Frequently Asked Questions - Savings
What qualifies for an economic hardship withdrawal?
Each of the following qualifies for an economic hardship withdrawal from the annuity and savings fund. Each requires the proper documentation to be included with the withdrawal application.
- Unreimbursed medical expenses or expenses necessary to obtain medical care.
- Tuition, fees and room and board for post-secondary education.
- Purchase of principal residence.
- Eviction from principal residence or foreclosure on principal residence mortgage.
- Burial and/or funeral expenses
How long does it take to receive a check after a withdrawal application has been approved by the trustees?
You will receive a check from PNC Bank within seven to ten business days.
How can I learn more about the investment options offered in the Annuity and Savings Fund and how to use PNC Vested Interest Website?
You can view a webcast of a recent education presentation by PNC Vested Interest. It may take a few seconds to load the viewer. Depending upon your web browser, you may need to turn off the pop-up blocker and accept to download files necessary to install the viewer.
What is the PNC Bank's Vested Interest website?
PNC Bank's Vested Interest Website is www.retirementdirections.com
When are the annual options statements released?
If you qualify to receive an option, the option form will be included with the 3rd quarter Vested Interest statement. The 3rd quarter statement is release by PNC on the 10th business day of October. The options form is due back to the Carpenters Combined Funds by the date stated on the option form. The option checks are released on the 1st business day of December. More information about the annual option can be found on page 11 of the Savings SPD.
When are the Form 1099-R released?
PNC Vested Interest releases the 1099-R forms typically by the 15th business day of January. PNC Vested Interest is required to release the Form 1099-R no later than January 31st.
