Updates from Local 764

The #holidayshopping season has officially begun, check out this site which features creations from @IATSElocal764https://t.co/vIQNQXy72T

We are thankful for our wonderful @IATSELocal764 workers. Wishing everyone you a safe and healthy #Thanksgiving https://t.co/mmSmVCogfI

Local 764 Update: Wednesday November 25 - https://t.co/gXakBIApXj

IMPORTANT INFORMATION REGARDING THE LOCAL 764 401(k): Summary of Material Modification

Posted on April 27, 2020

Effective immediately, the Board of Trustees of the Local 764 401(k) Plan have adopted the following relief programs made available through the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) enacted on March 27, 2020. 

  1. You Are Not Required to Take Required Minimum Distributions (RMDs) For 2020

No Plan participant or beneficiary will be required to take RMDs in calendar year 2020. 

  • If you are scheduled to take distributions from your individual account, the Fund Office will assume that those distributions are necessary to cover your expenses and they will not be discontinued unless you contact Cathy Halpin at [email protected] or 212-957-3500, ext. 14 and arrange for the payment(s) to be discontinued.
  • If you already took a distribution to satisfy your 2020 RMD, you may be able to rollover the distribution(s) to an eligible qualified plan or IRA within 60 days of the date you received the distribution.  Please contact MassMutual at (800) 743-5274 to discuss your options.
  • If you have not received an RMD in prior years, but were required to receive your first RMD in 2020, no RMD will be paid to you in 2020.  Your RMDs will commence in 2021. 
  • Eligible Participants May Delay Loan Payments Through December 31, 2020

This program offers eligible participants the option to delay the due date of certain plan loan payments for up to one year.

Eligible participants are those who meet one or more of the following criteria:

  • Have been diagnosed or have a spouse or dependent who has been diagnosed with SARS–CoV–2 or COVID-19 by a test approved by the CDC, or
  • Have experienced adverse financial consequences as a result of:
  • being quarantined,
  • being furloughed, laid off, or having work hours reduced due to the virus or disease,
  • being unable to work due to lack of child care due to such virus or disease,
  • closing or reduction of hours of a business owned by the participant due to such virus or disease, or
  • other factors determined by the Secretary of Treasury.

Eligible participants who have plan loan payments due from March 27, 2020 through December 31, 2020, can delay the due date of those payments, with interest, for up to one year. Loan payments you have already made cannot be reversed; you must arrange for suspension before a loan payment is due.  Following the suspension period, loan payments will resume in an amount adjusted to reflect the delay in the due date and any interest accruing during such delay.  The term of the loan shall also be extended by the period of suspension. 

Please contact Cathy Halpin at [email protected] or 212-957-3500, ext. 14 if you meet the eligibility criteria discussed above and are interested in delaying the due date of your loan payments. 

  • Eligible Participants May Take Coronavirus-Related Distributions Through December 30, 2020

The program adopted by the Trustees offers eligible participants the option to take special distributions of up to $50,000 on a tax-favored basis through December 30, 2020.

Eligible participants are those who meet one or more of the following criteria:

  • Have been diagnosed or have a spouse or dependent who has been diagnosed with SARS–CoV–2 or COVID-19 by a test approved by the CDC, or
  • Have experienced adverse financial consequences as a result of:
  • being quarantined,
  • being furloughed, laid off, or having work hours reduced due to the virus or disease,
  • being unable to work due to lack of child care due to such virus or disease,
  • closing or reduction of hours of a business owned by the participant due to such virus or disease, or
  • other factors determined by the Secretary of Treasury.

Eligible participants can take one or more distributions of up to $50,000 through December 30, 2020.  These distributions qualify for the following favorable tax treatment:

  • Distributions are not subject to the 10% penalty for early withdrawals.
  • Distributions are not subject to mandatory withholding.
  • Distributions are subject to ordinary income tax, which can be paid in equal amounts over three years.
  • Distributions may be repaid in one or more installments to an eligible retirement plan within three years of receipt, in which case the participant may seek a refund for any ordinary income tax paid on repaid amounts.
  • The repayments will not count toward the annual contribution limits of the receiving plan.

Please contact Cathy Halpin at [email protected] or 212-957-3500, ext. 14 if you meet the eligibility criteria discussed above and are interested in a distribution of this type.