SIU members who are enrolled in the Seafarers Money Purchase Pension Plan (SMPPP) and who have suffered losses due to Hurricanes Harvey, Irma or Maria now have the option to withdraw a portion of their account balance.
SMPPP trustees approved this option for hardship withdrawals after learning about the number of members who have suffered substantial losses. The hardship withdrawal allowance period will end at the trustees’ discretion, once the situation in the affected areas improves.
For more information, contact your port agent. Also, be sure to discuss potential tax implications (if any) with your tax preparer.