Vancouver Employee Savings Plan (VESP)

Re: Special Withdrawals – Vancouver Employees’ Savings Plan

Please be advised that the Nominees of the Vancouver Employees’ Savings Plan (VESP) have agreed to the following temporary changes to the VESP regarding special withdrawals for the duration of the current labour dispute between the Unions (CUPE15 and CUPE 391) and the Employers (City of Vancouver and Vancouver Public Library).

  • Allow for a second withdrawal per calendar year
  • Decrease the minimum account balance to from $500 to $100

As a result of these temporary changes VESP participants are able to make a second withdrawal from his or her account if he or she has already made one withdrawal in the same calendar year.

The second bullet “Decrease the minimum…” means if you have already had two withdrawals and/or still have $500 left in your VESP account your may make a third withdrawal, as long as $100 is left in your account. The service fee for a second withdrawal (within this calendar year) or drawing down your account to $100 will be $10 (plus GST).  So, if you had $500 left in your account and you asked to withdraw all available funds, you would get a cheque for less the $100 that has to remain in your account and the GST.  Normally the VESP stipulates a minimum account balance of $500.

Please note: Special forms must be used for these withdrawals.  Forms will be made available at the CUPE Local 15 and 391 offices, as well as, strike headquarters.Completed forms must be returned to the CUPE Local 15 and 391 offices in order to make a special withdrawal. We can also deliver these forms to the picket lines and have them delivered to the CUPE 391 office and strike headquarters.

The next VESP cutoff date for processing withdrawals is August 31st, 2007.  In order to ensure your form is submitted for processing by this date, it must be returned by August 30th, 2007 at 10:00a.m.  The following cutoff date for processing is September 15th, 2007.

Please let the Hardship Committee members know if you have any other concerns.

I wish I was with you on the picket lines today.  I have been engaged in other union business which needs my attention.  Britannia and Central picketers have kept me apprised of your activities.  Believe me, it is difficult to keep my mind focused on the written end of union business when my heart is there with you in our day-to-day struggle on the picket lines to get respect for equal work.