Eastern Atlantic States Annuity Fund Profit Sharing Account
Annuity Plan Year runs January 1st -December 31st
Your Annuity Benefit is expressed as an accumulation account that grows each year due to contribution credits and interest credits. It is a multiemployer, individual account Defined Contribution Plan, and a Profit-Sharing account which means interest is based on the Plan’s investment earnings. Investments are Trustee-directed.
You shall become a Plan Participant when your employer is required to make contributions to the Annuity Fund on your behalf pursuant to a written agreement between the Union and your employer. All participants of the Carpenters Savings Plan of Philadelphia & Vicinity as of December 31, 2022, automatically became Eastern Atlantic States Carpenters Annuity Plan Participants as of January 1, 2023. You are always 100% vested in your individual account.
The Eastern Atlantic States Annuity Fund is a Profit Sharing Account, which means interest is based on the Annuity Plan's investment earnings.
Most of the accounts are invested in stocks, bonds, real estate and other investment vehicles by professional Investment Managers selected by the Trustees with the advice of a professional Investment Advisor. These are valued once each year on December 31st (“The Valuation Date”) or more frequently, at the discretion of the Trustees.
The assets in your account are invested by the Trustees as described above.
Post-merger EASCAF will allow distributions for the following reasons:
- Retirement or Death
- Total & Permanent Disability
- 12 months after Separation of Service
- In-Service at Age 59 ½
- Qualified Domestic Relations Order (“QDRO”)
- Hardship Withdrawal
- Medical Expenses
- Purchase or Construction of Principal Residence
- Home improvements due to Catastrophic Life Events
- Educational Fees
- To Prevent Eviction from Principal Residence or Foreclosure of mortgage
- Funeral Expenses.
Philadelphia Annuity Plan and New Jersey Money Purchase Accounts
The former Northeast Carpenters Annuity Plan (now the Eastern Atlantic States Carpenters Annuity Fund) had a -7.4% rate of return for the Plan Year, January 1, 2022, through December 31, 2022.
- Beginning BalanceAnnuity Profit Sharing Account Balance at the beginning of the Plan Year.
- - Minus PayoutsAny Annuity payouts during the plan year are subtracted from the beginning balance. For example a Hardship Distribution.
- - Minus the Administration FeeThe Annuity Profit Sharing Account has a $10 per month admin fee.
- The remaining balance is then multiplied by the Interest RateInterest applied is determined by the Annuity Plan's year to date investment earnings, and is usually applied around April of the following year.