NORTHERN CALIFORNIA CARPENTERS 401(k) PLAN

NORTHERN CALIFORNIA CARPENTERS 401(k) PLAN

SUMMARY PLAN DESCRIPTION

September 2020 Edition

NORTHERN CALIFORNIA CARPENTERS 401(k) PLAN

SUMMARY PLAN DESCRIPTION

September 2020 Edition

YOUR 401(k) PLAN AT A GLANCE

Start saving for your future Your contributions to the Plan are made through the convenience of automatic payroll deductions and you may contribute to the Plan from your wages as pre-tax and/or Roth after-tax contributions. The amount you contribute to the Plan can be changed on a monthly basis and you can stop contributing to the Plan at any time. There is no obligation to participate in the Plan but making contributions is encouraged to help you prepare financially for your retirement years.

When you contribute to the Plan on a pre-tax basis, you can reduce the amount of your current income taxes in favor of deferring taxes until retirement from the Plan. When you contribute to the Plan on an after-tax Roth basis, you pay income taxes on your contributions while employed so you don't pay income taxes later from qualified Roth retirement disbursements.

Rollover In certain circumstances, you may elect to have benefits earned under another eligible retirement plan transferred or rolled over to your account under this Plan. You may also be able to rollover funds held in an Individual Retirement Account ("IRA") to this Plan.

Managing your investments You have the right to direct the investment of your account among any of the investment options available under the Plan and information concerning the available options will be provided to you. However, when you become a participant in the Plan, contributions will be invested in a portfolio based on your year of birth, called a Target Date Fund. You may choose to leave your investment in the Target Date Fund or change your investment option at any time.

Vesting Your pre-tax, Roth, any rollover contributions you may have made, and any contributions your Employer may have made on your behalf are always 100% vested. This means you have full ownership of these contributions.

Retirement The goal of the 401(k) Plan is to have a meaningful account balance when you retire. When you do retire, your account balance will be paid in full or you may elect to have your account balance transferred to an eligible IRA or to another eligible retirement plan. You may also elect to defer distribution of your account until you reach your IRS Required Minimum Distribution age of 70?.

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