Uncertain times and extraordinary circumstances have brought together the management and union trustees to take urgent action on behalf of the participants in the Plan. The Trustees adopted three important new rules:
- Allowing hardship withdrawals of up to $15,000 every 90 days for employees who are unemployed as a result of the coronavirus (COVID-19) epidemic. Other changes were made to the hardship withdrawal rules, as outlined below.
- Implementing new changes in federal law by allowing $5,000 withdrawals from your account for childbirth and adoptions, and by increasing the age when participants are required to begin taking mandatory distributions from the Plan
- Changing the requirements for Early and Normal Retirements to better comply with IRS requirements