Vacation benefits may be paid during the course of the Plan Year upon death of the Employee, upon disability of the Employee, upon retirement or upon hardship. Upon application and no sooner than June 1st of the Plan Year, the Trustees may grant early payouts without interest allocation. Only employees who are retired or retiring and apply for their vacation after June 1st will receive interest on an early payout of vacation benefits at the rate of ½ of the previous years interest allocation. All others will receive no interest allocation.