Southwest Service Administrators, Inc.
San Antonio Electrical Vacation Fund
The Vacation Fund shall permit the employee an option of maintaining an account balance within this Trust, which shall be administered by the Board of Trustees and carry a monthly administrative fee in an amount set forth by the Board of Trustees, as from time to time established and assessed against each account; or, under the procedures for withdrawal as set forth here, direct a withdrawal and distribution of his or her account balance directly to the "Generations Federal Credit Union," which shall not impose any administration fees, but such distribution shall be considered a distribution for all purposes, including Federal, State and Local taxation, if any, and will relieve this Trust from all liability of administration thereafter.
The following procedure shall be followed in the withdrawal of vacation allowance from the Fund
- At least fifteen (15) days in advance of the date on which it is desired for the vacation to begin, an Application Form shall be completed, setting forth the vacation period as agreed upon in accordance with the rules set forth above. This Form shall be signed by the applicant and include a beneficiary. Members of Local Union No. 60 may submit the application electronically via Local Union No. 60's website or submit to the Administrative Office by fax or electronic submission by registering and login at www.ssatpa.com.
- The Employee may either mail, fax, electronically submit or deliver the Application Form to the IBEW Local Union No. 60 office or Administrative Office.
- Upon completion of the Application Form, the Administrative Office will process the application, which will allow the Employee to withdraw all funds on deposit in his/her vacation account. There shall be no more than two (2) withdrawals within each Plan year. The withdrawals shall coincide with vacation time taken off each year.
- Vacation checks are prepared twice monthly. If an Employee desires another person to pick-up his/her vacation check at IBEW Local Union No. 60's office, that person must be named on the space provided on the Application Form. Proof of identification shall be provided to the Local Union for persons picking up vacation checks, as a security measure for both the individual and the Local Union. Direct distributions to Generations Federal Credit Union shall be made by electronic transfer on a monthly basis if the Employee has already established an account.
- Any Employee whose permanent home address is outside the jurisdiction of Local Union 60, upon leaving the jurisdiction of this Local Union and had earned a vacation allowance, may collect same upon receipt of a completed Application to close the account submitted to the Administrative Office. The Administrative Office shall process the request and forward the Employee's check to the address provided on the request.
- In the event of death of the Employee, the balance on deposit shall be paid to such person(s) entitled thereto indicated as being the designated beneficiary or beneficiaries on the records maintained by Local Union 60. If no beneficiary designation is made, then the person(s) entitled under the intestacy laws of the State of Texas shall prevail. In the event of death of a traveling member, the balance on deposit shall be paid to such person(s) entitled thereto indicated as being the beneficiary or beneficiaries on the records maintained by his/her home Local Union. If no beneficiary designation, then the person(s) entitled under the intestacy laws of the State of the traveling member's domicile shall prevail.
- All account balances that are transferred from the Trust to the Generations Federal Credit Union in a separate account shall be considered a distribution to that Employee for all purposes, including federal, state and local taxation, if any. As usual, Employees should consult their professional tax professional before making any decisions that may affect his or her taxation of employee benefits.
Generations Federal Credit Union:
PO Box 791870
San Antonio, TX 78279-1870
Accounts & Funds Access: Members must have their Vacation (S1) savings account established to allow their monthly deposits to fund properly.
Those individuals WITH accounts will have access to their Vacation funds once deposited.
Those individuals WITHOUT accounts will be subject to a $5 per account, per month administration fee and are limited to 2 Vacation withdrawals annually.