Thursday, May 28, 2020

Frequently Asked Vacation Questions


Q. When I Eligible to Participate in the Plan?
A. You are eligible to participate if you are working for a Contributing Employer who is required to make contributions to the Plan on your behalf pursuant to a collective bargaining agreement or a participation agreement between the Union and such Employer.
You become a participant in the Plan on the date a contribution is first made on your behalf to the Plan by a Contributing Employer.
Q. When May I Elect My Vacation Benefits?
A. You may claim vacation benefits for one scheduled vacation at any time throughout the year, except during the month of November, when calculations for the annual distribution are made. You may also claim vacation benefits from your account to be paid during all months other than November and December (the month of the annual distribution). After the first five (5) payments of vacation benefits within the Plan Year, you may request additional payments of vacation benefits for a reasonable administrative fee per payment, to be set from time to time by the Trustees.
In lieu of direct payments, you may authorize transfers of contributions to the Plan made on your behalf to your account in the United Workers Federal Credit Union. Forms authorizing such transfers are available at the Plan Administrative Office. Transfers of vacation benefits to your Credit Union account are not subject to administrative fees.
Q. Is there a limit to the number of withdrawals that I can make during the year?
A. Yes. The first 5 withdrawal requests are free. Starting with the 6th request, there is a $5.00 fee which will be charged per request. No withdrawals are allowed during the months of November and December. All funds left in the member's account at November Month End will be distributed during the December Annual Pay Out.
Q. I understand my vacation money can be transferred into a Credit Union account, what is the Credit Union’s address, telephone number and Website address?
A. OE Federal Credit Union
250 North Canyons Parkway Livermore, CA 94551
Phone: 925.454.4000
Toll-Free Number: 800.877.4444
www.oefcu.org
Q. How do I open an account with the Credit Union to receive my vacation pay?
A. The member needs to contact the Credit Union at (925) 454-4000 or (800) 877-4444 in order to set up their account.
Q. When will my vacation money be transferred to my Credit Union account if that's the option I choose?
A. By the last day of the month after contributions are received in the Trust Fund Office. For example, Hours worked in June must be reported and paid to the Trust Fund Office by July 20th, the vacation funds will be transferred to your account by July 31st. Funds will be available to the participant on the first day of the month.
Q. If I choose to have my funds held in the Trust Fund Office, can I withdraw funds prior to the Annual pay out?
A. Yes, you can withdraw funds during the year (except for the months of November and December). Distribution checks are issued weekly. Requests for distribution must be made on the "Vacation Withdrawal Request Form". Forms received by noon on Thursday will be issued Friday morning.
Q. Could my vacation money be deposited into my own personal financial institution?
A. No.
If you have any questions, please Contact the Trust Fund Office at (925) 208-9996 or (888) 512-5863.