Sprinkler Industry Supplemental Pension Fund

8000 CORPORATE DRIVE              LANDOVER, MARYLAND 20785

 


TELEPHONE                                                                                                                                                                                                   TOLL FREE

(301) 577-1700                                                                                                                                                                                                                                                 (800) 638-2603                                                                  

 

January 15, 2009

 

 

To:    All Participants in the Sprinkler Industry Supplemental (“SIS”) Pension Plan

 

From:   The Board of Trustees

 

Hardship Distributions

 

The Board of Trustees announce that the SIS Pension Plan of benefits has been amended to permit distributions for certain financial hardships: damage to your home (such as that caused by a fire or hurricane) or if you are facing eviction or foreclosure on your home.

 

The distribution must be for expenses to repair damage to your (the Participant’s) principal residence that would qualify for a casualty deduction on your federal tax return (determined without regard to whether the loss exceeds 10% of adjusted gross income) or the distribution must be for payments necessary to prevent your (the Participant’s) eviction from your principal residence or foreclosure on the mortgage on your principal residence.

 

The amount of the distribution cannot exceed the amount needed to meet the hardship (including any amounts necessary to pay federal, state or local income taxes or tax penalties associated with the distribution).  Additionally, the amount of the distribution cannot exceed the amount of Employer contributions to your account for hours worked on or after January 1, 1999. 

 

A 10% federal tax penalty will apply to distributions under this provision of the SIS Pension Plan for anyone under the age of 59 ˝. 

 

If you need to consider a distribution from your SIS Pension Fund account for either of these hardship reasons, contact the Fund Office at the above address or phone numbers.  You will be sent an application for this benefit.  In order to receive a hardship distribution, you will have to provide a written statement explaining the nature of the immediate and heavy financial need and you will have to provide documents to support your statement.  In addition you must provide a written statement stating that you lack other financial resources reasonably available to you to meet the financial need.