Northern California Carpenters 401(k) Plan
The Plan has specific rules around making contributions and qualifying for Retirement, Loans and Hardship Withdrawals.
At this time, Trustees are considering additional loan and hardship withdrawal options in relation to the COVID-19 pandemic. Plan Participants will be notified of any future Amendments made to the Plan.
Subject to Plan Amendment, the Board is considering the following:
Loans related to COVID-19 treatment may be increased from a maximum of $50,000 to a maximum of $100,000 but may not exceed your individual balance. Special rules apply to repaying such a loan. The loan provisions do not change for non-COVID-19 loans.
For those who have COVID-19 related treatment, a hardship withdrawal of up to $100,000 of your individual balance may be available. Normal income taxes are required, however the 10% penalty for early withdrawal has been waived. Hardship withdrawal provisions do not change for non-COVID-19 withdrawals.