Q.

May I withdraw money from my account while I am working?

A.

Yes, Hardships are permitted by the Fund.

Qualifying reasons for Hardships Withdrawal are:

·         To purchase my principal residence (excluding mortgage payments)

·         To pay unreimbursed expenses for medical care for me, my spouse, or any of my dependents

·         To pay unreimbursed tuition and related educational expenses for the next 12 months of post-secondary education for myself, my spouse, or any of my dependents

·         To make payments necessary to prevent eviction from my principal residence or foreclosure on the mortgage of my principal residence

·         To pay for funeral and/or burial expenses for my deceased parent, spouse, child or dependent

·         To repair damage to my principal residence due to fire, storm, disaster, or other casualty that can be deducted on tax return under casualty provision (determined without regard to whether the disaster is federally declared or whether the loss exceeds 10% of adjusted gross income)

Q.

Is there a limit to how many hardship withdrawals I can take?

A.

Yes, you are limited to one hardship distribution per Plan Year, except in case of tuition payments.

Q.

Do I have to pay taxes on a hardship withdrawal?

A.

Yes, hardship withdrawals are considered nonperiodic payments (not eligible for rollover), and as such, 10% federal income tax withholding will apply to your payment, in addition to any applicable state tax withholding, unless you choose to have a different federal tax rate applied to your payment by completing the FORM W-4R Withholding Certificate. The distribution may also be subject to an additional 10% early withdrawal penalty if you are under age 59½.

Q.

May I withdraw money if I am no longer working or retired?

A.

Yes, you can take a distribution if you have separated from service or retired.  You can take a full distribution of your account. They can have it paid to them or roll it over or both.

Q.

Who will receive my annuity account if I should die before collecting it?

A.

You do need to keep your beneficiary card current. For example: If you do not change your beneficiary after your divorce your ex-spouse will receive your benefit. See question 11 in the Summary Plan Description for more details.

Q.

Is the Annuity Fund the same as the Pension Fund?

A.

No, the Annuity Fund is a defined contribution which means you may receive this benefit in a lump sum. The Pension Fund is a defined benefit which means it is payable only in a monthly pension benefit at retirement age.

Q.

What happens to my account when I get divorced?

A.

The Benefit Office needs a complete copy of your divorce decree and separation agreement. If your ex-spouse is to receive a portion of your annuity we do need a Qualified Domestic Relation Order from the court advising how to separate your account.