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;

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

  1. 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.

IMPORTANT INFORMATION FOR COVID-19 PANDEMIC’S – IMPACT ON THE ELECTRICAL INDUSTRY AND YOUR BENEFITS

FREQUENTLY ASKED QUESTIONS

THE
PLAN CHANGES DISCUSSED IN THESE FAQs APPLY ONLY TO THOSE PARTICIPANTS WHO ARE
EXPERIENCING THE EFFECTS OF THE COVID-19 PANDEMIC.

The leadership
of the International Brotherhood of Electrical Workers, Local No. 8 and the
Ohio/ Michigan Chapter of the National Electrical Contractors Association has
taken several important steps to address the recent COVID-19 pandemic’s effect
on Local 8 members. Further, the Boards of Trustees of the Toledo Electrical
Welfare Fund and the Local No. 8 Retirement Plan have adopted plan amendments
to address current and upcoming challenges.

This is a
summary of the current actions taken on your behalf. For continued updates,
please check the Union’s social media accounts and the Toledo Electrical
Benefits Fund Office’s website (www.electricalfunds.org).

ERP Applications

The Fund Office accepts ERP applications Wednesday’s through Monday’s for the preceding Sunday (week ending). Payments will typically be deposited in members accounts the following Friday. For example, Members have from Wednesday, June 24th through Monday, June 29th to submit ERP applications for week ending June 28th. Payments for week ending June 28th will be…