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Laborers’ Local  57

Industrial Pension Fund

(215) 928 - 6166

FAQ

Fill out application and have it signed and notarized by you and spouse if married. Any applicant applying for more than $5,000.00 must submit proof of hardship. All applications must be sent to Laborers’ Industrial Pension Office with a copy of birth certificate and social security. If married, please include spouse credentials as well. Must include a copy of marriage certificate or divorce decree. Widowed spouse death certificate. Application can be sent via e-mail.

​

 

Once we receive all documents the process can take up to 7 business days. Annuity loans are distributed on the last business day of every week.

​


50% of your vested annuity up to $20,000.00 for hardships with proof. You may borrow $5,000.00 with no questions asked.

​


Out of pocket medical expenses, post-secondary education, purchase of a principal residence, eviction/foreclosure, losses related to FEMA.

​


 

 

Contact administrator in Industrial Pension Office 215-928-6166 and request a letter of POF (proof of fund). Use that letter to get agreement of sale. Once you provide us with an agreement of sales letter along with all other required documents, we will release funds to you within 7 business days.

 

 

Yes. Market interest rate plus one. Set on the last day of the planned year for the following year.

​


Possible state tax penalty, if your account is in good standing and you have not defaulted on more than three payments. After three missed payments your account will be subject to ordinary income tax, plus a 10% early withdrawal penalty if you are under 59½.

​

 

Pension office will contact you between the hours of 7 am - 4 pm and arrange time to pick up check or mailed out certified. All members must pick up checks by 3:45 pm.

​


Yes, you will be notified via e-mail with reason for being denied and following steps to get approved.

 


Yes, a one-time application fee of $50.00 on all approved applicants.

​


60 months (5 years).

​

 

Check or money order (mailed or in person) to:
Laborers’ Industrial Pension Fund
500-506 N 6th St
Philadelphia, PA 19123

1. How can I take out a loan against my annuity? 








2. How long is the application process?



3. How much money can I borrow from my annuity?




4. What hardships are considered for loans more than $5,000.00?



5.I would like to use my annuity to purchase home, but I can’t get a sales agreement without showing agent and lenders I have money in my account. What should I do?






6. Do we have to pay Interest on loan?




7.What are the tax penalties?





8.I’ve been approved how do I receive my payout?





9. I’ve been denied; can I reapply?



10. Are there any processing fees?



11.What is the maximum amount of time I must pay back the loan?


12.How do I make monthly payments on my loan?

1. How can I take out a loan against my annuity? 

















2. How long is the application process?








3. How much money can I borrow from my annuity?






4. What hardships are considered for loans more than $5,000.00?








5.I would like to use my annuity to purchase home, but I can’t get a sales agreement without showing agent and lenders I have money in my account. What should I do?












6. Do we have to pay Interest on loan?





7.What are the tax penalties?










8.I’ve been approved how do I receive my payout?








9. I’ve been denied; can I reapply?





10. Are there any processing fees?




11.What is the maximum amount of time I must pay back the loan?


12.How do I make monthly payments on my loan?

Fill out application and have it signed and notarized by you and spouse if married. Any applicant applying for more than $5,000.00 must submit proof of hardship. All applications must be sent to Laborers’ Industrial Pension Office with a copy of birth certificate and social security. If married, please include spouse credentials as well. Must include a copy of marriage certificate or divorce decree. Widowed spouse death certificate. Application can be sent via e-mail.

​

 



Once we receive all documents the process can take up to 7 business days. Annuity loans are distributed on the last business day of every week.

​

 

 

 

50% of your vested annuity up to $20,000.00 for hardships with proof. You may borrow $5,000.00 with no questions asked.

​

 

 

 

Out of pocket medical expenses, post-secondary education, purchase of a principal residence, eviction/foreclosure, losses related to FEMA.

​


 

 


 


Contact administrator in Industrial Pension Office 215-928-6166 and request a letter of POF (proof of fund). Use that letter to get agreement of sale. Once you provide us with an agreement of sales letter along with all other required documents, we will release funds to you within 7 business days.

 

 

 

Yes. Market interest rate plus one. Set on the last day of the planned year for the following year.

​

 

Possible state tax penalty, if your account is in good standing and you have not defaulted on more than three payments. After three missed payments your account will be subject to ordinary income tax, plus a 10% early withdrawal penalty if you are under 59½.

​

 


Pension office will contact you between the hours of 7 am - 4 pm and arrange time to pick up check or mailed out certified. All members must pick up checks by 3:45 pm.

​

​


Yes, you will be notified via e-mail with reason for being denied and following steps to get approved.

 

 

 

Yes, a one-time application fee of $50.00 on all approved applicants.

​

 

 

60 months (5 years).

​

 


Check or money order (mailed or in person) to:
Laborers’ Industrial Pension Fund
500-506 N 6th St
Philadelphia, PA 19123

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