The Trustees of the Carpenters Health and Welfare Plan and the Carpenters Savings Plan have amended the Plans to help the participants during this unexpected time. At the bottom of this post you will find two Summary of Material Modifications (SMM); one from the Carpenters Health and Welfare Plan and one from the Savings Plan that describe the changes in detail. Below is a quick summary:
Health and Welfare
- The Health and Welfare Fund will pay 100% for all in-network coverage for all Coronavirus testing and treatment.
- Quarterly vacation benefit will be paid in April 2020 instead of May 2020.
- For any participant who is on the Disability Benefit or Supplemental Workers Compensation Benefit, the 30-day return to work provision has been temporarily waived.
- If a participant does not qualify for Regular Eligibility, they will be allowed to use consecutive Vesting Benefit periods.
- If a participant qualified for the May 2020 Eligibility Period, their coverage will at least continue until October 31, 2020 regardless of their work status.
- A Coronavirus Hardship Provision for a one-time withdrawal between April 10, 2020 and June 30, 2020 up to $20,000. You must be vested or you must have been credited with at least 800 hours in the May 1, 2019 to April 30, 2020 Plan Year.
- To be eligible for the new hardship withdrawal, you must have met one of these three criteria related to Coronavirus:
- 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
- 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
- you have a financial difficulty due to SARS-CoV-2 or Coronavirus Disease 2019 resulting from: being quarantined, furloughed, laid off or having hours reduced, unable to work due to childcare, closing or reduction of hours of a business owned or operated by the participant, other factors as determined by the Secretary or Treasury
You can apply for the Coronavirus Hardship online by clicking here or the image below, or contact the Fund Office for details.
The Fund Office and Board of Trustees understand that this is a difficult time and will continue to monitor your Benefits and look to make any additional changes as needed. The Trustees are actively looking at the November 2020 Benefit Period and will communicate any changes they decide. In the meantime, please take all possible precautionary measures recommended by the CDC to protect yourself and family. If you have any questions regarding the SMM’s, please contact the Fund Office at 215-568-0430.
Executive Fund Director
Savings Plan Hardship