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News

News

Benefit Funds Offer Relief Opportunities to Members

The Trustees of the Central South Carpenter Regional Councilís Defined Contribution Fund and of our two Health Funds are aware that these are trying times, and members are concerned about maintaining their coverage and making ends meet. In response, all three Funds are offering one-time relief options for members affected by COVID-19:

DEFINED CONTRIBUTION WITHDRAW

Members enrolled in the Central South Carpenters and Millwrights Defined Contribution Fund are being granted a one-time withdraw from the memberís retirement fund, if he or she has been affected by COVID-19, without penalty. If eligible, you can withdraw up to $10,000 from your account, but you must leave a $500 balance. Distributions are available through December 31, 2020. For more information about your retirement account withdrawal possibility, click here:†https://bit.ly/2Z240pO

HEALTH FUND HOUR BANK FILLING

Trustees from the Oklahoma and Arkansas Carpenters Health Fund and the Gulf Coast Carpenters and Millwrights Health Trust are making a temporary change in the eligibility requirements to make it easier to keep your coverage. The Fund will add hours to a participantís Hour Bank if you have been affected by the Coronavirus. A participant who has less than a full hour bank will be credited the number of hours that qualifies him or her for a full month of coverage. This is a one-time credit.

Oklahoma and Arkansas Carpenters Health Fund participants: Click here:†https://bit.ly/2y0LYt9

Gulf Coast Carpenters and Millwrights Health Trust participants: Click here:†https://bit.ly/2Z3zbRE

ARE YOU ELIGIBLE?

There are five federal guidelines to be considered affected by COVID-19. If you meet any of these, you should qualify for the one-time withdrawal benefit and hour bank credit. Those requirements are:

  1. You have been diagnosed with COVID-19 or SARS-CoV-2 by a test approved by the Centers for Disease Control and Prevention
  2. Your spouse or dependent has been diagnosed with COVID-19 or SARS-CoV-2 by a test approved by the Centers for Disease Control and Prevention
  3. You have experienced adverse financial consequences as a result of being quarantined due to COVID-19
  4. You have experienced adverse financial consequences as a result of being unable to work due to lack of child care due to COVID-19
  5. You have experienced adverse financial consequences as a result of being furloughed or laid off or having your hours reduced due to COVID-19.

GET INFORMEDÖ.

Retirement One-Time Withdraw:†For more information about your retirement account withdrawal possibility, click here:†https://bit.ly/2Z240pO†or, call the Fund office at 800-831-4914.

Oklahoma & Arkansas Carpenters Health Fund Hour Bank Fill, For more information, click here:†https://bit.ly/2y0LYt9†or, call the Fund office at 800-831-4914.

Gulf Coast Carpenters & Millwrights Health Trust Hour Bank Fill:†For more information, click here:†https://bit.ly/2Z3zbRE†or, call the Fund office at 800-422-6207.