Union carpenters enjoy one of the industry’s premier packages of labor benefits, including competitive health benefits plans and employer-funded pension and annuity arrangements. These benefits were established through collective bargaining between our union and management representatives and administered by Trustees representing both sides. For every hour worked by carpenters under contract with our signatory employers, designated amounts are contributed towards covering their benefits costs as well as supporting industry advancement through apprentice and journey-level upgrade training programs and safety initiatives.
Our Pension Fund provides monthly income upon retirement to supplement Social Security and personal savings. Contributions made by your employer on your behalf as earnings go into our Pension Fund are then invested and protected by Pension Benefit Guaranty Corporation.
Most members also maintain a “money purchase” annuity account, where employers contribute a set amount for every hour they work, with which you can choose how and where it’s invested and withdraw when it becomes time.
Many members have access to the Health Benefits Fund which offers family coverage for medical, dental, prescription drug, vision, accident and sickness, life and accidental coverage through employer contributions. Coverage begins after meeting semi-annual eligibility requirements and employer contributions begin as coverage commences. In addition, North Atlantic States Carpenters has two Annuity Funds serving union carpenters in New England and New York that offer participants who meet specific criteria a supplement retirement income stream.
Once your first contribution has been made to your Account, all investment income accumulated there belongs to you and is tax-deferred until it’s time to withdraw it. When no longer working in construction industry or are no longer governed by labor agreements; or reach age 59-1/2.
As part of COBRA, you have the option to extend health coverage for you and your family at your own expense for up to 18 months – this coverage coordinates with uniformed services and Veterans Affairs.
ROBERT SCHLEAR vs CARPENTERS PENSION AND ANNUITY FUND OF PHILADELPHIA is an individual lawsuit alleging that the Defendant misused its discretion when it denied Plaintiff’s application for waiver of retirement benefits under PBGC’s Special Financial Assistance (SFA) Program. Plaintiff alleged this behavior as “arbitrarily and capriciously denying my waiver application”. Defendants deny these allegations while maintaining that even if true they do not constitute grounds for ruling arbitrary and capriciously on this application decision – trial will commence August 9, 2022.