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Skip Navigation LinksHome ยป Supplemental Benefit Info  
 

What is the Supplemental Retirement Plan?

The Supplemental Retirement Plan (the “Plan”) is a defined contribution profit sharing plan where your Employer makes contributions to your Employer Contribution Account in the Plan and the investment performance of the funds you select ultimately determines your benefits under the Plan.  Although it technically qualifies as a "profit sharing plan," your Employer's obligation to contribute on your behalf does not depend on its profits.  Instead, your Employer must contribute for service you perform under its collective bargaining agreement or other written agreement requiring contributions.

Who Administers The 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 Plan’s operations.  An equal number of Regional Council and Employer representatives comprise the Board of Trustees, whose powers and duties are established in the Trust Agreement.  The Board of Trustees may appoint a person, or persons, to act as Plan Administrator on its behalf as to certain matters.  The Plan Administrator has the power and discretionary authority to interpret the Plan and answer questions related to the Plan.  The Plan Administrator's interpretations and decisions are binding on all participants, Employees, former Employees, and their beneficiaries.

What is The Plan Document?
The written instrument adopted by the Trustees under the Chicago Regional Council of Carpenters Supplemental Retirement Fund is the legal document that establishes the benefits provided by the Plan as well as the eligibility requirements for those benefits.
Who Contributes to the Plan?

Only participating Employers may contribute to the Supplemental Retirement Plan.  You are neither required nor permitted to contribute to the Plan.
Who Is Covered by the Plan?

The Plan covers all Employees for whom a collective bargaining agreement (or other written agreement) requires an Employer to make contributions to the Plan on an Employee’s behalf.
When Was The Plan Established?

The Supplemental Retirement Plan was established on October 1, 2010.  The Plan is a spin off of the Chicago Regional Council of Carpenters Pension Fund Supplemental Annuity Plan, previously established as of July 1, 2000, under the Chicago Regional Council of Carpenters Pension Fund.
How Is The Plan Different from the Pension Plan?

The Pension Plan is a defined benefit plan in which your earned benefit is based on a formula that factors in your years of service and the benefit accrual rate that applies to your years of service that is the Pension Plan defines the benefit that you will receive at retirement.  Unlike the Pension Plan, the Supplemental Retirement Plan is a defined contribution plan.  Instead of defining the benefit that you will receive at retirement based on your years of service and benefit accrual rate, you have a specific Account in the Plan and your Employer makes contributions to that Account on your behalf.  You have the right to invest the monies in your Account in a variety of investment options.  Your Account balance will increase when an Employer makes contributions into your Account and can increase or decrease based on your investment choices and the overall performance of the funds you choose or are invested in.  When you retire, your benefit is the total amount in your Account.

 

 
 
 

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