If you have any period of contributory service with the Fund you are eligible to elect a withdrawal settlement. Opting for a withdrawal statement means your benefit will be received in a one-time payment consisting of the reimbursement of your contributions plus 3.25% interest (increased by 10% for each year after your first five years with the Fund, up to a maximum of 100%). Please note that if you elect a withdrawal statement, no other benefit will be paid to you or your survivors. Should you receive a withdrawal settlement and re-join the Fund in the future you will be entitled to restore the period for which the withdrawal settlement was paid to you.
If you would like to request the roll-over of your lump sum or withdrawal settlement from the Fund to an IRA account, please note that the Fund can only remit payments to an account in the name of the participant that is capable of receiving wire transfers. If your account meets these criteria, have your bank provide you with specific instructions as to how they wish to receive payments via wire transfer bearing in mind that the funds will be remitted from JP Morgan Chase Bank in New York City.
Next, fill out the relevant Payment Instructions Form for less than 5 years of contributory service or for more than 5 years of service and, under the Lump Sum banking information box, note to refer to an annex sheet providing the necessary IRA information. Obtain this annex sheet from your financial institution, most will provide you with a form called the Fedwire Instructions Document, detailing what the Fund needs in order to correctly issue the payment. Sign and submit this document to the Fund along with your UNJSPF Payment Instructions. In case you cannot obtain a Fedwire Instructions Document, please detail the following on a blank sheet of paper:
Line 1: Bank name where financial institution has an account
Line 2: Address
Line 3: Address
Line 4: (United States of America)
Line 5: Bank identifier (SWIFT, ABA#, CHIPS UID) of Line 1 bank
Line 6: Name of financial institution
Line 7: Account number of Line 6 financial institution with Line 1 bank
Line 8: Beneficiary’s name
Line 9: (Blank)
Line 10: Account number of beneficiary with Line 6 financial institution
Note: Print your name, UID, and date on the paper and sign it with your original ink signature
(a) A withdrawal settlement shall be payable to a participant whose age on separation is less than the normal retirement age, or if the participant is the normal retirement age or more on separation but is not entitled to a retirement benefit.
(b) The settlement shall consist of:
(i) The participant’s own contributions, if the contributory service of the participant was less than five years; or
(ii) The participant’s own contributions increased by 10 per cent for each year in excess of five up to a maximum of 100 per cent, if the contributory service of the participant was more than five years.