Retirement VEBA. Each bargaining unit will conduct a vote to determine whether to participate in a Health Reimbursement Account (HRA) Voluntary Employee Benefits Association (VEBA) to provide post-retirement medical expense benefits to members who retire from City service.
Retirement VEBA. Each bargaining unit will conduct a vote to determine whether to participate in a Health Reimbursement Account (HRA) Voluntary Employee Benefits Association (VEBA) to provide post-retirement medical expense benefits to members who retire from City service. Contributions from Unused Paid Time off at Retirement (retirement eligible employees only) Eligibility-to-Retire Requirements: 5-9 years of service and are age 62 or older; 10-19 years of service and are age 57 or older; 20-29 years of service and are age 52 or older; or 30 years of service and are any age The City will provide each bargaining unit with a list of its members who are expected to meet any of the criteria in paragraph A above as of December 31, 2021. If the members of the bargaining unit who have met the criteria described in paragraph A above vote to require VEBA contributions from unused paid time off, then all members of the bargaining unit who are eligible to retire and those who become eligible during the life cycle of this contract will, as elected by the voting members of the bargaining unit: Contribute 35% of their unused sick leave balance into the VEBA upon retirement; or Contribute 50% of their unused vacation leave balance into the VEBA upon retirement; or Contribute both 35% of their unused sick leave balance and 50% of their unused vacation leave balance upon retirement Following any required VEBA contribution from a member’s unused sick leave, the remaining balance will be forfeited; members may not contribute any portion of their unused sick leave balance to the City of Seattle Voluntary Deferred Compensation Plan or receive cash. If the members of the bargaining unit who have satisfied the eligibility-to-retire requirements described in paragraph A above as of December 31, 2021 do not vote to require VEBA contributions from unused sick leave, members may either: Transfer 35% of their unused sick leave balance to the City of Seattle Voluntary Deferred Compensation Plan, subject to the terms of the Plan and applicable law; or Cash out their unused sick leave balance at 25% to be paid on their final paycheck. In either case, the remaining balance of the member’s unused sick leave will be forfeited. ACTIVE VEBA: Contributions from Employee Wages (all regular employees in the bargaining unit) Each bargaining unit will conduct a vote for all regular employees, as defined in the City’s employer personnel manual, to determine whether to participate in a Health Reimbursement Account...
Retirement VEBA. The Retirement VEBA may only be accessed upon severance from employment with the School Corporation. The Board will contribute 1.125% of the teacher’s regular salary to this qualified VEBA plan. This contribution will be made on no less than a monthly basis. This contribution shall be deposited into a Retirement VEBA account separate from the Retirement Restructuring VEBA. The teachers shall be 100% immediately vested in these contributions upon separation from employment and may access his/her Retirement VEBA account at that time.
