1/2/2022; 1/9/2022; 1/16/2022; 1/23/2022
03/21/2021; 04/04/2021; 04/18/2021; 04/25/2021; 06/20/2021; 07/04/2021; 08/08/2021; 08/15/2021; 09/26/21; 10/17/21; 10/24/21; 10/31/21; 11/7/21; 11/21/21; 11/28/21; 12/05/21; 12/12/21; 12/19/21; 12/26/21
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.
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
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:
- have been diagnosed with the disease COVID-19 or the underlying virus SARS-CoV-2;
- have a Spouse or dependent who has been diagnosed with the disease COVID-19 or the underlying virus SARS-CoV-2; or
- 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.