Annuity fund FAQ's
Here you will find our "frequently asked questions" for the Annuity Fund office. If you can't find the answer to your question here send us an email we will be glad to help you.
Q. For what reasons may I make an in service (pre-retirement) withdrawal of my Annuity account?
A. If you are an Employee who has had an Individual account for three (3) or more years you may apply to the Trustee’s for an early withdrawal in an amount not exceeding the lesser of  fifty percent (50%) of his accumulated share for the following reasons ONLY;
1) Expenses incurred by the Employee in connection with the payment of tuition, room and board, or both at an educational institution beyond high school or to maintain a dependent child of his at an educational institution for physically or mentally handicapped children. 
2) Expenses incurred by the Employee in purchasing a home or cooperative or condominium apartment, which will be used as his residence. 
3) Funeral expenses incurred by the Employee because of the death of a spouse, child or children, grandchild or grandchildren, parents or parents of spouse. 
(as defined in IRC section 152 or 152(d)(1)(B)).
4) Expenses incurred to prevent the eviction of the Employee from his principal residence or foreclosure on the mortgage of the Employee’s principal residence.
5) Expenses for medical care described in IRC Section 213(d) incurred by the Employee, the Employee’s spouse or any dependent of the Employee which are not eligible for reimbursement by a group health plan cover in the Employee or his spouse or dependent.
6) Expenses for the repair of damage to your principal residence that would qualify you for casualty loss deduction under the Internal Revenue Service code.
7) 50% Distribution (effective January1, 2011), you may request a distribution oup to fifty percent (50%) of your account under the Plan once in any twenty four (24) month period. For purposes of such a distribution, amounts have been in your account for fewer than twenty four (24) months are not eligible for distribution.

Q. How long does the withdrawal procedure take? 
A. Withdrawal applications are processed in the order they are received by the Fund Office. If you completely fill out the application and submit the required documentation the process generally takes approximately two weeks. 

Q. Why did I not receive the withdrawal amount I requested? 
A. If you have any questions regarding your specific withdrawal you should contact the Fund Office. The most common reason for this occurrence is the fact that the amount requested was greater than the Employee’s beginning balance, when this situation arises the Fund Office will generally process the highest amount for which the Employee is eligible. 

Q. I am no longer an active member of District Council 21. How long must I wait to withdrawal my balance? 
A. If you are no longer an active member of District Council 21 (for reasons other than retirement) you are eligible for a lump sum withdrawal after 24 consecutive months with no contributions made to the Fund on your behalf by a signatory contractor.
 

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