The ILWU Coast Committee has notified the Longshore Division locals that the ILWU-PMA 401(k) Savings Plan has been amended to allow our participants to seek distributions up to $100,000 if they have experienced economic hardships due to COVID-19 (please click to read Coast Committee memo below). As stated in the memo, the PMA is in the process of mailing letters to all participants with more details regarding CARES Act distributions. Those wishing to learn more about these distributions can do so by logging into Fidelity’s website at www.netbenefits.com or calling (800) 761-ILWU (4598).
As stated in the memo, questions regarding any tax implications of taking such distribution should be directed to your tax professional.
We would like to thank Sister Cheryl Lowe #38432 for her work advocating on this issue.
Local 63 Officers