The Millwright Employers Association / Millwright & Machine Erectors Money Purchase Pension Plan will merge into the Southwest Carpenters Annuity Fund beginning with July 1, 2022
Administration of the Millwright Plan will transfer to the Carpenters Southwest Administrative Corporation (CSAC).
What to Expect and When
- June 2022
- Employers can report hours beginning with your May 2022 work month for credit in the Southwest Fund
- You will receive a Welcome letter from Empower with instructions for registering your individual account
- June 1: You may register your account and make investment choices in advance
- June 9: Informational session with CSAC and Empower at the Local 1607 monthly membership meeting
- June 15: The last day to apply for distribution under the Millwright Plan. The Blackout Period begins.
- June 16: Applications for distribution will be accepted by CSAC
- June 30: Millwright Plan assets are transferred to the Southwest Fund exclusively for Millwright Plan participants who have an account balance as of that date.
- August 11, 2022: Investment education with CSAC and Empower at the Local 1607 monthly membership meeting.
- October 2022
- The first quarterly account statement will be sent from Empower as of September 30, 2022, showing employer contributions and investment earnings thereon for the work months of May 2022 through July 2022.
- Last account statement from the Millwright Plan as of June 30, 2022, showing your prior plan account balance including employer contributions for work months prior to May 2022.
- November 2022
- November 4, 2022 (approximate): The Blackout Period ends and your share of Millwright Plan assets as of June 30, 2022 (i.e. your account balance) will be deposited into your Southwest Fund account and identified as your prior plan balance. You will be able to make investment allocation choices for your entire account without restriction.
- Starting November 5, 2022 (approximate): processing of distribution applications will resume, based on the date they were received by the Southwest Fund.
- November 10, 2022: Investment education with CSAC and Empower at the Local 1607 monthly membership meeting