Effective September 1, 2009, the Metro-ILA Individual Account Retirement Plan has been amended to add new hardship loan provisions to the Plan. In these difficult economic times, the Board of Trustees believes that Plan participants should have access to their account balances should an emergency arise.
Loans will be available for the following reasons:
- Post-Secondary School Expenses (includes expenses for the education of a dependent to attend a school or other institution for persons with physical or mental disabilities).
- Medical Expenses
- Purchase of a Principal Residence
- Funeral Expenses
- Prevention of Eviction or Foreclosure
- Repair of Damage to Primary Residence (must qualify for Federal income tax casualty loss deduction).
To qualify for a loan, you must meet the necessary criteria for a hardship loan and confirm an immediate and heavy financial need.
For general information about the loan program, please contact Jerome Brancato, Fund Director, at 201-842-0202, ext. 111.
For loan applications, please contact Marisol DeJesus, Benefits Coordinator, at 201-842-0202, ext. 120.