All members of Local 528 have an hourly "Vacation Fund" deduction from their net pay.  This is a mandatory deduction, approved by the membership.  Your employer sends the Vacation deduction, along with your other benefits contributions, to Welfare and Pension Administration Service (WPAS) each month.  WPAS, in turn, forwards the these funds for deposit into each member's individual account at the custodial bank. 

Local 528 has selected Watermark Credit Union as the custodial bank for your Vacation funds.  To establish an account,  a valid photo i.d. and a valid Social Security number are required.  Photocopies of your i.d. and Social Security card are sent to Watermark, along with the necessary application form.  Watermark Credit Union must verify the identification provided.  If the identification cannot be verified, an account cannot be opened.  Watermark will attempt to contact anyone who has provided unverifiable identification.   Any funds received which cannot be deposited into a members account will be returned to Welfare and Pension Administration Service. 

Once your account is opened, the Credit Union will notify you of your account information.  For your convenience, Watermark is a member of shared branching.  If you travel out of Western Washington, you can access your account at a variety of credit unions across the country.

An example of the reporting process is as follows:

Hours worked in January are due to WPAS by mid-February.  WPAS must deposit your vacation funds into your vacation fund bank account by the first business day of March.  If a contractor misses the deadline set by WPAS, however, your vacation funds will not be deposited until the next scheduled transfer, which adds one more month to the above timeline.  Vacation Funds deducted from your paycheck cannot be accessed until they are deposited into your Watermark account.

You can contact Watermark Credit Union at (206)382-7000, (800)732-9300 or watermarkcu.org.