Coronavirus Hardship Withdrawal – Effective 4/15
Click HERE for the full update and more on the Carpenters Combined Funds information regarding COVID-19.
In response to the Coronavirus pandemic, the Greater PA Carpenters Annuity and Savings Fund has implemented a Coronavirus-Related Distribution (CRD) option. This is in addition to the existing in-service withdrawal options.
Eligibility for Distribution
You are eligible for a Coronavirus-Related Distribution (CRD) if you are a “qualified individual”. You are a qualified individual if you fall into one of the following categories:
- You have been diagnosed with the virus SARS–CoV–2 or with coronavirus disease 2019 (COVID–19) by a test approved by the Centers for Disease Control and Prevention; or
- Your spouse or dependent has been diagnosed with the virus SARS–CoV–2 or with coronavirus disease 2019 (COVID–19) by a test approved by the Centers for Disease Control and Prevention; or
- Because of the virus SARS–CoV–2 or coronavirus disease 2019 (COVID–19), you are experiencing adverse financial consequences resulting from one of the following:
- Being quarantined; or
- Being furloughed, laid off, or having your work hours reduced; or
- Being unable to work due to the lack of childcare; or
- Closing or reducing the hours of a business you may own or operate; or
- Other factors the IRS may prescribe in future guidance.
If you are a qualified individual, you may apply for and receive one Coronavirus-Related Distribution (CRD) in each calendar month beginning with the month of April 2020 and ending with the month of June 2020.
Amount of Distribution
A Coronavirus-Related Distribution (CRD) for a calendar month cannot be more than $10,000 (or the balance of your Account if less). The minimum amount is $500.
A Coronavirus-Related Distribution(CRD) may be made from your account regardless of when employer contributions were credited to your Account. This includes amounts attributable to the employer contributions made on your behalf this year and in the two preceding years.
Click HERE to download the application.