Completing the Application

Complete all sections of the Application. Unless otherwise noted, you as the Participant will fill out all required sections and sign the Application.

Eligibility and Amount

If you are a Participant who satisfies the eligibility rules, then you may apply for a one-time only, single lump sum withdrawal from your Basic Account in the Savings Plan. The Fund Office must receive your Application for the withdrawal between April 10, 2020 and June 30, 2020.

Eligibility - Part 1: To be eligible for the new Coronavirus Hardship Withdrawal, you must have met one of these three criteria related to Coronavirus.

  1. you received a positive diagnosis of the virus SARS-CoV-2 or Coronavirus Disease 2019 by a test approved by the Centers for Disease Control and Prevention, or
  2. your spouse or your dependent received a positive diagnosis of the virus SARS-CoV-2 or Coronavirus Disease 2019 by a test approved by the Centers for Disease Control and Prevention, or
  3. you have a financial difficulty due to SARS-CoV-2 or Coronavirus Disease 2019 resulting from:
    a. being quarantined;
    b. being furloughed, laid off, or having work hours reduced;
    c. being unable to work due to lack of childcare;
    d. a closing or reducing of hours of a business owned or operated by the participant; or
    e. other factors as determined by the Secretary of Treasury.

Eligibility - Part 2: In addition to Eligibility Part 1, to be eligible for the new Coronavirus Hardship Withdrawal, you must be vested in the Savings Plan or you must have been credited with at least 800 hours in the May 1, 2019 to April 30, 2020 Plan Year.

Amount: There are restrictions on how much you can withdraw from your account for a Coronavirus Hardship. You can withdraw up to $20,000, but you must have a minimum balance of $1,000 remaining in your account after your withdrawal.

  • Example #1 - If your current Basic Account balance is $2,500, then the most you can withdraw is $1,500. The remaining balance after your withdrawal is $1,000.
  • Example #2 - If your current Basic Account balance is $23,750, then the most you can withdraw is $20,000. The remaining balance after your withdrawal is $3,750.

In order to have your distribution request approved, you must certify that you meet the above requirements.