Due to the efforts of the MSOA Board of Directors and staff, the Pennsylvania Gaming Control Board has allowed a temporary change in the MSOA Retirement Plan. Here are the specifics:
MSOA Retirement Plan participants under 55 years of age and vested may, for 30 days, apply for up to $10,000 from their individual retirement account.
The dates of application will be from April 23 to May 23, 2020.
Unfortunately, by law these funds are taxable income and the recipient of the funds will receive a 1099 Form at the end of the year reflecting this withdrawal.
The processing of this transaction usually take about three weeks from time of application to arrival of funds.
Forms are attached. Please make sure to fill out the correct one.
Completed forms should be deposited in the mailbox outside of the MSOA office door or faxed to 724-228-5047.
The MSOA Retirement Plan for enrollees 55 and older remain the same with withdrawals limited to once per calendar year.
Hopefully, this effort by the MSOA will help alleviate some of the financial burden for our horsemen. Further plans to help MSOA members are being considered.