Recent Changes to the Annuity and Savings Fund
 

Hardship Distributions     (effective 3/01/2008)

Participants can request a hardship distribution form the portion of their account balance that has been in their account for more than two (2) full calendar years preceding the calendar year of the request for the hardship distribution.

The minimum amount of money that can be withdrawn is $500 and the maximum amount has to be equal to the amount necessary to satisfy the hardship request.  Any hardship distribution is subject to a mandatory 20% Federal Tax Withholding and the Participant shall be responsible to pay any applicable penalties the IRS may assess as a result of such distribution.  All requests for hardship distributions must be supported by any bills and other necessary documents showing there is a hardship and the amount of money necessary to satisfy the hardship request.

A “hardship” under this section shall be limited to one or more of the following:

• Unreimbursed medical expenses incurred by the Participant, his or her spouse or dependents;

• Purchase of a principal residence for the Participant;

• Payment of tuition for the next semester or quarter of post-secondary education for a Participant, his or her spouse, children or dependents;

• Expenditures to prevent eviction from a Participant's principal residence or foreclosure of a mortgage on the same;

• Funeral expenses of an immediate family member (spouse, child or parent) of the Participant;

• Amounts necessary to prevent the repossession of an automobile owned by the Participant if the automobile is necessary for the Participant to reach his or her place of employment;

• Payment of self-pay premiums and COBRA premiums under the International Union of Operating Engineers Local 132 Health and Welfare Fund.

Recordkeeper Change     (effective 1/01/2008)

Fifth Third Bank replaced First Niagara Benefits Consulting (formerly the Burke Group) as the Fund recordkeeper effective January 1, 2008.