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:
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.