Common use of Establishment of VEBA Clause in Contracts

Establishment of VEBA. Effective January 1, 2004, the Employer shall make available a VEBA Plan and Employee Benefits Trust Agreement for the benefit of all qualified bargaining unit members and eligible retirees who exercise their option to enroll in the high deductible health insurance program offered in Section 24.4B of this Article. The Employer and employees and eligible retirees assent to and ratify the appointment of the trustee and plan administrator for the VEBA Plan and Trust in place on the adoption date of this agreement. It is intended that this arrangement constitute a voluntary employees’ beneficiary association under Section 507 (c)(9) of the Internal Revenue Code. It is further intended that the benefits offered through the VEBA Plan and Trust satisfy the requirements of Revenue Ruling 2002-41 (June 26, 2002) and IRS Notice 2002-45 (June 26, 2002).

Establishment of VEBA. Effective January 1, 2004, the Employer shall make available a VEBA Plan and Employee Benefits Trust Agreement for the benefit of all qualified bargaining unit members and eligible retirees who exercise their option to enroll in the high deductible health insurance program offered in Section 24.4B 24.5B of this Article. The Employer and employees and eligible retirees assent to and ratify the appointment of the trustee and plan administrator for the VEBA Plan and Trust in place on the adoption date of this agreement. It is intended that this arrangement constitute a voluntary employees’ beneficiary association under Section 507 (c)(9) of the Internal Revenue Code. It is further intended that the benefits offered through the VEBA Plan and Trust satisfy the requirements of Revenue Ruling 2002-41 (June 26, 2002) and IRS Notice 2002-2002- 45 (June 26, 2002).