Your benefit plans offer benefit options that may help you and your family during a financial hardship.
1. Take full advantage of your HRA allowance. Complete an HRA Reimbursement Form and submit to the Fund Office by email, fax, or mail as soon as possible. Be sure to enclose the required supporting documentation described on the form. The deadline to submit HRA claims is 60 months from the service date.
Your HRA allowance reimburses expenses you and your covered dependents incurred that were not paid through your medical, dental, vision and prescription drug coverage—such as deductibles, copayments, premiums and certain non-covered expenses. Since January 2020, non-prescription drugs and menstrual care products are also reimbursable via HRA. Check IRS Publication 502 for the most recent list of qualified expenses.
2. Complete an Interim Withdrawal Request Form and submit to the Fund Office by email, fax, or mail as soon as possible. Under the Normal Benefit option, in addition to vacation and holiday payouts in April and December, you may request one Interim Withdrawal each calendar year to receive 100% of your available balance free of charge.
3. Instead of requesting an Interim Withdrawal, you may choose to complete a Vacation & Holiday Monthly Benefit Election Direct Deposit Form to have your available balance deposited into your bank account at the beginning of each month free of charge.
4. Complete the Hardship Withdrawal Application and submit to the Fund Office by email, fax, or mail as soon as possible. The hardship withdrawal requirements are listed on the application and on pages 12-14 in the Defined Contribution Fund SPD.
TIP: Before making an early withdrawal decision, consult with a financial expert and compare the short- and long-term impact of hardship withdrawals versus other alternatives.
