If you believe you may qualify for a hardship withdrawal, please call your plan directly. Without a paycheck, your employer will not be able to deduct contributions on your behalf to add to your 401(k).ģ Q: Is it possible for me to take money out of my 401(k)?Ī:Both the Industry Plan 401(k) and Division A Annuity Plan 401(k) permit members to make hardship withdrawals for certain qualified expenses including eviction, foreclosure, tuition, and medical expenses. You can find out more about your pension by visiting 2 Q: How is my 401(k) affected if I’m not working?Ī: If you are not working, then you are not receiving a paycheck. However, if you work less than 1,000 hours, you may be able to earn a partial pension credit. You must work 1,000 hours a year to get a full pension credit. Your employer does not contribute on your behalf if you are not working. The Industry-Wide Agreement (IWA) requires your employer to contribute 10.5% of payroll to the pension fund. 1 Q: What happens to my pension if I am not working?Ī: For individuals participating in the Industry-Wide Pension Plan: Pension credits are based on the total hours you work in a calendar year.
