Summary Plan Description
- How do I request a distribution from my Vacation/PTO account?
You need to complete a Vacation/PTO Request form. These can be obtained by either downloading from the FORMS section or by contacting the ECI Plan office.
Please be advised that Vacation/PTO forms will be returned if information and/or signatures are missing, i.e. hours, wage, Employer information and signatures.
- How often can I take a distribution on my Vacation/PTO account?
There is no limit on the frequency in which you may request a distribution from your Vacation/PTO account.
- When and how frequently are Vacation/PTO checks/payments issued?
Vacation/PTO payments are issued on Wednesdays. The Vacation/PTO Request form and W4 must be received in the ECI Plan office by noon on Tuesday.
- How often am I required to take a distribution on my Vacation/PTO account?
You are not required to take a distribution on your Vacation/PTO account, however if your Vacation/PTO account balance exceeds $10,000 at the end of the Plan year (May 31) the balance shall be paid to you in December without application.
- Do I have to take all the money in my Vacation/PTO account or can I take a partial payment?
Vacation/PTO benefits must be requested in 1-hour increments unless no contributions have been made to the ECI Plan on your behalf for 6 months.
If your Vacation/PTO account balance exceeds $10,000 at the end of the Plan year (May 31), the balance (less an amount equal to 72 hours times your straight-time hourly wage rate, which shall be retained in your account to pay you future Vacation/PTO benefits) shall be paid to you in December without application. Your July statement will notify you that if you fail to apply to receive such Vacation/PTO benefits prior to December, the Plan will distribute the balance in December.
- How are Vacation/PTO benefits determined?
Depending on the Agreement you are working under, Vacation/PTO benefits are generally based on a percentage of gross earnings for which contributions are received. The percentage of the majority of the agreements are 6.15%, however you may contact the Plan office or Union to verify the percentage that applies to the agreement you are working under.
- What is the payment that is issued in the beginning of November? How is the amount calculated?
If approved by the Board of Trustees, an Additional Distribution Vacation payment will be distributed from the earnings and forfeitures.
- How many allowances can I claim on my W4? What is the limit before it gets reported to the IRS?
You can claim allowances from 0 to 17. The number of allowances is no longer reported to the IRS.
- If I don’t return a W4 tax form with my request, how many exceptions are taken out?
If a W4 tax form is not returned with your Vacation/PTO request, zero exceptions will be taken out.
- How are Holiday benefits determined?
Holiday benefits are based on 2.825% of gross earnings and hours for which contributions are received for the previous plan year (June – May).
- When are Holiday payments issued?
Holiday payments are issued the Monday following the holiday.
- Can I get my Holiday benefits in a lump sum?
- What happens to the remaining portion of the Vacation-Holiday contribution?
The remaining 1.025% is used for Jury Duty benefits and the FICA tax (7.65%) which matches the employee’s portion of the Vacation/PTO-Holiday benefits.
- How do I apply for Jury Duty benefits?
Contact the ECI Plan office for the appropriate forms.