LOAN RELIEF FOR PARTICIPANTS AFFECTED BY COVID-19

Annuity Fund – Money Purchase Sub-Account

The Board of Trustees have made temporary improvements to the Northeast Carpenters Annuity Plan (“Plan”) to allow you to obtain a loan from your Money Purchase Account if you are experiencing hardships related to the virus SARS-CoV-2 or the coronavirus disease 2019 (“COVID-19”).

You are eligible to apply for these benefits if you submit a written certification to the Plan that you are experiencing a COVID-19 Hardship, which includes any of the following circumstances: (1) You or your spouse or dependent is diagnosed with COVID-19 (or SARS-COv-2); or (2)  you are experiencing financial hardship because you have been quarantined, laid off, or your work hours have been reduced  as a result of the COVID-19 outbreak, including your need to stay home due to lack of care for your children.

Until August 31, 2020, you may receive a loan from the Plan not to exceed the lesser of $50,000 or 50% of your Money Purchase Sub-Account balance, net of any outstanding loan balance you have at the time of the loan application, if you certify to the Plan Administrator that you are experiencing a COVID-19 Hardship.

The term of any such loan and repayment of the loan shall be set to begin one year after the date the loan is disbursed, and no interest will be chargeable or accrue on a loan for one year after it is disbursed.

If you had a loan outstanding as of March 27, 2020, your certification to the Plan Administrator that you are experiencing a COVID-19 Hardship will entitle you to delay all loan payments that are due to the Plan through December 31, 2020 for one year. Your loan repayment schedule and the term of your loan will be adjusted to reflect the one-year deferment, and interest that accrues on those payments will be included in your revised repayment schedule.