The Carpenters Local 18 Benefit Plans were established as a result of collective bargaining. The Pension Plan began January 1, 1973 and the Welfare Plan began February 1, 1970. Both plans are governed by trust documents, plan documents and applicable legislation.
Pension and Welfare benefits are financed by contributions received from the employers in accordance with the Provincial Collective Agreement and from income generated through investments. The Trustees, with the aid of consultants, actuaries and investment managers, must ensure that contributions are sufficient to fund the Welfare and Pension benefits provided while complying with all governing agencies and applicable legislation.
Contributions are remitted monthly by employers based on the current negotiated contribution rate. The members must always maintain pay stubs and all necessary information to check the benefits reported against any records received from the Benefit Plans such as annual pension statements. Record books are available from the Union office to assist in tracking hours earned.