Vacation, Holiday and Sick Leave benefits are payable annually, however there are additional payout options.
Vacation, Holiday and Sick Leave benefits are paid electronically on or about January 31st of each year. For Participants requesting a paper check, the check is printed and delivered to the mail house on or about January 31st. Paper checks are typically received within 10 business days of issue, in early February. All contributions received by the Trust Fund before August 31st following the end of the Benefit Work Year will be paid to participants on or about the following January 31st, less any necessary deductions.
Even though the Vacation, Holiday and Sick Leave Trust Fund is designed for an annual January 31st payout, Participants may elect an alternate payment date. Upon receipt by the Fund Office of an authorized application for an Early or Sick Leave Withdrawal, individual requests for an early payment may be considered.
Effective July 1, 2019:
- When applying for an "Early or Sick Leave Withdrawal", you may request either
A. A portion of the money or all the money in your account from the current Benefit Work Year, or
B. All the money in your account from the current Benefit Work Year plus a portion of the money, or all the money, in your account from the following Benefit Work Year.
- The first two “Early or Sick Leave Withdrawals” will not be subject to a fee for that portion of your account that was scheduled to be paid out on the next January 31st, which is the “current Benefit Work Year”.
- A “third” request or more for an “Early or Sick Leave Withdrawal” from the “current Benefit Work Year” will be subject to a $150 fee per request.
- All requests for an “Early or Sick Leave Withdrawal” for money in the “following Benefit Work Year” scheduled to be paid out the January 31st after the current Benefit Work Year is paid, will be subject to a $150 fee.
- At the requesting Participant’s election, the amount of any early payout will consist of either:
A. The portion of the Account balance as of the last day of the month immediately prior to the actual disbursement of funds which is scheduled to be included in the next January 31st regularly scheduled vacation payout, or
B. The balance in the requesting participant’s account as of the last day of the month immediately prior to the actual disbursement of funds. If the Participant does not elect either option A or B, option A will be the default option.