Eastern Atlantic States Annuity Account Payment Options
A Participant is eligible for benefits upon the occurrence of any of the following events:
Normal Retirement Benefits: You are eligible for retirement benefits any time after you attain age 55 provided you have permanently ceased all work under a Collective Bargaining Agreement or a participant agreement that requires annuity payments to the Plan. The amount of the benefit to which you will be entitled is determined by the amount credited to your account on the date of your retirement.
Disability Retirement Benefits: You may be eligible for disability retirement benefits any time after you have become totally and permanently disabled. You are considered totally and permanently disabled only if you have been totally disabled for at least five (5) consecutive months, you are currently receiving Social Security disability benefit payments, and you submit a copy of the disability determination by the Social Security Administration, which is considered conclusive evidence of your total and permanent disability. The amount of the benefit to which you will be entitled is determined by the amount credited to your account on the date of your disability.
Termination Benefits: With respect to contributions received under the Northeast Carpenters Annuity Plan prior to January 1, 2018, you are eligible for termination benefits if you have not reached Normal Retirement Date, you terminated employment and one of the following is true:
- You have not worked more than 106 hours in a job covered by a Collective Bargaining Agreement or participation agreement requiring employer contributions to the Annuity Fund on your behalf during the prior eight (8) month period;
- You have worked no hours in a job covered by a Collective Bargaining Agreement or participation agreement during a the prior five (5) consecutive month period;
- You have commenced receiving pension benefits from the Eastern Atlantic States Carpenters Pension Plan. If you elect to make a partial withdrawal pursuant to this subsection, the minimum amount of such withdrawal is $1,000.
With respect to contributions received under the Northeast Carpenters Annuity Plan on or after January 1, 2018, or contributions received under the Eastern Atlantic States Carpenters Annuity plan on or after December 31, 2022, (including the transfer of accounts from the Carpenters Savings Plan of Philadelphia & Vicinity on December 31, 2022), you are eligible for termination benefits if you have not reached Normal Retirement Age, you terminated employment and you have worked no hours in a job covered by a Collective Bargaining Agreement or participation agreement during the prior twelve (12) consecutive months. If you elect to make a partial withdrawal pursuant to this subsection, the minimum amount of such withdrawal is $1,000.
Federal law requires a mandatory tax withholding on any lump sum distributions which are not directly rolled over into another individual retirement account. The amount of the benefit to which you are entitled is determined by the amount credited to your account on the date your participation in the Plan terminates.
IN-SERVICE BENEFITS FOR PROFIT SHARING
With respect to contributions received under the Northeast Carpenters Annuity Plan prior to January 1, 2018, if you have a Profit Sharing Sub-Account and you have completed a period of participation in the Plan of at least sixty (60) consecutive months, beginning after the establishment of your Profit Sharing Sub-Account, and during that time, the Plan received annuity payments on your behalf, then you may receive an in-service, lump sum distribution of all or a portion of your Profit Sharing Sub-Account. You may not receive more than one (1) distribution of this type during any one Plan Year. You may not receive an in-service lump sum distribution of any portion of your Profit Sharing Sub-Account that is attributable to contributions received on or after January 1, 2018 (including the transfer of accounts from the Carpenters Savings Plan of Philadelphia & Vicinity on December 31, 2022).
If you have attained age 59 ½ and you have twenty (20) or more years of participation in the Plan (including participation in the Carpenters Savings Plan of Philadelphia & Vicinity), and you are not receiving retirement benefits as described above, you may receive an in-service, lump sum distribution of all or any portion of your Profit Sharing Sub-Account. You may not receive more than two (2) distributions of this type during any one Plan Year or within six (6) months of a previous distribution from the Plan if the distribution(s) includes amounts attributable to contributions received under the Northeast Carpenters Annuity Plan prior to January 1, 2018. You may not receive more than one (1) distribution of this type during any one Plan Year if the distribution includes amounts attributable to contributions received under the Northeast Carpenters Annuity Plan on or after January 1, 2018, or under the Eastern Atlantic States Carpenters Annuity Plan on or after December 31, 2022 (including the transfer of accounts from the Carpenters Savings Plan of Philadelphia & Vicinity on December 31, 2022).