You can typically expect to receive your first refund check about 12 months after the completion of your first plan year in GRIP.
Claims impact Retro performance for a period of three years. Accordingly, the GRIP program pays refunds for each plan year in three annual installments (“adjustments”).
For example, participants in the 2022-23 plan year are eligible to receive refund adjustments in 2024 (20%), 2025 (30%), and 2026 (balance). After three years of participation, GRIP companies begin eligibility to receive partial refunds for three plan years each summer. This continues each June/July thereafter as long as the company remains an active participant of GRIP.