Welfare, Pension and Annuity Funds
of Local No. One, IATSE
   
320 West 46th Street, 6th Floor  -  New York, NY  10036
P: (212) 247-5225   -   F: (212) 977-9319
 
COVID-19 HARDSHIP DISTRIBUTIONS

The Trustees of the Annuity Fund have created a new hardship distribution category for participants who have experienced layoffs, closures, or any other losses or expenses as a result of the COVID-19 virus. Participants will be allowed to take multiple hardship distributions for COVID-19 virus related expenses and losses, up to a total of $30,000, in addition to tax withholding of up to 20%.  

For example, if you request a distribution of $30,000 and select 20% withholding, your total distribution from your account will be $37,500.  You will receive a check or wire for $30,000, and we will withhold $7,500 for federal income tax ($37,500 X 20% = $7,500).

This new category of hardship distribution will not be subject to either the plan loan exhaustion requirement or the one hardship per calendar year rule.
 
Please remember that COVID-19 hardship distributions are taxable as income, and if you are under age 59-1/2, you may also be subject to an additional tax penalty equal to 10% of your distribution. 
 

Applications are available:
  • On our website:  www.FundOneIATSE.com to download an electronic copy which you can then print at home.
  • By emailing FundOffice@FundOneIATSE.com  and requesting we either (1) email you a copy of the application which you can print at home, or (2) mail you a hard-copy application if you do not have access to a printer.  Hard-copy applications will also be available in the lobby of the Local One building on 46th street.  (As previously announced, the Fund Office has shifted to remote operations, and the 6th floor is not currently accessible).

The Fund Office will process applications as quickly as possible in the order they are received.  Please understand that we anticipate having to process many more applications than normal, and under difficult circumstances.  Please do not call the Fund Office to check on receipt or status of your application since these types of calls will slow our ability to process your hardship applications.  All application inquiries should be by email to FundOffice@FundOneIATSE.com.
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