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COVID-19 Vaccines: Get the Facts

COVID-19 Vaccines: Get the Facts – with Spanish subtitles

COVID Pension Distribution Deadline

Per IRS rules, the deadline for all Coronavirus Related Distributions (CRDs) is Wednesday, December 30th, 2020 at 4pm EST. Please ensure that all CRD applications, including any items needing correction/clarification, are submitted to MassMutual prior to 4pm EST on 12/30/2020 in order to guarantee processing.

2020 ERP Week Ending Suspension Dates

01/05/2020; 01/12/2020; 01/19/2020; 01/26/2020; 02/02/2020; 02/09/2020; 02/16/2020; 02/23/2020; 03/01/2020; 03/08/2020; 03/15/2020; 10/18/2020; 10/25/2020; 11/01/2020; 11/08/2020; 11/15/2020; 12/13/2020

IMPORTANT RETIREMENT PLAN NOTICE

Change to Coronavirus-Related Distributions Effective July 15, 2020

Effective July 15, 2020, the Coronavirus-Related Distributions available under the Local No. 8 I.B.E.W. Retirement Plan (“Plan”) will be reduced and limited to the lesser of $50,000 or 100% of your Plan account.

If you are actively working and under age 59 ½, amounts contributed to your Plan account prior to 2006 will not be eligible for a Coronavirus-Related Distribution due to an Internal Revenue Service rule (the Plan was classified as a “money purchase pension plan” through December, 2005).

Loans available under the Plan remain the lesser of $100,000 or 100% of the current value of your elective employee (401(k)) contributions held in your Plan account.

To receive a Coronavirus-Related Distribution or Loan, you must provide a certification to the Plan through the Fund Office that you meet the requirements of a “Qualified Individual,” meaning that you:

1. have been diagnosed with the disease COVID-19 or the underlying virus SARS-CoV-2;

2. have a Spouse or dependent who has been diagnosed with the disease COVID-19 or the underlying virus SARS-CoV-2; or

3. have experienced an adverse financial consequence as a result of the coronavirus pandemic (including being laid-off, quarantined, reduction of hours, unable to work due to lack of child care, or the reduction of hours or closing of a business that your own or operate).

If you are interested in applying for a distribution and/or a loan or if you desire more information, please contact the Fund Office for more details.