OCT. 14, 2009 - To keep the Annuity Plan's tax exempt status as a qualified plan, the Annuity Loan Program may be reduced or eliminated if it continues to experience high rates of default in making timely loan payments.

Losing the Plan's tax exempt status means employers can't deduct contributions as a business expense and participants can't defer income tax on the contributions.  Rather than lose our tax exempt status, the Trustees may be forced to reduce or even eliminate the loan program.

The Annuity Loan Program is offered to individuals who have been participants in the Plan for at least five years.  Qualified participants are allowed to borrow money against their individual annuity accounts.  Participants can help by making all loan payments on time.

Read more about the Annuity Loan Program.