Some questions have arisen regarding whether taking a COVID-19-related distribution from the Annuity Fund per the special rules of the CARES Act can affect one’s ability to receive unemployment benefits. In response to this inquiry, the Fund Office has put together the following Frequently Asked Questions (“FAQs”).
Is it possible that I may be ineligible for Unemployment Insurance if I receive a Coronavirus-Related Distribution?
Yes. Because a Coronavirus-Related Distribution is considered “income,” it could affect your eligibility to receive unemployment benefits. Each state sets its own unemployment insurance benefits eligibility guidelines. You should carefully review your state’s rules and latest updates on Unemployment Insurance before you act. You may also wish to check with your tax advisor.
What information is available on the New York State website regarding retirement plan distributions and Unemployment Insurance?
Please visit New York State’s website at https://labor.ny.gov/ui/claimantinfo/dismissal-severance-pensions-faq.shtm#0 for information on pensions and unemployment.
Where can I get information on New Jersey’s rules regarding retirement plan distributions and Unemployment Insurance?
Please visit New Jersey’s website at https://myunemployment.nj.gov/help/faqs/reducebenefits.shtml for information on pensions and unemployment.
To view all FAQs concerning the special rules of the CARES Act and how they relate to the NYCDCC Annuity Fund, please click HERE.