Retirement
There is no requirement to withdraw funds from your Account when you retire. Upon your retirement from active employment, you may withdraw funds from your Savings/401(k) account if you have attain Normal Retirement Age of age 59 ½ or Early Retirement Age of age 55. For further information, please refer to your Summary Plan Description or contact the Fund Office.
Financial Hardship
You may be eligible for a hardship withdrawal from your Savings/401(k) Account if you have a financial hardship resulting from one of the following:
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Medical expenses incurred by you, your spouse or your dependents
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To prevent eviction or foreclosure on your principal residence
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To purchase your principal residence
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Tuition payments, room and board, and related educational expenses for you, your spouse or your dependents
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For burial or funeral expenses for your deceased parent, spouse, child or dependent
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For expenses for the repair of damage to your principal residence that qualify for the casualty deduction under IRS Code 165
To apply for a hardship withdrawal, you will need to complete a Hardship Distribution Application. Please complete the form and mail along with any noted documentation to the Fund Office.
Divorce
In the event of divorce, your former spouse may have a right to receive some portion of your Account directly from the Plan. Please contact the Fund Office for more information.
Death
In the event of your death, your beneficiary is entitled to receive the balance in your Account.