S.U.B. FUND IMPROVEMENTS
Effective March 1, 2020, the following improvements have been made to the S.U.B. Fund.
- Participants seeking S.U.B. Fund benefits will now be able to elect either a $150 a week S.U.B. Fund benefit or a $300 a week S.U.B. Fund benefit. However, whichever amount the participant elects at the beginning of their benefit period, that amount will remain the amount that the participant will receive each week until such time as one of the following occurs:
Participants that enter the military for a brief, non-recurrent period and have no expectation of significant continuing military service, and who have met the eligibility requirements of the Plan, may now elect to draw a weekly S.U.B. Fund benefit. Proof of military time (i.e. military pay stubs) and a properly completed S.U.B. Fund application form must be received by the Plan within thirty days of either entering service or the participant leaving service.
The listed beneficiaries of a deceased S.U.B. Fund participant may elect to receive the balance of the deceased S.U.B. Fund account as a death benefit or, if they are a covered participant under the Lake County Indiana NECA – I.B.E.W. Health and Benefit Plan, may elect to have the deceased’s S.U.B. Fund balance rolled over into a Health and Benefit Plan HRA account in their name.
- Their eligibility for state unemployment benefits cease;
- They fail to submit supporting documentation timely;
- Their S.U.B. Fund balance is depleted.
- Their balance falls below the participants designated weekly amount, in which they will only receive the remaining amount during that given week.