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HRSA-ILA Funds

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PLEASE DO NOT COME TO THE FUNDS BUILDING IF YOU ARE UNDER QUARANTINE, OR HAVE SYMPTOMS OF COVID-19.

The last day we will accept applications for the Coronavirus/CARES Distribution is Monday, 12/28/20, at 5:00 p.m.

April 8, 2020

The CARES Act was signed into law on March 27, 2020. The CARES Act creates a new category of Annuity & Savings Plan withdrawal called a “Coronavirus Related Distribution”. These withdrawals can only be made on or after January 1, 2020, and no later than December 31, 2020. The HRSA-ILA Annuity & Savings Plan Board of Trustees has adopted these special distributions within our Plan.

According to the Act:

To qualify, the participant must be a person who:

Was diagnosed with SARS-CoV-2 or COVID-19 by a test approved by the Centers for Disease Control and Prevention, or

Whose spouse or dependent is so diagnosed by such a test, or

Who experiences adverse financial consequences as a result of

  • Being Quarantined, or
  • Being laid off or furloughed or having work hours reduced due to the virus, or
  • Being unable to work due to lack of child care due to the virus, or
  • Closing or reducing hours of a business owned or operated by the individual due to the virus, or
  • Other factors as determined by the Secretary of the Treasury.
  • The Fund Office may rely on the participant’s representation that he or she is entitled to receive the distribution; no further documentation is necessary. A participant may withdraw a maximum of $100,000 as a Coronavirus-related distribution.

    These distributions are exempt from the 10% federal penalty tax on premature distributions regardless of the participant’s age. While the distribution is subject to ordinary federal and state income tax, the participant can choose to include one third of the taxable amount in their income each year for three consecutive years in order to spread the tax burden over a longer period of time (for federal income tax). Check with your tax advisor for more information about federal and state income tax.

    The participant has the option, but is not required, to repay the distribution within three years. Contact the Fund office Participant Services Department for more information about repaying your Coronavirus Related Distribution.

    If the participant is married, our Plan would still require a Spousal Consent Waiver form signed by the spouse in the presence of a notary or Plan Official. If you wish to apply for a Coronavirus Related Distribution, please complete all forms and email back to our office at participant.services@hrsa-ila.com, or fax to (757) 423-1227, or (757) 423-1205. Please be sure the forms are completed in full with your signature. If you are married, you must also include the “Spousal Waiver of Joint & Survivor Annuity” form.

    CARES Distribution Forms

     

    Coronavirus Distribution Repayment Forms

     

    MILA Coverage of COVID 19 Notice

     REPAYMENT OF CORONAVIRUS RELATED DISTRIBUTIONS The CARES Act allows you to repay a Coronavirus Related Distribution that you received from your MassMutual account. You are not required to repay the distribution, it is your option. The IRS has not yet issued the required guidance on how you can make payments. As soon as the IRS releases the guidance, we will post the notice on our website, and also mail a copy of the guidance to each participant who received a Coronavirus Related Distribution.

June 2, 2020

Are you or a family member feeling overwhelmed, stressed or anxious?

During times like these, many may experience feelings that can become overwhelming. That is why Cigna is providing resources free of charge for all customers, clients and communities to help manage high stress and anxiety. They have opened a 24-hour toll-free help line (1-866-912-1687) to connect people directly with qualified clinicans who can provide support and guidance. More information can be found on cigna.com

 

Do you need advice on your 401K?

Call Gary Alcaraz, Wells Fargo Advisors at (757) 431-6333

GIA Rate is at 3% from July 1, 2020 through December 31, 2020

The 2020 Maximum Deferral Limit for the Annuity & Savings Plan is $19,500

Participants 50 years and older may contribute an additional $6,500

RetireSMART

Click here to see MILA Benefits Improvements

 

 

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HRSA-ILA Participant Services
Phone: 757-457-7090 | 1-800-899-3090 | Fax: 757-423-1205
Interactive Voice Response (IVR) 757-423-3090