Severance Benefit

If you leave the sheet metal industry, you may be eligible to receive a Severance Benefit from SASMI.

Severance Benefit

The Severance Benefit “accrual” ceased effective December 31, 2009. However, members who had a Severance Benefit before December 31, 2009 may still be entitled to a benefit when they leave the sheet metal industry. In the event of your death, your beneficiary may be eligible to receive this benefit.

Eligibility

To qualify for a SASMI Severance Benefit, you must have:

• Been an active SASMI participant on or after July 1, 1992 (the date the Severance Benefit was implemented);
• Accrued at least two years of future service credit;
• Been permanently separated from the sheet metal trade for at least 12 consecutive months before the benefit is paid; and
• Applied within 23 months of your permanent separation.

Amount of Benefit

The amount of the SASMI Severance Benefit is a percentage of all contributions made on your behalf, minus the total of all benefit payments you have received from SASMI through your career.

The SASMI Severance Benefit is based on years of future service credit and past service credit. For details on how this benefit is calculated, refer to the Summary Plan Description.

Applying for the Severance Benefit

To apply for the Severance Benefit, visit the member portal and complete the Separation Application form within 23 months of leaving employment in the sheet metal trades. Once completed, print it, sign it in pen, and submit it to your local.

If your beneficiary is applying for a benefit upon your death, he or she should call the SASMI Fund Office.

You will receive an email confirming the application submission. Benefits can take up to 14 -21 days to be processed.