What if I Leave the Industry?
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.
A severance benefit may be paid to your designated beneficiary in the event of your death. If you have not designated a beneficiary, payment will be made to your surviving family members in the following order: spouse, children, parents, siblings.
In order 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; and
- Been permanently separated from the sheet metal trade for at least 12 consecutive months before the benefit is paid.
- 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.
- You must apply for this benefit within 23 months of leaving employment in the sheet metal trades.
- Complete the application form on the member portal and submit it to the SASMI Trust Fund.
- If your beneficiary is applying for a benefit upon your death, he or she should call the SASMI Trust Fund.