Your Annuity Benefits
The Board of Trustees is pleased to
welcome you to the website for the Central Midwest Regional Council of
Carpenters’ Benefit Funds. Within this website, you will have access 24 hours a
day, 7 days a week to commonly requested forms, useful links, and frequently
asked questions regarding your benefits provided by the Plan. As always, please
feel free to contact the Benefit Office at (800) 700-6756 if
you have any additional questions or concerns. Effective July 1, 2024, The
IKORCC Defined Contribution Pension Plan and the Ohio Carpenters Annuity Plan
have merged to become the Central Midwest Regional Council of Carpenters
Defined Contribution Fund (CMRCC Fund). The CMRCC Fund has retained John
Hancock as its recordkeeper with BeneSys continuing to serve as
administrator.
If you participate in the Northwest Ohio
Carpenters, Millwrights & Pile Drivers Supplemental Pension Plan, your
contributions are directed to Northwest Ohio Administrators. Visit their
website for more information - NWOA - NW Ohio Supp Pension
About your Annuity Benefits
Register and Secure Your CMRCC Annuity Account
To register and access your new account, visit myplan.johnhancock.com or scan the QR code to download the John Hancock retirement app from your mobile device store and choose "Register Now." You will need to add your personal email address and your mobile phone number for an added level of security.
Review Your Investments
Following reconciliation of plan data, your account balance will automatically be transferred into the default investment fund based on your date of birth. These investment portfolios are intended to satisfy the requirements of a “qualified default investment alternative” (“QDIA”) under the Employee Retirement Income Security Act of 1974 (“ERISA”).
If your date of birth is not on file, your contributions will be invested into the Moderately Conservative Fund. If your date of birth is obtained, both current and future contributions will be transferred to the appropriate investment portfolio based on your age.
The CMRCC Fund offers five default investment portfolios that are diversified based on your age. You will be automatically enrolled for future contributions on the first day your employer contributes to the CMRCC Fund on your behalf. Based on your date of birth, contributions will be invested in the corresponding portfolio and will be automatically rebalanced to the next portfolio every 10 years through the age-based investing program.
Note: While you are not required to direct how your account is invested, you may direct all or a portion of the assets in your account out of the age-based investing program and into another portfolio at any time. There are no restrictions on directing assets out of your default age-based investing program and your account will not be charged additional fees or expenses when and if you do so. Once you elect your own fund(s), you are removed from the age-based investing program and will not be allocated to the next fund based on your age automatically.
The Galliard Stable Return Fund that was offered in the IKORCC DC Plan was carried over into the CMRCC Defined Contribution Fund but will not be open to any new contributions. The Stable Return Fund has been closed and mapped into the CMRCC Fund investment portfolios after a 12- month period expires. The remaining balance in the Stable Return Fund will be mapped into the portfolio you are invested in at that time based on your date of birth, or your current election if you have selected another portfolio.
Plan Enhancements
Plan enhancements to the CMRCC Fund took effect October 1, 2024. The trustees have carefully evaluated and combined the best provisions from both plans to create an enhanced and comprehensive offering.
| Ohio Carpenters Annuity Fund- prior provisions | IKORCC Defined Contribution Plan- prior provisions | CMRCC Fund Enhancement-Effective 10-01-2024 | |
Normal Retirement Age | Age 62 and termination of employment | Age 65 and termination of employment | Age 62 and termination of employment | |
Early Retirement Age | Age 55 or "Rule of 80" and termination of employment | Age 50 and termination of employment | Age 50 or "Rule of 80" and termination of employment | *(" Rule of 80": age at Retirement + years of service = at least 80) |
Termination Benefit | 12 consecutive months of not working in plan's trade | 18 consecutive months without an employer contribution after terminated employment | 12 consecutive months of not working in plan's trade | |
Hardship Distribution | None | IRS safe harbor and limited to profit sharing account, rollover and prior SW Ohio Annuity - avoid foreclosure/eviction
- purchase principal residence
- post-secondary education tuition
- funeral expenses for immediate family members
- repair eligible principal residence causality losses and other losses arising out of a FEMA-declared disaster
| IRS safe harbor and limited to profit sharing account, rollover and prior SW Ohio Annuity - avoid foreclosure/eviction
- purchase principal residence
- post-secondary education tuition
- funeral expenses for immediate family members
- repair eligible principal residence causality losses and other losses arising out of a FEMA-declared disaster
| |
Forms of Payment | Lump sum or quarterly instalment payments not to exceed 10 years | 1. Standard: 50% joint and survivor annuity for married participants; single life annuity for unmarred participants 2: Optional: 75% joint and survivor annuity (married only); periodic payments (annual, semi-annual, quarterly, monthly) lump sum or partial lump sum | Lump sum or quarterly instalment payments (limited to participants lifetime /RMD) | |
Need to talk?
Call us anytime at 833-38-UNION (833-388-6466). Representatives are available from 8:00 A.M. to 10:00 P.M., Eastern time, on New York Stock Exchange business days.