> Annuity Loans
Although the Plan is designed to enhance your financial security in retirement, you may borrow from it for specific purposes. If you have been a participant for at least one year, you may take out a loan from $1,000 up to 50% of the value of your account—to a maximum of $50,000. Loans are only granted for specific circumstances. You are required to repay your loan—with interest.
Members who default on their loan payments will be ineligible to borrow from the Fund a second time unless the defaulted loan is repaid, plus any accrued interest.
Reasons for Taking a Loan
You may be eligible to take a loan if you are in need of money for one of the following:
1. Medical expenses not covered by insurance
2. Funeral expenses for a family member
3. Tuition beyond the 8th grade and/or room and board expenses
4. Mortgage delinquency on your home or to avoid eviction, or a tax
lien due to failure to pay real estate taxes
5. Health coverage under COBRA
6. Home purchase or construction of primary residence
7. Home reconstruction or rehabilitation of primary residence
8. Living expenses during temporary disability provided you are not receiving workers’ compensation.
Please contact the Fund Office to verify eligibility.