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VERIP
The VERIP provides you with a lump sum contribution of up to $20,000 to your 401(k) in exchange for you terminating your employment between July 15, 2020 and September 30, 2020. This program is voluntary and participation is completely up to you. You can indicate your non-binding interest in the VERIP and provide a recent paystub so that the Fund Office can assist you in determining the amount of your lump sum 401(k) contribution by clicking the Get Started button. However, to formally elect to participate in the VERIP you will need to complete the Voluntary Retirement Election Form and Release which is part of the Legal Packet you will receive in the mail.
Pension
If you were not receiving a pension at the time the VERIP brochure was sent, you should also have received a pension application. You are not required to begin your pension to participate in the VERIP. However, if you would like to apply for your pension, you can start the process by clicking the Get Started button.
HEALTH
If you are under age 65, you are not eligible for Medicare, you choose to participate in the Voluntary Early Retirement Incentive Program and you decide to commence your pension, you and your eligible dependents will continue to receive hospital, medical, behavioral health and substance abuse, prescription drug and vision benefits. The 32BJ Health Fund will pay for these benefits until you become eligible for Medicare, you reach age 65 or your pension is suspended, whichever occurs first. This coverage does not include dental, long-term disability, life insurance or AD&D benefits. If you would like dental coverage, you will have the option of paying for it.
TERMINATION PAY
Termination Pay, to the extent provided for in your Collective Bargaining Agreement, in an amount up to a maximum of ten (10) weeks’ pay (your amount will be calculated by your Employer), payment of 2020 vacation pay, less any amounts for 2020 vacation pay that were previously paid to you and/or wage advances that you and your Employer agreed to, if any. Please call 212-388-3800 about termination pay or unused vacation.
Contact Us
If you have not received a call or information package and Legal Packet from the Fund Office by August 1, 2020, and you feel you are eligible to participate in the VERIP, please contact Member Services for assistance at 1-800-551-3225.
