Newsletter
RETIREMENT FUND EXCESS CAN BE USED FOR SEVER-ANCE PAY
The CLA has agreed to allow excess funds de-posited in worker retirement fund accounts to be used for severance payments. If an employer presents an actuarial report confirming that the monies in its retirement fund account are suffi-cient to cover retirement payments for all its ex-isting employees, and also provides an affidavit, on receiving approval from the local authority it may withdraw the excess amount to fund worker severance payments.