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Receiving Withdrawals from Your Account while in Covered Employment

Generally, the money that accumulates in your account should be used to help you throughout your retirement years. However, there may be times when you need to access your account balance before then. You will have to pay taxes and penalties for early withdrawal.

The following types of withdrawals are permitted by the plan while you are under covered employment:

  • In service withdrawal- You may withdraw a portion of your account for any reason at any age
  • Age 59 ½ withdrawal- You may withdraw all or a portion of your account for any reason any time after you reach age 59 ½
  • Hardship withdrawal- You may withdraw all or a portion of your account to buy your Primary Home (once every 5 years)  

How Much You May Withdrawal

You must withdraw a minimum of $500. The maximum amount you may withdraw depends on the type of withdrawal you are making.

Withdrawal Fee

A $25 administrative fee will be deducted from your withdrawal amount for each withdrawal you make.

If You Seperate From Covered Employment

If you separate from covered employment and take your account balance in a lump sum, then later return to covered employment, your return date will be used to calculate your allowable withdrawal.

In-service Withdrawal

You may withdraw the following contributions and amounts as an in-service withdrawal at any time for any reason. You may make up to 2 in-service withdrawals per year, with the total maximum sum being 50% of your January 1st Account Balance.

Your spouse must sign your request for withdrawal in the presence of a notary, attesting to the fact that the withdrawal may reduce or entirely eliminate the amount available for retirement.  The form must include the notary’s seal and signature.


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  • The Welfare Fund is pleased to announce that CDL Physicals will be covered starting in 2018.  Click here for the requirements for reimbursement.
  • Motor Vehicle Accidents are Not covered by the Welfare Fund.  (Please talk to your insurance agent about increasing your medical coverage.)
  • Dependent Maternity is not covered.
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  • When retired, our Health & Welfare plan (if eligible) requires you and/or your spouse to have Medicare A & B when eligible.