Sick Leave Cash Out at Retirement VEBA Option. If a retiring employee is in a VEBA bargaining unit that has opted to participate in the HRA VEBA Plan and has elected this option, the County will transfer funds equal to that participating employee’s cash out of eligible, compensable sick leave tax-free to a VEBA trust account on that employee’s behalf at his/her retirement. These funds will be transferred to the HRA VEBA account in lieu of the regular cash out to the employee, not in addition to the regular cash out. The funds will be available to the member to pay for eligible health care-related expenses after retirement. De minimis amounts under $200 will not be subject to the HRA VEBA provisions and will be paid out directly to the employee and subject to appropriate supplemental taxes.
Appears in 4 contracts
Samples: Memorandum of Agreement, Collective Bargaining Agreement, Agreement
