In response to the recent passage of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") the Northern Ohio Laborers' Profit Sharing Annuity Plan ("Plan") Board of Trustees have adopted some changes.

The changes increase the availability of distributions from the Plan for individuals affected by the Coronavirus pandemic. These changes are effective immediately.

The deadline to apply for a Coronavirus-Related Distribution from the Plan is June 30, 2020.

Who is Eligible to take a Coronavirus-Related Distribution?

You may choose to take a Coronavirus-Related Distribution if you certify in writing to the Plan that:

• You have been diagnosed with the disease COVID-19 or the underlying virus SARS-CoV-2;or

• You have a spouse or dependent who has been diagnosed with COVID-19 or SARS-CoV-2; or

• Due to the Coronavirus, you have experienced an adverse financial consequence because of:

                          being quarantined, furloughed, laid off, or a reduction of work hours

                          being unable to work due to caring for a child; or

                          the closing or reduction of hours of a business that you own or operate

How much can you withdraw from the Plan?

Contact Local 500 at 419-243-3279 or Northwestern Ohio Administrators Inc. at 419-248-2401

Coronavirus-Related Distributions are subject to the following rules:

• You can elect to repay all or part of the distribution within three years of the day of the distribution.

• Repayments may be made to the Plan or another eligible plan, without regard to the limitations on retirement account contributions for those later years

• If you do not repay all or part of the distribution, regular income taxes apply. The amount of the distribution may be included in your gross income for tax purposes in equal installments over the next three years beginning 2020.

• The distribution is not subject to the mandatory 20% tax withholding or the 10% penaltytax on distributions before age 59 1/2.

• If you are married, you will need to obtain your spouse's consent.

If you wish to take a Coronavirus-Related Distribution, please contact Laborers' Local 500 at 419-243-3279 or Northwestern Ohio Administrators Inc. at 419-248-2401