Hobart, IN asked in Employment Law and Foreclosure for Indiana

Q: Can you get your Indiana Carpenters Annuity Fund (not pension), during hard times? We are about to lose our house!

We NEED that money and they said to write a letter of hardship and it would be brought up at the quarterly meeting. We did just that and we paid $18.00 to send it priority, they signed for it and DIDN'T bring it up at the quarterly meeting!!!! This may have been our last chance before our house goes into forclosure, which, by the way, we have been paying for for 12 years and didn't run into too much trouble until my husband was layed off after working as a foreman for 10 straight years! I feel that they have put us in this position and now that we need help, they won't even give us SOME of the money out of our annuity to catch up our mortgage and keep our home. I was just wondering if there was any loophole or anything that we can do to get some of our annuity. I just want to make it clear that this annuity is NOT our main retirement plan. It is a secondary plan forced on us by the union. This is NOT our pension, it is simply an annuity. Thanks for your time!

Related Topics:
1 Lawyer Answer
Michael Bartolic
Michael Bartolic
Answered

A: While the Internal Revenue Code does permit, in order to maintain tax-qualified status, some plans to allow for certain hardship distributions (e.g., 401(k) plans), it is unusual for a defined benefit or annuity-type plan to provide for such distributions. If this plan so provides, whether or not you can take the hardship distribution depends on whether you meet the plan's definition of "hardship." Plans are not required to offer hardship withdrawals, but if they do the plan can be more restrictive about what is a "hardship" than otherwise permitted under the Tax Code.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.