ANNUITY FUND WITHDRAWAL OPTIONS
You may
withdraw your Annuity Fund money upon any one of the following events:
·
at the time of your retirement,
·
if you become totally and permanently disabled,
·
after you have incurred a “Break in Service” (i.e. you worked
zero hours in a 12-month period as a carpenter), or
·
you have a “Financial Hardship”
A “Break
in Service” means an event which results if a Participant, for a period of
twelve (12) consecutive months and at the time of application for a
distribution, (1) has not worked and is not working in any capacity for any
employer which employs carpenters or subcontracts carpentry work anywhere in
North America, and (2) has not been and is not an officer, director,
shareholder, full or part owner partner, member or principal of an employer
described in (1).”
As of
April 1, 1998 the Plan changed to allow for Hardship Withdrawals. A financial hardship must be one of
the following events: Medical Expenses,
Tuition and Room & Board Expenses, Expenses of Purchasing a Home, Avoidance
of mortgage foreclosure or eviction and Funeral Expenses.