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Under this new program, participants who have at least $2,000 in their vested Supplemental Annuity account and who are in good standing with their Local may apply for a loan. In general, you may borrow up to one-half of your vested account balance, subject to certain limits. Specifically, smaller loans, up to $5,000, may be taken for any reason. Larger loans, up to a maximum of $20,000, are available only for specific purposes such as medical expenses, education costs, purchasing a primary residence, preventing eviction or foreclosure, or expenses related to federally declared disasters.

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The loans taken from the Fund are not taken from an outside bank, but from your own retirement account. Because of that, the amount you borrow is temporarily removed from your account and will not earn investment returns until it is repaid in full. Once the loan is fully repaid, the amount of the loan including interest less administrative costs will be credited back to your account. In addition, all approved loans are subject to a processing fee of $50 which is subject to change at the discretion of the Trustees.

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All loans must be repaid within 60 months”, with payments due monthly. The interest rate is set at the prime rate plus one percent determined on the last business day of the plan year prior to receipt of your loan application, which means that the cost of borrowing is tied to current market rates. You are allowed to pay off the loan early without any penalty if you choose to do so.

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It is important to understand that only one loan may be outstanding at any time. If you apply for a loan and already have an outstanding loan, it must be fully repaid before you can take another. If payments are not made on time and the loan goes into default, the remaining balance will be deducted from your account, which will reduce your retirement benefit. A default may also have tax consequences and will make you ineligible for future loans.

 

Because a loan from the Fund is taken from your retirement benefit, if you are married, your spouse must consent in writing before the loan can be issued. All loans must also be formally documented through a loan agreement and promissory note.

The Fund believes this program provides a useful option for Participants who may need access to funds for important life events while still maintaining a focus on retirement planning. At the same time, we encourage you to carefully consider the impact a loan may have on your future benefits before applying.

If you are interested in applying or would like more information, please

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