First-ever St. Louis – Kansas City Carpenters Regional Annuity Plan statements are in the mail as of October 30, 2020.
All members who participated in the Annuity Plan between May 1, 2019 and April 30, 2020 will be receiving their First Annual Annuity Statement. This statement will contain all hours reported and received on or before April 30, 2020. Any hours worked during the Plan Year that were processed on or after May 1, 2020 will be reported on next year’s Annuity Statement. Why? Annuity Statements are similar to bank statements, so they only contain actual transactions between May 1 and April 30. Please look over your statement carefully for accuracy and report any discrepancy you find.
Remember: The Annuity Plan is a supplement to your pension for retirement. A participant cannot remove annuity dollars before a three year vesting period. Members cannot use future annuity dollars unless you have extraordinary hardship circumstances as described below.
ELIGIBLE DISTRIBUTIONS WILL NOT BEGIN UNTIL MAY 1, 2022.
As a brand new Annuity Plan, the Board of Trustees implemented a three-year hold on all distributions and withdrawals. Therefore, NO DISTRIBUTIONS or withdrawals may be made prior to May 1, 2022, even if you are eligible for benefits based on retirement age. The Plan is focused on building assets and reserves during these first three years. Assets and reserves will build faster by waiting through this three-year period. After May 1, 2022, eligible participants may apply for a distribution in writing to Retirement Services.
All inquiries should be directed to:
Retirement Services – Annuity Plan
St. Louis – Kansas City Carpenters Regional Benefit Office
1419 Hampton Avenue
St. Louis, MO 63139
Phone: 1.877.232.3863, Press #2
Email: [email protected]
After May 1, 2022, the Annuity Plan provides for qualified hardship withdrawals (up to 25% of a vested annuity balance). Hardship withdrawals are subject to the following guidelines:
- Must be a Participant in the Plan for at least three years
- Obtain spouse’s written consent
- Apply in writing in a form acceptable to the Trustees
- Show documentary substantiation of the need that falls in to one of the two following categories:
- Medical Expenses of at least $5,000 incurred by the participant or covered dependent, which the Participant is obligated to pay
- Burial Expenses of up to the lesser of $13,000 or 25% of the Participant’s account balance for the participant’s deceased parent, child or qualified dependents
