Q. How is the amount of the annual benefit from the Vacation and Holiday Trust Fund determined?
A. The benefit is based upon the contributions which have been paid into the Fund on a Participant’s behalf for the preceding Benefit Year. Vacation benefits are paid in an amount equal to the contributions that are credited to the Participant within each Benefit Year, less administrative expenses and any taxes and deductions required by law. The amount of contributions on behalf of a Participant is based on the hours worked and the rate set forth in the applicable collective bargaining agreement.
Q. What is a “Benefit Year”?
A. The Benefit Year is the period that begins on the day after the last Friday in September and continues through the last Friday in September of the next year. For those Participants who do not have pay periods each Friday, all pay periods ending in the calendar month within the Benefit Year will be included in the calculation.
Q. When are benefit payments made by the Fund?
A. Benefit payments are available as of December 1st of each year.
Q. Is there a minimum work requirement to receive an annual benefit?
A. Yes. A Participant is required to work at least 40 hours during the calendar year to receive a benefit from the Fund.