The Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted into law on March 27, 2020. The CARES Act permits the Annuity & Savings Fund to allow Coronavirus Related Hardship withdrawals through December 31, 2020, provided you meet one of the following qualifying conditions:
- You, your spouse or dependent has been diagnosed with the coronavirus by a test approved by the Centers for Disease Control and Prevention.
- You’ve experience adverse financial consequences as a result of:
- Being quarantined.
- Being furloughed, laid off, or having work hours reduced as a result of COVID-19.
- Being unable to work due to lack of child care due to COVID-19.
- Closing or reducing hours of a business owned by such individual as a result of COVID-19.
- Other factors as determined by the Secretary of the Treasury.
A hardship distribution applies to any portion of your account balance that has been in your account for more than two (2) full calendar years preceding the calendar year of the request for the hardship withdrawal. The maximum allowable amount for your COVID-19 coronavirus hardship distribution is $5,000.00.