We are retiring over $290,000 to members from 2025.

It will be applied directly to active accounts starting Oct. 1, and inactive members will receive a check in mid-October. 

Allocation vs. retirement

An allocation is made annually for each member based upon Steuben County REMC’s margins for the year and the amount of electricity the member purchased from the cooperative. This amount is set aside to be used as operating capital for maintenance, repairs, and improvements on the co-op’s electrical distribution system. 

A retirement is a portion of a member’s capital credits balance that is being refunded. The amount retired is decided annually by the board of directors based on the financial health of the cooperative. Similar to the dividends paid to stockholders of investor-owned utilities, retirements are paid to the members a co-op serves. Retirements are refunded to current members as a credit on their electric bill. Former members receive a check, mailed to the address the cooperative has on file, so it’s very important that former members provide Steuben County REMC with their updated address. When a member passes away, the representative of the estate should contact our office for assistance.

Unclaimed capital credits

Visit our unclaimed capital credit list on our website at remcsteuben.com/unclaimed-capital-credits.

We issued checks in the fall of 2023 for members with capital credits from 2010. The deadline to complete and submit all necessary paperwork to the REMC office is Dec. 1.