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.