Buy Out Contributions. For each employee included in this buy-out plan, 50% of the total contribution will be placed in a voluntary employees’ beneficiary association (“VEBA”) as described in section 501(c)(9), and the remaining 50% of the total contribution will be placed in a standard 401(a) or 403(b) account. A teacher will have no direct access to either account until that individual has retired after having satisfactorily attained the eligibility criteria specified above; however, each employee may determine how his or her account shall be invested among the investment options provided by the vendor.
Buy Out Contributions. A. The school corporation shall contribute to an individual VEBA account on behalf of each teacher fifty percent (50%) of the amount representing the present value of the retirement severance pay as calculated for employees under subsection 17.3 above. The ISTA Financial Services Corporation shall administer the VEBA and shall be the single investment vendor for the VEBA. The terms and conditions for the administration and operations of the VEBA shall be as follows:
Buy Out Contributions. 1. VEBA The school corporation shall contribute to a voluntary employee’s beneficiary association (AVEBA@) as described in section 501 c (9) of the Code, that amount representing the present value of the group health insurance benefits and as calculated for all employees under subsection C (3) above. The school corporation and the various representative employees will establish a committee to select a vendor. A committee of four (4) representatives of the Association and four (4) representatives of the school corporation shall select the vendor for the VEBA. Selection of the vendor must be mutually agreeable to both parties. The vendor selected by the committee is VALIC. The terms and conditions for the administration and operations of the VEBA shall be as follows:
Buy Out Contributions. 1. 401(a) Plan- The school corporation shall establish a qualified retirement plan as described in section 401(a) of the Code. The total sum of the amount calculated by Educational Services Corporation, Inc. (ESC) as the present value for the flexible benefit payment shall be contributed by the school corporation to the 40l (a) plan and the present value of the insurance benefit and sick leave benefit shall be contributed by the school corporation into the VEBA (Section D.l.) within thirty (30) days of the completion of the sale of bonds under the SEA 199 and selection of investment options by the eligible teachers. The single investment vendor for the 401(a) plan shall be ISTA Financial Services Corporation. The 40l (a) plan’s terms and conditions for the administration of the 40l (a) plan shall be as follows:
Buy Out Contributions. Employees eligible for the retirement bridge buy-out shall have the computed buy-out amounts deposited into VEBA and 401(a) plans as established by the Memorandum of Agreement between the parties of June 15, 2004.
Buy Out Contributions
