RETIREMENT SAVINGS VEBA Clause Samples

RETIREMENT SAVINGS VEBA. The School Corporation shall contribute to a Voluntary Employee Beneficiary Association (VEBA) by a deposit into individual accounts in the name of the existing certificated school employees in the manner provided in Section E. SECTION D. TERMS AND CONDITIONS FOR ADMINISTRATION OF THE SECTION 401(a), SECTION 403(b) and VEBA. The single source provider's administration of the Section 401(a), Section 403(b) and for the VEBA generated by the buy-out of retirement assets shall be governed by the following terms and conditions. 1. For the Section 401(a), Section 403(b) and for the VEBA, the following shall govern each, separately: a. Funds of each certificated school employee shall be maintained and accounted for separately, and there shall not be any co-mingling of accounts as per Section E. An employee's Section 40l(a) and Section 403(b) accounts under this section shall be accounted for separately from any other Section 40l(a) and Section 403(b) accounts provided for in the contract. b. The School Corporation shall not be paid for any administrative costs it may incur to facilitate the accounts, neither shall any account costs be assessed to the School Corporation. c. All costs for the administration of the programs and the individual accounts shall be paid from the respective account's assets, including investment charges. 2. In addition to the above, the VEBA shall not at any time allow loans or withdrawals for the certificated school employee, the spouse or dependent(s). The same restrictions apply to the Section 40l(a) and Section 403(b) accounts prior to vesting. 3. Investment and vesting issues are governed by Section F.