Yes, in limited circumstances. The Supplemental Retirement Plan is intended to provide you with benefits during your retirement. Therefore, you have very limited access to your account balance until then. There are three exceptions:
- Age 59 ½ or older distributions: If you are age 59-1/2 or older, you may take an In-service Distribution of up to 100% of your account balance (or you may designate a lesser) amount once every rolling twelve months.
- Younger than age 59 ½ distributions: Once every rolling twelve months, you may take an In-Service Distribution of all or any portion of your account except employer contributions made to your account during the 24 months preceding the date of distribution.
- Hardship distributions: You may take a Hardship Distribution from the Plan twice within a rolling 12 month period. (Foreclosure and tuition hardships may be made more than twice in a rolling 12 months, provided certain conditions are met). You may take a Hardship Distribution from the Supplemental Retirement Plan for the following reasons:
- Expenses for medical care (that are not covered by insurance) that are less than two years old for you, your spouse, or your dependents,
- Costs directly related to the purchase of your principal residence (excluding mortgage payments),
- Payments of tuition, related education fees, and room and board expenses for the next twelve months of post-secondary education for you, your spouse, or your dependents,
- Payments necessary to prevent eviction from your principal residence,
- Payments necessary to prevent foreclosure on your principal residence, or
- Costs relating to funeral or burial expenses for a parent, spouse, child or eligible dependent.
You may withdraw only the amount necessary to satisfy the immediate hardship need (including amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the distribution).
The minimum amount of a Hardship Distribution is $1,000 or your total Supplemental Retirement Plan account balance, whichever is less. If you are applying for a Hardship Distribution and you do not supply the information necessary to support your hardship distribution request (listed on the distribution form), the Fund Office will deny your application.