Rules and Regulations:
Each member of the International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers who has contributed into the Iron Workers Local No. 92 Target Fund will have those funds moved into the Iron Workers Local No. 92 Vacation Fund as their Beginning Balance.
As a participant in the Iron Workers Local No. 92 Vacation Fund each participant has the right to withdraw funds from their account twice (2) annually on June 1, of a calendar year and/or December 1, of a calendar year. The date you choose to withdraw funds will be indicated on an Enrollment Form which must be completed and signed by each participant. An Enrollment Form will be provided to each participant at the beginning of the Fund or upon Initiation or Reinstatement into Iron Workers Local No. 92. A participant’s Date of Withdrawal may be changed by completing a new Enrollment Form six months prior to the Withdrawal Date but still allowing for only one (1) withdrawal per year. The first allowable withdrawal date from the Vacation Fund will be December 1, 2013, after which withdrawals will be allowed each June 1, and December 1, of the following calendar years.
The Iron Workers Local No. 92 Vacation Fund will also include the participant’s address, phone number, social security number and a beneficiary. It will be the participant’s responsibility to maintain a correct mailing address and contact information with the Vacation Fund to insure their Funds can be disbursed in a timely manner. If a stop payment must be issued for a check mailed to an incorrect address as a result of a participant’s correct address not on file, all applicable stop payment charges incurred on behalf of the Fund will be deducted from the participant’s balance in the Vacation Fund. In the event death of the enrolled participant occurs, all funds belonging to that participant will be disbursed to the beneficiary listed on the Enrollment Form.
The Vacation Fund will provide each participant with a Statement of Funds in May and November of each calendar year. The statement will consist of the beginning balance, all funds received on behalf of the participant including the contributing Contractor and an ending balance. The following statement will begin with the previous statement’s ending balance.
If a participant cannot be contacted, nor has any activity in his individual Vacation Fund account for a period of three (3) statements, his individual funds will be forfeited and become part of the Vacation Fund to be used for administrative costs. Each member will be assessed $5.00 annually for the purpose of administrative costs. Administrative costs will consist of the cost of banking, mailing statements, check printing, etc. The Vacation Fund will pay no salaries or benefits and will be administrated by the Union Hall as part of the duties of the Financial Secretary-Treasurer-Business Manager and Secretary.
The Vacation Fund can only be dissolved by a majority vote of the membership of Iron Workers Local No. 92. If that occurs all funds in the Vacation Fund will be disbursed to the individual participants and the holding/checking accounts closed.
Established - April 8, 2013