Retirement Sub-account is used as a repository for credits that the Account Holder wants to retire for voluntary purposes.
Note: An Account Holder may want to retire credits for any number of reasons, including, but not limited to, retiring on behalf of indirect owners of the credits or making claims about the environmental quality benefits of the credits.
How do I Retire Certificates for Voluntary Reasons?
There are three ways that credits are deposited in a Retirement Sub-account:
(a) Within an Account, Credits can be transferred from an Active Sub-account or a Bulletin Board Sub-account to a Retirement Sub-account.
(b) An Account Holder can accept a transfer of Credits from another Account Holder directly into a Retirement Sub-account.
(c) A Forward Transfer can be set up by the Account Holder to automatically deposit Credits into a Retirement Sub-account. Credit Retirement can only be initiated by an Account Holder in respect of the Credits in its Account.
The MIRECS Administrator is not responsible for the Retirement of Credits by Account Holders, as it relates to voluntary or state portfolio-related Retirement deadlines or otherwise.
To transfer certificates to a Voluntary Retirement Sub-Account, please take the following steps:
- In the Account Dashboard, locate the Account Status
- Under the Account Status module, Click on an ‘Active’ RECs link.
Note: User can also Click other REC positions to access transfer screen.
- In the Active credits screen, select the batch(s) of RECs that you wish to retire
- Clicking the top box in column A will select all RECS on the visible page.
- Adjust transfer quantity as needed in each row selected.
- Review the “Total Quantity” to transfer and Click [Batch Transfer].
Summary of Steps in Credit’s Transfer Screen (Steps 3, 4, and 5):
- A user is then taken to the “Transfer Credits” screen to finalize where the RECs will be retired for voluntary purposes.
- Click the “Retirement” radio button and choose the Retirement Sub-account to which the Credits will be deposited.
- Check off applicable Retirement Type, Year and add additional details as needed.
- Verify all details of the transfer are accurate and Click [Submit] to complete the retirement of Credits.
Note: MIRECS validations ensure that Credits deposited in a Retirement Sub-account are no longer transferable to another party or another Sub-account. MIRECS reports allow Account Holders to show evidence of the Retirement to Program Administrators or the public.
Information on REC Portfolio Retirments (formally REC Compliance) can be through this user this linked userr training guide: MIRECS Annual Reporting and Transferring Certificates to a REC Portfolio Sub-Account