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CWA Local 4050/4090

21700 Greenfield Road
Suite 266
Oak Park, MI 48237

Phone: (248) 968 - 0983
or (248) 968 - 0998

Fax: (248) 968 - 1009

Info Line

(248) 968 - 0983 ext. 7



Dave Skotarczyk
ext. 301

Executive Vice President:
Troy Smith
ext. 302

Gerald Sokoloski
ext. 303

Vice President Global Services, Legacy-T and Avaya:
Mike Klein
ext. 304

Vice Presidents at Large Special Services:
Michael Mcleod
Ali Roby

Mike Killewald

Announcements : Savings Plans Increased Loan Limits
Posted by Dave Skotarczyk on 2020/5/11 19:31:29 (576 reads)

The CARES Act was recently passed by Congress in response to the COVID-19 crisis. The CARES Act also provides for special rules for use of retirement funds. Instituting these rules will result in a need to amend plan documents and SPDs to reflect the changes.

An SMM will address changes to the AT&T savings plans to allow flexibility for loans from certain retirement plans for coronavirus-related relief. For participants who qualify and self-certify (see below), loan limits are increased to the lesser of $100,000 or 100% of the participant's vested account balance reduced by the participants highest outstanding loan balance during the prior 12 months. The provision allows three years to repay income tax associated with a plan loan default. This applies to loans made on or after March 27, 2020 and on or before September 23, 2020 (during the 180-day period beginning on the date of the enactment of the CARES Act).

Eligible participants must self-certify for loan relief as an individual who:
(1) who is diagnosed with the virus SARS-CoV-2 or with COVID-19 by a test approved by the Centers for Disease Control and Prevention,
(2) whose spouse or dependent is diagnosed with such virus or disease by such a test, or
(3) who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced, being unable to work due to lack of child care due to such virus or disease, closing or reducing hours of a business owned or operated by the individual due to such virus or disease, or other factors as determined by the Treasury Secretary.

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