SMMIP/SLTIP Fund Deposit - Withdrawal
To deposit funds into your section's SMMIP (Section Money Market Investment Pool) or SLTIP (Section Long Term Investment Pool) account, the section should forward a check to the attention of Doris Novak, Financial Services Division, SAE, 400 Commonwealth Drive, Warrendale, PA 15096-001. Deposits to a SMMIP account must be made in increments of $100 and deposits to a SLTIP account must be made in increments of $1,000. Sections depositing for the first time must submit $250 as a minimum operating balance for a SMMIP or $3,000 for a SLTIP.
To withdraw funds from your section's SMMIP or SLTIP account, an officer must write a brief letter requesting the withdrawal. The letter should include the amount of funds the section wishes to remove. The section is to withdraw in increments of $100 from the SMMIP accounts and increments of $1,000 from the SLTIP accounts unless the account is being closed. The letter of request must be signed by two section officers and mailed to the attention of Doris Novak, Financial Services Division, SAE, 400 Commonwealth Drive, Warrendale, PA 15096-0001.
An SAE check is cut and mailed to the section treasurer upon receipt of a withdrawal request. However, this process may take up to two weeks so the section should plan accordingly when a withdrawal is needed to supplement section operational funds. Withdrawals from a SLTIP account could result in a penalty.
For more information on the SMMIP and SLTIP accounts see the Operations Manual.
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