Q:

How do you withdraw money early from the union carpenter's pension plan?

A:

Quick Answer

You can apply for early withdrawal from the carpenter's pension plan, but you can only withdraw vacation and holiday funds, according to the Carpenter Funds Administrative Office. The withdrawal is subject to certain conditions, one of which is you should not have made an early withdrawal in the past 12 months or two early withdrawals in the past 36 months.

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Full Answer

The vacation and holiday payouts are usually made at the end of January every year but the board of trustees has discretion to approve a request for an early payment on a case-by-case basis, explains the Carpenter Funds Administrative Office. You are allowed to withdraw your entire account balance. The money subject to withdrawal under this arrangement is the money credited to your account from Aug. 1 to July 31 the previous year if the payout is made in January. If an application for an earlier withdrawal is approved, the July 31 date is substituted with the date of your application for early withdrawal.

When applying for withdrawal, check your statement to ensure the amount indicated as your contribution matches the exact amount deducted by your employer, recommends the Carpenter Funds Administrative Office. If you notice a discrepancy, it can be corrected before your check is issued. If there is garnishment or lien on your benefits, the amount you are eligible to be paid is reduced to satisfy the garnishment.

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