How the Savings Fund Works

The Annuity Fund was set up to provide a source of retirement income for eligible employees

Getting Started

If you are eligible to participate in the Greater Pennsylvania Carpenters’ Annuity and Savings Fund, an Individual Account will be set up in your name.

Employer Contributions

Your account is funded by employer contributions. Your Contributing Employer makes contributions to your account in accordance with the terms of its agreement with the Keystone + Mountain + Lakes Regional Council of Carpenters.

Vesting

You are immediately and fully vested in your account.

Investing Your Account

You invest the money in your account in order to increase your savings for retirement. There are a variety of investment selections that you can choose.

If you fail to make an investment election, you are deemed to have elected to have the contributions made on your behalf invested in the default Investment Fund.   The default Investment Fund is the Carpenters Stable Value Fund.

Investment Elections

At any time, you may change your investment election for future contributions and/or transfer the funds already invested in the Investment Funds (including the default Investment Fund).

All investment elections, changes and transfers are made by calling the Vested Interest Response Line at 1-800-374-4631 or by internet at PNC Retirement Directions website.

Up-to-date information on the Investment Funds can be obtained by calling the Vested Interest Response Line at 1-800-374-4631 or by internet at PNC Retirement Directions website.

Risk and Responsibility

Because investment returns are dependent on the performance of the stock and bond markets, you are responsible for your investment decisions.

Certain investments carry more risk, which can mean a greater financial reward but also a larger loss. Researching and watching your investments closely can help keep your money safe.  If you have any questions, call PNC Retirement Directions at 1-800-374-4631.

Receiving Benefits

You are eligible to receive benefits from your account if:

  • You retire and leave employment at or after age 55;
  • You become totally disabled and eligible to receive disability pension;
  • You terminate or withdrawal from union;
  • You have a qualifying economic hardship;
  • You elect the annual withdrawal option

More Information

To get more information on how the Annuity Fund works you can download and read the Summary Plan Description