Common use of Severance Post-Retirement Health Care Savings Plan Clause in Contracts

Severance Post-Retirement Health Care Savings Plan. All eligible employees will have one hundred percent (100%) of the eligible amount deposited in a post-retirement health care savings account. The District will select a specific provider for the post-retirement health care savings plan. This benefit will be placed in a VEBA or VEBA-like trust. This arrangement constitutes a voluntary employees’ beneficiary association under section 501 c (9) of the Internal Revenue Code. Administrative fees allocable to the individual accounts of the retirees shall be paid by the individual eligible for the benefit. The District’s severance amount will be reduced by the total amount that the District has contributed to the 403(b) tax- deferred annuity contract(s). If the Board’s contribution is less than the severance pay amount the employee qualifies for, the difference will be paid by the District as a lump sum payment.

Severance Post-Retirement Health Care Savings Plan. All eligible employees will have one hundred percent (100%) of the eligible amount deposited in a post-retirement health care savings account. The District will select a specific provider for the post-retirement health care savings plan. This benefit will be placed in a VEBA or VEBA-like trust. This arrangement constitutes a voluntary employees’ beneficiary association under section 501 c (9) of the Internal Revenue Code. Administrative fees allocable to the individual accounts of the retirees shall be paid by the individual eligible for the benefit. The District’s severance amount will be reduced by the total amount that the District has contributed to the 403(b) tax- tax-deferred annuity contract(s). If the Board’s contribution is less than the severance pay amount the employee qualifies for, the difference will be paid by the District as a lump sum payment.