401(k) Coronavirus-Related Distributions
Thursday, September 24, 2020
Some of us, continue to adjust to a “new
normal” as our jobs, families, and lives are impacted by COVID-19. If
you’re feeling uncertain about what’s next and how to manage your money,
know you’re not alone.
The Plumbers Local Union No. 1 Employee
401(k) Savings Plan (Plan) is here to help. The Board of Trustees have determined to increase the Coronavirus-Related Distribution (CRD) from $25K to $50K. This increased amount will be available for processing by Prudential Retirement on Thursday, October 1, 2020.
Under this change members that have previously taken a $25K distribution will be able to take up to $50K in total, regardless of the number of CRD's already taken. Please note that Prudential Retirement must receive a completed CRD application in good order no later than 4:00 pm Eastern Time on or before December 28, 2020.
Our continuing goal, as
always, is to help you save for the long term so that you can have a
secure retirement. However, we recognize that you may need to prioritize
managing your short-term Financial needs in the current situation.
Please note that the Fund Office
will NOT be able to assist you with your Prudential questions and/or
requests for CRD Applications.
All questions and/or requests should be directed to Prudential directly at http://ua1.retirepru.com/
or call Prudential Retirement at 877-PRU-2100 (877-778-2100).
Representatives are available weekdays, from 8 a.m. to 9 p.m. ET. An
automated voice-response system is available 24/7.