No, you can only withdraw your down payment from the SRP. You are required to keep a minimum of $100.00 balance in the SRP. You must take the hardship distribution prior to closing on the principal residence.
Yes, your principal residence that you are purchasing must be located within 150 miles from the Steamfitters' Industry Fund Office (located at 27-08 40th Ave Long Island City, NY). You cannot use the monies from the SRP, or SBF for a second home or a vacation home.
If you withdraw monies from the SRP for the purchase of a principal residence, you will owe federal and state taxes and an early withdrawal penalty (10%) to the IRS if you are under the age of 59 1/2 'is. The first time home buyer exemption relates only to IRA(s) and not to our Plan.
Generally. You will need to deplete your current balance in Security Benefit Fund before you can apply for a hardship from the SRP, with the exception of purchase of a principal residence. Security Benefit will only pay for closing costs.
No. Pensioners are not allowed to take a hardship for the purchase of a principal residence.
Yes. The SRP has a total of twenty mutual funds to choose from inclusive of five JP Morgan Smart Retirement Target Date Funds based upon an approximate date an investor plans on retiring and withdrawing money in retirement.
Please call John Hancock Retirement at 1-800-294-3575 or log on to the
John Hancock website at www.mylife.JHRPS.com to view and change your investment options. The Supplemental Retirement Plan offers a full range of growth, blend, value, income and capital preservation funds in which to invest..
Type
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Proof Necessary
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a. Tuition
b. Disability
(other than total and permanent)
c. Eviction/Forclosure
d. Unreimbursed damage from natural disaster
e. Funeral or burial expense for a deceased parent, child, or dependent
f. Repair of a principal residence due to flood, water, fire or other loss |
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Current tuition invoice and proof of enrollment.
Doctor’s report, copies of NY disability and workers’ compensation checks.
Court eviction notice or bank foreclosure letter, lease (rent) or mortgage statement and proof of residence.
Evidence of material damage resulting from natural disaster, including homeowners insurance. Also, are must be declared a federal disaster area.
Certified death certificate, outstanding funeral bill.
Proof of flood, fire or water loss, fire insurance adjudication. |
The union’s phone number is 718-392-3420. They are located at 27-08 40th Avenue Long Island City, New York 11101.
Completing a change of address form and submitting it to the Fund Office, will change your address with the Fund Office, Empire BlueCross BlueShield, Express Scripts and MetLife. You must notify the union separately so that your address will change with them as well.
No. If you currently own a home (includes your Primary Residence, Vacation or Investment property) it is considered an asset and you are not eligible for this type of hardship. To be eligible, you must have no other financial resources available to you.
However, if you are in the process of selling your home and purchasing a new home you may be eligible for this type of hardship. You must provide a signed contract of sale for the property you are selling in addition to all other paperwork.
