You're eligible to receive the full value of your account in any of the following circumstances:

• You reach age 62 and retire.
• You work fewer than 400 hours in covered employment within 3 consecutive redemption cycles.
• You are permanently and totally disabled and cannot continue working at any type of employment regularly performed by members of the Union.
• You die.

Types of Loans

You may take a loan for any of the following reasons. These types of loans must be repaid within 60 months.

• Home improvement loan (once a lifetime).
• To prevent foreclosure on a mortgage held against the participant's primary place of residence.
• Payment of tuition and/or room and board to maintain a dependent at an educational institution of at least the high school level.
• Medical expenses of at least $500 that are not paid through the Welfare Fund of the I.U.O.E Local 14-14B.
• Economic assistance for unemployment for a period of at least 13 weeks in the preceding six months (proof and/or signed affidavit must be provided to the Fund Office).
• Funeral expenses for a spouse or dependent child (proof of funeral expenses must be provided to the Fund Office).

You may take a principal residence loan (once a lifetime) to purchase your primary home (as proof, you will be required to submit a copy of an executed contract of sale). Principal residence loans must be repaid within 120 months.

How Much You Can Borrow

The mininum amount per loan is $1,000. For all types of loans, the most you may borrow is the lesser of the following amounts:

• 50% of your Account balance; or
• $50,000 (reduced by the excess of your highest outstanding loan balance in the preceding year over the outstanding balance of Plan loans on the date this loan is made).

Hardship Withdrawal Option

Due to the difficult economic environment, the Trustees amended the Annuity Plan to provide participants that have an immediate and heavy financial need with a hardship withdrawal option which mirrors the options available to a participant for a loan. (See above.) To be eligible for a hardship withdrawal, a participant must not otherwise be eligible for a loan or distribution from his or her individual Annuity Account.

To initiate any of the above requests, please call Empower at 833-569-2433 or click here to access your personal account.