If you work for an employer who, as a result of the collective bargaining agreement, has an obligation to make contributions on your behalf to the Cement Masons’ Local 780 Vacation Fund or you are a salaried union official for whom contributions are made by the Union, you can become a participant in this Plan.
Annually or at lesser periods, each participant who has worked during the period involved shall be provided with a payment history of employment for that period. The Fund shall use this record for the period stated as the participant’s conclusive Local 780 ERISA Fund employment record within the jurisdiction of Local 780 for participants entitlement to Fund benefits. A participant has three (3) months from the mailing of the employment record, to protest to the Fund Administrator the correctness of this record as mailed. After this period of three (3) months, if the participant does not protest, this record shall be the participant’s final permanent record.
Your participation in the Plan begins on the first day that contributions are made on your behalf.
You remain a participant as long as there are monies in your account.
When you become a participant in this Plan, an account is set up in your name. Contribution made on your behalf by a contributing employer are from after-tax dollars and are credited to your account. The amount of contribution is collectively bargained and may change from time to time. Contributions accumulated under this Plan are automatically distributed twice each year. You do not have to take a vacation in order to receive payment. Each year after 1981, benefits will be distributed in May and November. The February distribution will reflect contributions received between July 1 and December 31 of the preceding year. The August distribution will reflect the contribution received during the preceding January 1 through June 30.
Note: Outstanding dues owed to Cement Masons’ Local 780 will automatically be deducted upon written authorization from the participant’s Vacation Fund account.
Contributions received under this Plan are invested in accordance with the investment policies of the Board of Trustees. Investment earnings and interest accumulations are used to cover the administrative costs of the Plan. If the earnings on the contributions are greater than the administrative costs, the excess earnings will be distribution among the participants’ accounts as a dividend.
Because the contributions made to this Plan are from “after tax” dollars, you do not pay any further taxes on the distribution you receive. However, if you receive any dividends from the Plan, the amount must be reported as income when figuring your tax returns.
An account is considered unclaimed after every reasonable effort has been made to find and distribute the money to the participant. Accounts that remain unclaimed for a period of more than two (2) years will be allocated to a general account. This general account will be used to defray administrative expenses. The participants shall have the responsibility to contact the Fund Office to claim any contributions made in the participant’s behalf which have not been distributed for a period of 2 years from the distribution date immediately subsequent to the contribution. If the participant does not contact the Fund Office and claim such contributions, the participant’s claim to the money will be lost.
If you should die while you are a participant in this Plan, any remaining distribution will be made to your designated beneficiary on the next distribution date. If no beneficiary has been designated, payment will be made to your estate. The beneficiary of your Vacation Fund benefits is the same as your beneficiary for Welfare Fund benefits.
No, everyone has to wait until the initial payout.
No, they will not be available at the fund office.
Yes, with verification of your identity. For your protection, we cannot accept address changes from other individuals, including spouses and children.
No, the member must call the Fund Office
Late contributions will be included in the next distribution.
Make sure the fund office or the Local 780 union office has your current mailing address.
Contact the fund office.