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IRS Announcement for Those Affected by Recent Hurricanes

As part of our mission to provide the very best service to our members, Pension Fund would like to inform you of the following information:

As a result of Hurricane Harvey and Hurricane Irma, the Internal Revenue Service (IRS) is allowing retirement plan sponsors to extend relief to taxpayers adversely affected by these hurricanes.

The IRS is allowing access to retirement plan assets to alleviate hardships caused by Hurricane Irma and Harvey by easing verification procedures for retirement plan hardship distributions and expanding allowable distributions to any hardship, not just those described in the United States Department of The Treasury regulations.

As a Pension Fund member, you may take a tax-free hardship distribution from your Individual Retirement Account (IRA) or Tax-Deferred Retirement Account (TDRA) between now and January 31, 2018, if you meet one or more of the following conditions:

For those affected by Hurricane Harvey:

  1. your principal residence on August 23, 2017, was in one of the counties identified for individual assistance by the Federal Emergency Management Agency (FEMA),
  2. your place of employment on August 23, 2017, was in one of the counties identified by FEMA, or
  3. you or your grandparents, parents, children, grandchildren, dependents, or spouse had a principal place of residence or place of employment in one of these counties on August 23, 2017.

For those affected by Hurricane Irma:

  1. your principal residence on September 4, 2017, was in one of the counties identified for individual assistance by the Federal Emergency Management Agency (FEMA),
  2. your place of employment on September 4, 2017, was in one of the counties identified by FEMA, or
  3. you or your grandparents, parents, children, grandchildren, dependents, or spouse had a principal place of residence or place of employment in one of these counties on September 4, 2017.

Before contacting Pension Fund to initiate a hardship withdrawal, we encourage you to seek professional tax advice. Once you have made an informed decision about initiating a hardship withdrawal, please call Pension Fund at (866) 495-7322 or e-mail pfcc1@pensionfund.org.

Sincerely,
Todd A. Adams