Members can request a refund from the Benefit Plan when a Member account has accumulated to an amount greater than nine months of coverage. There are several good reasons to leave your accumulated funds in your Health & Welfare account, rather than withdrawing your funds–it’s beneficial to you and the Membership as a whole.
Building a benefits cushion helps you in the event you become unemployed for reasons such as lay-offs, disability or illness, and retirement. Excess funds pay for your future benefit coverage, so you don’t lose sleep at night. And remember, these contributions were made with pre-tax dollars—if you withdraw them, then you will need to pay the personal taxes on them at your current taxation rate! The interest accumulated on the Member balances contributes to the administrative and operating expenses of the Plan. Because of this, the Trustees can keep operating costs of the Plan lower for all Members. And finally—the excess accumulated funds are held in trust for you. If you die, your family can access your account and either withdraw the funds or continue to use them to purchase benefits.
