All Hours Worked for which and Employer is required to pay Contributions to the Plan on your behalf is considered Covered Employment.

You will become 100% vested in your Pension benefit (and entitled to a vested retirement benefit) if you have earned and retained at least five years of Vested Service (or upon attaining your Normal Retirement Age while a Plan Participant, if earlier). To earn one year of Vested Service, you need to work 500 hours in a single Plan Year.

No. Contributions can only be made by participating Employers who contribute to the Pension Fund.

The Plan does not allow for hardship withdrawals or loans.

You are eligible to begin receiving benefits upon one of the following events:

Normal Retirement: Normal retirement benefits are payable upon retirement after you have reached Normal Retirement Age. Your Normal Retirement Age is your age when you have both (I) attained age 65 and (II) either attained your fifth anniversary as a Plan Participant and earned at least five years of Vested Service.
Early Retirement: You are eligible for early retirement benefits if you have at least 10 years of Vested Service and retire between ages 55 and 65.
Disability Retirement: You will be eligible to receive a disability benefit if you meet the eligibility requirements as outlined in the Plan. For further information, please refer to your Summary Plan Description (SPD).

You should apply for your pension at least 90 days prior to your retirement date by contacting the Fund Office. You can start the process up to 180 days prior to your retirement date.

You will need to submit a photocopy of your birth certificate and if you have been divorced, you will need to submit photo copy of your divorce decree(s). In addition, if you are married, you need to submit a photocopy of your spouse’s birth certificate and a photocopy of your marriage certificate. If your spouse was previously married, you will need to submit documentation of the name change(s).

Yes, you will receive a confirmation letter that your application has been received. You will also receive a letter from the Fund Office is you are missing documents needed to process your application.

You will have 90 days to provide the missing documents to the Fund Office. If after the 90 days the requested documents are not submitted to the Fund Office, you will receive a second request. If after 180 days the Fund Office has not received the requested information, your application will be denied and you will need to reapply for your pension.

Please contact the Fund Office for assistance.

Benefits from the Plan are paid in the form of a monthly lifetime benefit. The Plan offers several different forms of monthly payment options. For further information, please refer to your Summary Plan Description (SPD).

No, benefits are paid in the form of a monthly lifetime benefit.

Once you begin to your pension, you are not able to change your benefit election option.

There are a few factors that may influence when you receive your first payment. Mainly, when the Fund Office receives your final hours worked from your employer. Those dates and hours are usually sent to the Fund Office at the end of the month following the month you last worked. Therefore your first payment will be delayed.

If you have not reached your Normal Retirement Age, you are considered Retired only if you have completely withdrawn from any further employment in work in the jurisdiction of the Plan. You will not be considered Retired for purposes of the Plan for at least 30 consecutive days. If you return to any employment in work in the jurisdiction of the Plan with in the 30 day period which begins with your stated retirement date, you will be deemed to have not Retired and any payment made to you will be immediately repayable to the Plan.

If you start to work prior to age 65, you are required to notify the Fund Office within ten (10) days after starting any work in an Industry, trade or craft, and in the geographical area covered by the Plan. You are limited on the number of hours you can work in Disqualifying Employment without impacting your monthly benefit. For more information, please contact the Fund Office.

Your direct deposit will be in your account on the 1st of each month, unless the 1st falls on a holiday, Saturday, or Sunday. If the 1st of the month falls on a holiday or weekend, your check will be deposited into your account on the preceding business day.

You will need to complete a new direct deposit form. The form requests you to submit a voided check in order for the Fund Office to verify the correct routing number and account number. If you do submit a voided check or deposit form, you can complete the direct deposit form (without it) and forward it to the Fund Office. The form can be found on the website (www.ilcarpsfund.org) or contact the Fund Office. Once that form is completed and returned to the Fund Office, your banking information will be updated. To change your direct deposit information, complete the Direct Deposit Form and submit it to the Fund Office.

The U.S. mail, though reliable, can be subject to delays. You are asked to wait 7 calendar days from the first of the month (this includes the first day of the month as the first day) before contacting the Fund Office. At that time a stop payment will be placed on the check and a replacement check will be issued to you. If this is a concern for you, you do have the option to sign up for direct deposit and have your check automatically deposited into you savings or checking account on the first of each month. To have your check deposited into your account, complete the direct deposit form and submit it to the Fund Office.

Your surviving spouse or beneficiary may be entitled to a Death Benefit if you pass away prior to receiving benefits from the Plan. The form, amount and commencement date of the benefit payments depend upon various factors, including the date of your death. You should contact the Fund Office for more information.

Yes. Your monthly pension is considered taxable by the Internal Revenue Service. You can elect to have federal taxes withheld by completing a tax withholding form. You should also check with your state tax or revenue department concerning pension benefit tax liability. The Fund Office does not withhold state income taxes.

To change the amount of the taxes withheld from your pension payment, complete a Tax Withholding Form and return it to the Fund Office.

Generally, your benefits in the Plan are payable only to you, your spouse, or your chosen beneficiary. In certain cases, if you divorce, the court may order that a portion or all of your benefits are payable to your ex-spouse or children (referred to as “Alternate Payees” in the court order) through a document called a “Qualified Domestic Relations Order” (QDRO). A QDRO is a legal order that gives an Alternate Payee their share of an asset, such as a pension or retirement plan benefit. If the Fund Office receives such a court order, they will promptly notify you and any Alternate Payee that the order has been received and will describe the Plan’s procedure for determining whether the order is a QDRO.

In order to change your mailing address, you must complete a Change of Address Form. You may print and complete the form, or you may contact the Fund Office and a form will be mailed to you.

You are able to provide a beneficiary for you pension benefit once you begin to receive a monthly benefit from the Plan. Prior to receiving your monthly pension benefit, you are not able to designate a beneficiary. If you should pass away, any benefits that are payable on your behalf, will be determined by the payment of order in the Plan.

You are able to provide a beneficiary for you pension benefit once you begin to receive a monthly benefit from the Plan. Prior to receiving your monthly pension benefit, you are not able to designate a beneficiary. If you should pass away, any benefits that are payable on your behalf, will be determined by the payment of order in the Plan.

You are able to provide a beneficiary for you pension benefit once you begin to receive a monthly benefit from the Plan. Prior to receiving your monthly pension benefit, you are not able to designate a beneficiary. If you should pass away, any benefits that are payable on your behalf, will be determined by the payment of order in the Plan.

Carpenters Pension Fund of Illinois FEIN 36-6147396

Contributions are due by the 15th of the following month. Please refer to Electronic Remittance and instructions on this webpage. Or payment with the appropriate remittance reporting form can be mailed to: Carpenters Pension Fund of Illinois; PO Box 94416, Chicago, IL 60690-4416

Yes, the Fund Office requires a monthly remittance reporting form each month. Complete your remittance reporting form and indicate “No work this month” in the upper right hand corner. If you will no longer have work in this area, also indicate “FINAL report.” This form can be returned via fax at (630) 845-1137.

The contribution rate will vary depending on the area in which you are working, and a separate remittance report is required. Please contact the Contributions Department at (630) 232-7166 to request the appropriate remittance form.

New hires can be manually added to the current remittance reporting form. Please include the correct social security number, full name, address, phone, and local affiliation. New hires will appear on the next pre-printed form.

You can refer to the Delinquent Employer List posted to this website monthly. Or you may contact the Contributions Department at (630) 232-7166 for an up-to-date status.

The statement you received reflects fees due for contributions previously paid late. It will identify the work month, date payment was received, and the assessed fee. To avoid additional interest charges, this amount should be paid in full as soon as possible.

As a contributing employer to the Carpenters Pension Fund of Illinois, and under the provisions of the Agreement and Declaration of Trust, the Fund randomly selects employers for audit to confirm the correctness of previous payments.