| Topic: | Member Contributions |
| Subtopic: | Inactive Employee Accounts - Small Balances |
| Date: | 5/28/2021 |
| Status: | Active |
WHEREAS, there are employee accounts of former participating employees which have balances of $100.00 or less; and
WHEREAS, the cost of refunding this amount in these accounts would be more than the amount thereof and the employees have not requested refunds of their contributions.
THEREFORE BE IT RESOLVED that the monies in inactive employee accounts, which have opening contribution balances of $100.00 or less and to which no contributions are credited during the preceding three years (with the exception of the annual granting of interest), shall be transferred to undistributed income as of the end of the year.
BE IT FURTHER RESOLVED that upon the request of any person entitled to this transferred amount, monies shall be transferred back into the member account and it shall be paid to him/her.