Office.

As soon as the Pension Fund Office receives your request for application, an application form will be mailed to you, together with detailed instructions on how to fill it out. You will be asked to submit proof of age with your application, and you will be told the type of proof that is acceptable. You will also be asked to list Employers for whom you have worked in the past and the approximate dates and job classifications. You can and should apply for pension benefits while you are still working. You may continue working in the industry until the first day of the first month for which your pension is payable. However, be sure you stop work before the date your pension becomes effective because if you work in Covered Employment even one day in a month for which a pension benefit is payable, your pension will not become effective until the following month.

Commencement of Pension Benefits
If you have met all the requirements of the Pension Plan, including the one month advance filing, your pension will begin on the first day of the month following entitlement to benefits, except in the case of a pensioner who works in prohibited employment. A disability applicant's pension will start as of the first of the month following the fifth month of total and permanent disability.

* Effective January 1, 1999 the Plan changed from 100% vesting with 10 years of service to 100% vesting with 5 years of service. To qualify, you must earn at least one hour of service after January 1, 1999. However, if you have been inactive and did not earn at least 0.1 year in 1998 you need to return to employment and earn at least 0.1 year in 1999 or a later year in order to qualify for 5-year vesting.