Annuity Fund - Changes Related to COVID-19
The Trustees have temporarily eased access to Annuity Fund accounts by relaxing the Fund's Termination Benefit rules. The distributions provided by the CARES Act, signed into law March 27, 2020, ended on December 30, 2020.
Termination Benefit Distributions -- CLICK HERE FOR FORM
Effective March 23, 2020 through March 31, 2022, an Annuity Fund participant may request up to a $50,000 (gross) distribution from their profit-sharing Annuity Fund account after 14 days of unemployment.
Note that this change is a temporary easement on the existing "Termination Benefit" rule under the Annuity Fund, which requires unemployment for 90 days, where access to 100% of their Annuity Fund account becomes accessible. This existing rule remains in effect, so that if a participant is unemployed for greater than 90 days, they will become eligible for a distribution of up to 100% of their Annuity Fund account.
The Trustees understand that notarized signatures and spousal consent may be difficult or impossible to obtain. If situations present whereby this policy must be modified, such as a physically isolated participant or spouse, please call the Fund Office and we will accommodate such requests on a case by case basis.
Forms and accompanying spousal consent, if applicable, may be submitted via scan or a CLEAR photograph via e-mail directly to the appropriate Fund Office staff person. You do not have to send via e-mail if you do not wish to, but this method of submission will speed up the process as the Fund Office will not wait for a hard copy to commence processing of distribution requests submitted via e-mail. However, we ask that original hard copies of the form be placed in the mail to the Fund Office.