The refund or “retirement” of capital credits is not automatic. The GVEA Board of Directors must specifically authorize the retirement of capital credits after considering the financial impact on the co-op. Capital credits earned through 1992, plus 25% of 2016, are among the latest capital credits retired in December 2017. Active members whose refunds were $100 or less received a credit on their bill. Checks were mailed to active and non-active members who had refunds greater than $100. For non-active members, however, checks are not issued for less than $25, or for five years, whichever occurs first. It’s strongly recommended that non-active members keep a current mailing address on file with GVEA.