In light of this public health crisis, the Trustees have amended the Mid-Atlantic Regional Council of Carpenters Annuity Plan as well as the Health Plan. Participants who experience a coronavirus-related event between April 1st, 2020 and June 30 , 2020 can are able to receive a onetime, lump sum distribution of up to $15,000 from their individual accounts. All members who are participants from Locals 197, 205 and Millwright Locals 443 and 219 are eligible for these changes. These changes also are in place for some members in the Mid-Atlantic Regional Council of Carpenters plan from Locals 441, 251, 255, and 423.
This new, one time distribution option will expire June 30, 2020. Members can email firstname.lastname@example.org for an application or call 301-839-8800. An application will also be made available on our website when it is completed. Read more about the changes below.
Coronavirus-Related Hardship Distributions:
- Are not subject to 10% tax penalty
- Are not eligible rollover distributions, meaning they are not subject to mandatory 20% income tax withholding. The Fund Office will withhold 10% of these distribution, unless participants elect otherwise
- Will be included gross income for federal tax purpose over a 3-yea period, unless participants elect otherwise.
- May be re-contributed, in whole or in part, in one or more payments, o an eligible retirement plan that accepts rollovers under which you participate, within three years of receipt.
Coronavirus-Related Hardship Distributions Eligible Participants:
- Participants diagnosed with COVID-19 (Novel Coronavirus) by a test approved by the CDC
- Participants who have a spouse or dependent diagnosed by such a test
- Participants who experience adverse financial consequences due to COVID-19
- Being quarantined
- Being furloughed, laid off, or having work reduced
- Being unable to work do to child care
- A closing or reducing of hours of a business owned and operated by the participant
- Other factors determined by the Secretary of Treasury
COVID-19 Health and Welfare Coverage:
The Fund will completely cover the testing necessary to diagnose COVID-19 (Novel Coronavirus). Co-pays and deductibles are being waived for all testing. Coverage for participants of the Funds has already been scheduled to continue until the quarter ends in July. Extension of coverage past July will be discussed further in the further with this health crisis continues to persist.