The Local Union 606 pension/ annuity trustees adopted a temporary amendment following the conditions of the CARES act. Any pension account holder can take a one time distribution between now and December 31st 2020 of up to $10,000. You will be able to pay this money back over the next 3 years without penalty if you choose to.
CARES Act Special Coronavirus distribution may only be made to a participant individual who is:
1) diagnosed with the virus by a test approved by the CDC or
2)whose spouse or dependent is diagnosed with such virus by such test or,
3)experience adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced by such virus, or
4)being unable to work due to a lack of child care, or
5)due to the virus closing or reduction hour of the business owned or operated by the individual or
6)other factors determined by the Secretary of the Treasury or the Secretary’s delegate