Toggle navigation
HOME
PENSION
EMPLOYER CONTRIBUTION
LINKS
I-REMIT
I-SITE
CONTACT
CARPENTERS PENSION FUND
OF ILLINOIS
P
ENSION PLAN
FAQ
FORMS
PLAN DOCUMENTS AND NOTICES
FREQUENTLY ASKED QUESTIONS
How do I become a Plan Participant in the Carpenters Pension Fund of Illinois?
You become a Plan Participant on the first day of the Plan Year in which you work 500 or more hours in Covered Employment in a single Plan Year. Plan Year is defined as the twelve-month period from January 1st through December 31st.
What is Covered Employment?
All Hours Worked for which and Employer is required to pay Contributions to the Plan on your behalf is considered Covered Employment.
How do I become eligible for a Pension Benefit from the Plan?
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.
Can I make contributions into the Plan?
No. Contributions can only be made by participating Employers who contribute to the Pension Fund.
Are there any hardship withdrawals or loans that can be taken against the Plan?
The Plan does not allow for hardship withdrawals or loans.
When am I eligible to begin receiving my pension?
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).
When should I file an Application for my pension?
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.
Which documents will I need in order to apply for my pension?
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).
Will I receive notification that my application has been received by the Fund Office?
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.
What if the Fund Office does not receive the requested documents in a timely manner?
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.
Who do I contact if I need assistance with completing the Application Forms?
Please contact the
Fund Office
for assistance.
How will benefits from the Pension Plan be paid to me?
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)
.
Can I receive my Pension in the form of a Lump-Sum Payment?
No, benefits are paid in the form of a monthly lifetime benefit.
Once I have elected a form of payment, can it be changed after I begin receiving my Pension?
Once you begin to your pension, you are not able to change your benefit election option.
I severed employment and completed the application process for pension benefits last month but haven’t yet received payment, why?
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.
Do I need to be Retired to begin receiving my Pension?
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.
What should I do if I am considering going back to work after I have retired?
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
.
I have my pension benefit direct deposited into my bank account, when will it be in my account?
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.
How do I change my direct deposit information?
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.
I have my pension checks mailed to my address or P.O. Box but haven’t received mine yet, what should I do?
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
.
What happens to my pension if I pass away prior to receiving benefits from the Plan?
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.
Is my pension taxable once I begin to receive my benefit?
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.
How do I change my pension payment tax withholdings?
To change the amount of the taxes withheld from your pension payment, complete a
Tax Withholding Form
and return it to the
Fund Office
.
I’m getting divorced. Can that affect my pension?
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.
How do I change my address?
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.
Am I able to designate a beneficiary for my Retirement benefit
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.
Am I able to designate a beneficiary for my Retirement benefit
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.
Am I able to designate a beneficiary for my Retirement benefit
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.
What is the Federal Employer Identification Number for the Pension Fund?
Carpenters Pension Fund of Illinois FEIN 36-6147396
When and where do I pay the contributions due?
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
We did not have work last month; do I need to notify the Fund Office?
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.
We will be working outside of our local jurisdiction; where are contributions paid?
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.
We hired a new individual and he is not listed on the pre-printed remittance reporting form; how should he be reported?
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.
How can we be sure that our sub-contractors are current with their contribution reporting obligations?
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.
What is a Statement of Liquidated Damages?
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.
We’ve been informed of a payroll compliance audit request, and always pay our contributions due; why are we being audited?
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.
FORMS
Beneficiary Designation Form
To designate a beneficiary for your account, you must fill out this form and return it to the Fund Office.
DOWNLOAD
Change of Personal Information Form
Complete this form to change or correct your name, and return it to the Fund Office.
DOWNLOAD
Reciprocal Form
Complete this form to have contributions sent back to the Carpenters Pension Fund of IL, when working outside the jurisdiction of the Fund.
DOWNLOAD
W-4P Form
This form may be used to elect the amount of federal taxes you would like withheld from your monthly pension benefit.
DOWNLOAD
PLAN DOCUMENTS AND NOTICES
Summary Plan Description (SPD)
View the full Summary Plan Description that explains the Plan benefits available to you and your family.
DOWNLOAD
Annual Funding Notice (AFN)
The AFN provides basic financial information regarding the Plan and informs you of your rights to additional information.
Select
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014