Annuity Hardship Distribution – Northeast Carpenters Fund Home

ANNUITY FUND

Annuity Fund Hardship Distribution

A Participant may, in the event of Hardship, be permitted to make a withdrawal from their Annuity Fund Profit Sharing Account before retirement or termination of service with the Employers.

An eligible "Hardship" may be:

Medical Expenses

As defined in Code Section 213(d) incurred by, or to obtain such medical care, by the Participant, the Participant's Spouse or any of the Participant's dependents. COBRA/Self-Pay premiums as well.

Principal Residence

Purchase or construction of principal residence, or emergency repairs for casualty loss.

Educational Fees

Payment of tuition and related educational fees for the education for the Participant, the Participant's Spouse, or any of the Participant's dependents.

Prevent Eviction

The need to prevent the eviction of the Participant from such Participant's principal residence or foreclosure on the mortgage of the Participant's principal residence.

Funeral Expenses

Funeral expenses for Participant's spouse, child, dependent or parent.

For a Hardship withdrawal to be granted, ALL of the following requirements must be met:

Cannot Exceed Amount Necessary

The amount of the withdrawal must not be in excess of the amount necessary to alleviate the Hardship, including amounts necessary to pay any Federal, State and local income taxes or penalties reasonably expected to result from the distribution.

Cannot Exceed One-Half of Balance

The amount of the withdrawal shall in no event exceed one-half of the balance in the Participant's Basic Account with a maximum distribution of $50,000.

No Withdrawal in Prior 12 Months

The Participant must not have received a withdrawal in the prior 12-month period under subsection (b).

Balance of at Least $2,000

The balance in the Participant's Basic Account must be at least $2,000.00 prior to the withdrawal.

Please note: Participant must provide a completed application with sufficient proof of hardship per plan rules. Use the form below to request a Hardship Distribution Application.