Established May 1, 2019, the St. Louis-Kansas City Carpenters Regional Annuity Plan (Annuity Plan) was created to help our members earn a secure retirement. As part of the Annuity Fund’s initial development, participants were not eligible to take an annuity distribution for three years, or until at least May 1, 2022. That time has now come.
Beginning May 2022, participants may be eligible for a standard distribution from the Annuity Fund if they have either:
- Attained Normal Retirement Age, which is the later of age 62 or the fifth anniversary of your participation in the Annuity Plan, or
- Attained at least age 55 with 100% vested benefit in the Annuity Plan.*
*There may be additional tax liability for any benefits received before reaching age 59 1/2.
In addition, participants who have experienced an immediate and heavy financial need may be eligible for an annuity hardship distribution if certain criteria are met. Criteria for hardship withdrawals include the following requirements:
- Have a need that is one of the following (select one):
- Medical: Expenses of at least $5,000 which the Participant is obligated to pay; or
- Burial or Funeral: Expenses of up to the lesser of $13,000 or 25% of the Participant’s vested account balance for the Participant’s deceased parent, spouse, children or dependents;
- Have been a Participant in the Plan for at least 3 years;
- Provide documentary substantiation of the need, subject to satisfaction of the Trustees; and
- Obtain spouse’s written consent to the requested distribution.
Other distribution events include disability, death and participants who have reached Required Beginning Date (RBD), or age 72.
Important notes about the application process
- You must apply in writing in a form acceptable to the Trustees.
- Once your distribution request is received, you will be contacted by the Annuity Office to continue the application process.
- Distributions of annuity benefits will begin June 1, 2022.
- The automatic form of payment is a lump sum distribution of your entire Accumulated Share, or vested benefit, but a partial distribution may be an option. Participants may only make one (1) partial distribution request per calendar year.
Inquiries regarding annuity distributions may be made with the Annuity office at (314) 644-4802 or toll free (877) 232-3863, Monday – Friday, 8 am – 4:30 pm.
