Summary of Benefits

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  • SUMMARY OF VACATION HOLIDAY PLAN PROVISIONS

     

    Contributions

    All contributions to the Vacation Plan are made in accordance with collective bargaining agreements between the Union and participating employers.  These agreements require employers to pay into the Vacation Plan at a fixed rate for each hour a Participant works or is paid.

     

    Annual Statement

    Each year in September a preliminary Vacation-Holiday statement is sent to all Participants for whom contributions have been received over the past year.  The statement indicates each employer for whom the Participant worked, the number of hours worked for each employer, the contributions received for that work, and the approximate amount the Participant may expect to receive in the next annual distribution of benefits.  The exact amount of the distribution is determined by the amount of contributions received less any withdrawals made during the year.

     

    Each Participant should carefully check his records against the preliminary statement to make sure that hours have been properly reported.  Incorrect or missing information should be reported to the Fund Office immediately.

     

    Payment of Vacation-Holiday Savings Benefits

     

    Annual Distribution

    All contributions received by the Fund Office on a Participant’s behalf from July 1, of one year through June 30 of the following year will be paid to the Participant on December 1, less any distributions made during the year.  Benefits shall not, however, include any contributions received by the Plan later than November 1, of the year in which the benefit is paid.

     

    No Participant is entitled to be paid interest on money held by the Plan for the Participant’s account.  Also, the Trustees may reduce the amounts credited to a Participant’s account to pay reasonable expenses of administering the Plan.

     

    Distribution Upon Retirement

    A Participant who retires on a pension from the Operating Engineers Pension Trust is entitled to a distribution from the Vacation Plan at the time of retirement if he has vacation funds available in his Plan account.  He does not have to wait for the annual distribution on December 1.

     

    Withdrawals

    Each Participant who has funds available in his Vacation Plan account is eligible to make withdrawals upon demand prior to the annual distribution date.  However, in order to allow administrative processing time for the annual distribution on December of each year, no withdrawals can be made after November 1 for work periods prior to the immediately preceding July 1.

     

    Participants must complete a withdrawal application form which may be obtained at the Fund Office, any Union District Office, through the mail or by printing the document below.

    Application for Withdrawal of Benefits

    For the convenience of our participants residing in Southern Nevada, Vacation Holiday checks can be picked up at the Las Vegas Fund Office.

     

    Participants may receive their check from the Fund Office by mail or in person with valid identification.  A Participant’s spouse may also pick up the Participant’s check in person at the Fund Office provided the spouse has the Participant’s written consent, the Participant’s signed application and proof of the spouse’s identity.

     

    Payments Upon a Participant’s Death

    If a Participant dies with money remaining in his account, the money will be paid to the beneficiary designated by the Participant on the Designation of Beneficiary form approved by the Trustees.  The approved Designation of Beneficiary form is available from the Fund Office, any Union District Office, through the mail or by printing the document below.

    Designation of Beneficiary Form

    If no beneficiary is named or if the beneficiary is deceased or cannot be located within two years after the Participant’s death, the money will be paid to the Participant’s surviving spouse.  If there is no spouse, the money will be paid to the Participant’s estate if heirs to the estate are identified.  In cases where there is no beneficiary, spouse or estate with heirs, the money will be retained by the Plan.

     

    Payments on Behalf of an Incapacitated Participant

    If a Participant is unable to handle his own affairs because or mental or physical incapacity, the Trustees will make payment of the money in the Participant’s account to such person or in such manner as the Trustees decide will be best for the Participant.

     

    A Participant is also entitled to make a withdrawal based on evidence satisfactory to the Trustees that he has a terminal illness.