The Normal Benefit is the default payment option. You are automatically enrolled to receive this benefit by check in December and April each year. All benefits will be paid by check unless the appropriate direct deposit form is accurately and timely filed.
December (Holiday) Payment - This payment is equal to 30% of your individual account balance as of November 30th (based on hours reported through the work month of October). It also includes 30% of any surplus income posted to your account minus any individual fees or amounts paid as a monthly benefit or interim withdrawal option (explained below).
April (Vacation) Payment - This payment is your remaining individual account balance as of November 30th of the prior year. It also includes any remaining surplus income posted to your account minus any individual fees or amounts paid as a monthly benefit or interim withdrawal option (explained below).
Interim Withdrawal (Optional) - You may receive 100% of the available balance in your individual account by requesting an interim withdrawal. To request this option, you must submit an Interim Withdrawal Form to the Fund Office. Only one interim withdrawal is permitted per calendar year. Please review the deadlines and requirements detailed on the form.
If you want to receive your December, April and interim withdrawal payments by direct deposit, you must submit the Normal Benefit Election Form Authorizing Agreement for Direct Deposit to the Fund Office. Please review the deadlines and requirements explained on the form.
REMINDER: During busy periods (from November 20 through December 10 and from March 20 through April 10), Interim Withdrawals may be unavailable. This is because staff time is needed to process Normal Benefit payments at those times.
