Potential Changes to NYCDCC Annuity Fund Rules to Help Participants During Coronavirus (COVID-19) Outbreak

March 18, 2020

Many of the rules that govern the NYCDCC Annuity Fund through Prudential come from the Internal Revenue Code (IRC), which is regulated by the United States Federal Government. The Federal Government is reported to be considering making temporary modifications to the IRC in order to provide some relief to participants of funds like ours to cope with financial hardships that may arise from the fallout associated with the Coronavirus (COVID-19). The NYCDCC Board of Trustees and Fund Counsel have been monitoring these efforts and will continue to do so.

At the same time, and to the extent allowable under the IRC, the Trustees of the NYCDCC Annuity Fund are looking for ways to give participants more access to their account balances in order to help you with the financial hardships caused by work outages resulting from this pandemic. We are working hard to get you the much-needed relief you need.

As we have updates on any potential changes, we will be adding them to this article. Please be sure to check our website often at www.nyccbf.org for breaking news and information.