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CARES Act Distributions

The Board of Trustees of the IBEW Local 728 Annuity Trust Fund extends their best wishes for the wellbeing of you and your families during this unprecedented time.  In accordance with the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Board of Trustees has approved a plan change to allow ‘qualified individuals’ the ability to take a new penalty-free retirement account distribution. A ‘qualified individual’ will have the ability to request a one-time distribution of up to $15,000, or 80% of their account balance, whichever is less.

To be an eligible ‘qualified individual’ for the CARES Act COVID-19 distribution, you must meet any one of the following criteria:

  • Diagnosed with COVID-19
  • Have a spouse or dependent(s) diagnosed with COVID-19
  • Experienced adverse financial impact due to quarantine, furlough, layoff, reduced work hours or inability to work because of childcare-related issues due to COVID-19
  • Faced with other COVID-19-related factors as determined by the Secretary of the Treasury

You must certify that you are a ‘qualified individual’ and eligible for a COVID-19 distribution. The deadline for application is December 15, 2020.

Click here to view the full announcement letter regarding this benefit.  You may download the application form by clicking here.  Please upload your completed, signed and notarized application form using the secure upload tool below.  If you have any questions, please contact NEBA by telephone at 1-800-842-5899 or by email at [email protected].

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