Withdrawal requests based upon hardships.

Participants of the Annuity Fund may request to withdraw money from their Annuity and Savings Fund account balance based on hardship. Please be advised that based on the Internal Revenue Service regulations, the Board of Trustees will recognize only the following as reasons for a hardship withdrawal:

Unreimbursed medical expenses incurred by participant, spouse or dependents.

Purchase of a principal residence for the participant.

Payment of tuition for the next semester or quarter of post-secondary education for a participant, spouse, children or dependents.

Expenditures to stave off eviction from a participants principal residence or foreclosure of a mortgage on the same.

It will be necessary to supply copies of any bills, documents, or letters that indicate there is a hardship, and the amount of money that will be needed to satisfy the hardship request.

Participants can only request money that has been in the account for more than two full calendar years preceding the calendar year of your request. As an example to withdraw money in 2000 that same money must have been in the account in 1999 and 1998. Therefore, the only money that is eligible for a hardship withdrawal is money that has been received and has remained on deposit in the account prior to and including 1997. The minimum amount of money that can be withdrawn is $500 and the maximum amount has to be equal to the amount necessary to satisfy the hardship request.

If a participant receives a payment from the Annuity and Savings Fund, it is subject to a mandatory 20% Federal Income Tax Withholding.