Definition of Types of Retirement Accounts. An IRS Section 401(a) Deferred Retirement Plan Account and an IRS Section 501(c) (9) Voluntary Employees' Beneficiary Association (VEBA) Plan Account will be created for each employee. Of the 1.25% of an employee's salary referred to in Section 11.01(A), 0.5% will be deposited into the 401(a) Account and the remaining 0.75% will be deposited into the employee's VEBA Account. The payment will be made to the plan carrier consistent with the date of each normal payroll payment to the employee.
Definition of Types of Retirement Accounts. An IRS Section 401(a) Deferred Retirement Plan Account and an IRS Section 501(c) (9) Voluntary Employees’ Beneficiary Association (VEBA) Plan Account will be created for each teacher. Of the 1.25% of a teacher’s salary referred to in Section 16.01(A), .50% of that amount will be deposited into the 401(a) Account and the remaining .75% of that amount will be deposited into the teacher’s VEBA Account. The payment will be made to the plan carrier consistent with the date of each normal payroll payment to the teacher.
Definition of Types of Retirement Accounts. An IRS Section 401(a) Deferred Retirement Plan Account and an IRS Section 501(c) (9) Voluntary Employees’ Beneficiary Association (VEBA) Plan Account will be created for each employee. Of the 1.25% of an employee’s salary referred to in Section 11.01(A), 0.5% of that amount will be deposited into the 401(a) Account and the remaining 0.75% of that amount will be deposited into the employee’s VEBA Account. The payment will be made to the plan carrier consistent with the date of each normal payroll payment to the employee.
