Northern California Carpenters 401(k) Plan

The Plan has specific rules around making contributions and qualifying for Retirement, Loans and Hardship Withdrawals.

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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.

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