Retirement Savings VEBA Plan. A. The school corporation shall contribute to a voluntary employees' beneficiary association ("VEBA") as described in section 501 (c)(9) of the Code. The Board agrees to contribute one and one quarter percent (1.25%) of the teacher’s annual salary plus a one time $l00 deposit into each teacher’s account.
Retirement Savings VEBA Plan a. The school corporation shall contribute to a voluntary employees' beneficiary association ("VEBA") as described in section 501 (c)(9) of the Code.
Retirement Savings VEBA Plan. (After 2004 hire date)
Retirement Savings VEBA Plan. A. The school corporation shall contribute to a voluntary employees' beneficiary association ("VEBA") as described in section 501 (c) (9) of the Code. The Board agrees to contribute one and seventy-five one hundredths of a percent (1.75%) of the teacher’s base pay (without adjustment for any extra-curricular pay) to the individual’s VEBA as follows: a) Medical expense reimbursement account – annually $125.00, and b) Health insurance premium account – annually 1.75% of a teacher’s base pay (without adjustment for any extra-curricular pay) minus $125.00. The Board contribution under this provision shall be immediately vested and portable.
Retirement Savings VEBA Plan. VEBA/HRA: The school corporation shall create an Employer unallocated VEBA/HRA account and fund this unallocated account, and every year thereafter, with an annual amount equal to 1.0% of the total of all teachers’ annual salary amounts (not including ECA amounts) for members of the bargaining unit.
Retirement Savings VEBA Plan a. The School Corporation shall contribute to a voluntary employees’ beneficiary association (“VEBA”) as described in section 501(c)(9) of the Code. For all Teachers the Board agrees to contribute one half of one percent (.5%) into each individual’s VEBA account. The Board shall make equal monthly contributions throughout the school year, and will complete its contributions on or before August 1 of each succeeding year. There will be no commingling of accounts and each employee may determine how his or her account shall be invested among the investment options made available by the investment vendor for the VEBA plan. Each bargaining unit member shall be 100% vested in these individual VEBA accounts
Retirement Savings VEBA Plan. A. The school corporation shall contribute to a voluntary employees' beneficiary association ("VEBA") as described in section 501 (c) (9) of the Code. The Board agrees to contribute one and fiteen one hundredths of a percent of the teacher’s base salary to the invidual’s VEBA as follows: a) Medical expense reimbursement account – annually $125.00, and b) Health insurance premium account – annually 1.15% of a teacher’s base pay (without 518 519 520 521 522 523 524 525 526 527 528 529 530 531 532 533 534 535 536 537 538 539 540 541 542 543 544 545 546 547 548 549 550 551 552 553 554 555 556 557 558 559 560 561 562 563 564 565 566 567 568 569 570 571 572 573 574 575 adjustment for any extra-curricular pay) minus $125.00 until December 31, 2019.
Retirement Savings VEBA Plan. A. The school corporation shall contribute to a voluntary employees' beneficiary association ("VEBA") as described in section 501 (c)(9) of the Code. The Board agrees to contribute one half of one percent (.5%) of the teacher’s base pay plus a one-time $200 deposit. The Board shall make equal monthly contributions throughout the school year, and will complete its contributions on or before August 1 of each succeeding year. There will be no commingling of accounts and each employee may determine how his or her account shall be invested among the investment options made available by the investment vendor for the VEBA Plan.
Retirement Savings VEBA Plan. 1. The school corporation shall contribute to a voluntary employees' beneficiary association ("VEBA") as described in section 501 (c) (9) of the Code. The Board agrees to contribute up to thirty percent (30%) of one and three quarter percent (1.75%) of the teacher's base pay provided the teacher contributes an equal or greater amount into a tax qualified plan. The teacher may choose to contribute any amount up to the one and three quarter percent (1.75%) in order to receive a matching contribution from the Board. The Board shall make equal monthly deposits into each employee's account beginning September 1 of each year and completing its contribution on or before August 31 of each succeeding year.
Retirement Savings VEBA Plan. A. The school corporation shall contribute to a voluntary employees' beneficiary association ("VEBA") as described in section 501 (c) (9) of the Code. The Board agrees to contribute one and seventy-five one hundredths of a percent (1.75%) of the teacher’s base pay (without adjustment for any extra-curricular pay) to the individual’s VEBA as follows:
a) Medical expense reimbursement account – annually $805.00.
b) Health insurance premium account – annually 1.75% of a teacher’s base pay (without adjustment for any extra-curricular pay) minus $805.00. The Board contribution under this provision shall be immediately vested and portable.
B. The Board shall make equal monthly contributions throughout the school year, and will complete its contributions on or before September 1 of each succeeding year. There will be no commingling of accounts and each employee may determine how his or her account shall be invested among the investment options made available by the investment vendor for the VEBA Plan. The single investment vendor for the VEBA plan shall be determined through a mutual agreement between PEA and the Board.
C. Upon deposit each participant is considered immediately vested in these individual VEBA accounts.
