VEBA. The school corporation shall contribute to a voluntary employee’s beneficiary association (VEBA) as described in section 501 c (9) of the Code, that amount representing the present value of all benefits as calculated for all employees under Subsection B above. This benefit shall be deposited with the single investment vendor for the VEBA selected by the association and board. The terms and conditions for the administration and operations of the VEBA shall be as follows:
(1) The amount calculated for each employee will be invested in a separate account. For those employees who are married to another employee covered by this collective bargaining agreement and receiving health insurance buyout dollars, the amount deposited in each married employee’s account will be divided equally. Any spouse hired after June 30, 2002 will not be entitled to any payment for the eliminated retirement benefits. 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 vendor for the VEBA.
(2) Until such time that an employee has retired and satisfied the eligibility requirements set forth in this Appendix, the employee shall have no access to the assets held in his or her separate VEBA account.
(3) If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in this Article, the terminated employee’s VEBA account shall be forfeited. Forfeited amounts shall be calculated at the end of each plan year only among the remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by Educational Services in initially determining the present value calculations. Therefore, VEBA accounts of the following employees will not share in the reallocation of a forfeiture of a VEBA account.
(i) Employees who forfeited their VEBA accounts in the same year;
(ii) Employees who previously forfeited their VEBA accounts;
(iii) Employees who have attained the age of sixty (60) and terminated employment in or before the year of reallocated forfeiture. Furthermore, XXXX accounts of employees who have attained the age of sixty (60), but who have not terminated employment may share in the reallocated forfeiture, but on a reduced basis. The forfeiture amounts as calculated herein shall be deposited into each individual’s account October 1 of each year.
(4) Following retirement and the satisfaction of the requirements set fo...
VEBA. The Association annually may conduct a vote of affected employees to determine whether or not sick leave cash out of those employees may be put into a VEBA account for post retirement health care. If the affected employees so vote by simple majority, all of them must participate in the VEBA program.
VEBA. The Association may elect to convert unused leave under this Section to a VEBA which is an optional Sick Leave Conversion Program. If allowed by regulations, there will be a one-time vote and election by the membership to participate or not participate.
VEBA. The School Corporation shall contribute to a voluntary employees' beneficiary association ("VEBA"), as described in section 501 (c)(9) of the Internal Revenue Code, the amount over and above $2,000.00 as calculated by ESC as the present value for the Retirement Severance, Social Security and Medicare Bridge Benefits for each individual teacher. The single investment Vendor for the VEBA Plan shall be the Security Benefit Indiana. Additional terms and conditions for the administration and operations of the VEBA shall be as follows:
VEBA. A teacher’s VEBA account shall remain in place during the length of time that he/she remains on the recall list.
VEBA. The Corporation shall contribute the full amount of each Teacher’s buy–out contribution to a voluntary employees’ beneficiary association (“VEBA”) as described in section 501(c)(9) of the IRS Code.
VEBA. The District and Administrative and Instructional Support Personnel will vote annually to participate in the Voluntary Employee Benefit Account (VEBA) for all employees retiring between September 1 and August 31 of each year.
VEBA. The Union 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.
A. Eligibility-to-Retire Requirements:
VEBA. The school corporation shall contribute to a voluntary employees' beneficiary association ("VEBA") as described in section 501(c)(9) of the Code, that amount representing the present value of the group health insurance benefits as calculated for all employees under Appendix G of the Master Contract 2003-2006. VALIC shall be the organization administering the VEBA and shall be the single investment vendor for the VEBA. The terms and conditions for the administration and operations of the VEBA shall be as follows:
VEBA. For calendar years 2012 and 2013 upon retirement, thirty-five percent (35%) of an employee's unused sick leave credit accumulation shall be transferred to a VEBA account (as described below) to be used according to Internal Revenue Service (IRS) regulations on the day prior to their retirement. Upon the death of an employee, either by accident or natural causes, twenty-five percent (25%) of such employee's accumulated sick leave credits shall be paid to their designated beneficiary. However, if an employee is eligible for retirement and chooses to vest their funds with the Retirement System at the time they leave City Employment, they will lose all sick leave credit and not be eligible to receive the twenty-five percent (25%) cash out. Employees who are eligible to retire during the term of this contract shall participate in a vote administered by the Union to determine if the Voluntary Employee Benefits Association (VEBA) benefit shall be offered to employees who elect to retire during the term of this contract. The VEBA benefit allows employees who are eligible to retire from City Service to cash out their unused sick leave balance upon retirement and place it in a VEBA account to be used for post-retirement healthcare costs as allowed under IRS regulations. 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 • 30 years of service and are any age For purposes of identifying all potential eligible-to-retire employees, the City shall create a list of members who are in the City’s HRIS system at age 45 or older as of the final day of the contract term and provide this list to the union so that the union can administer the vote.
1. If the eligible-to-retire members of the bargaining unit votes to accept the VEBA, then all members of the bargaining unit who retire from City service from the date of the vote until the end of the contract term, shall either:
a. place their sick leave cashout at 35% into their VEBA account, or
b. forfeit the sick leave cash out altogether. There is no minimum threshold for the sick leave cash out. Members are not eligible to deposit their sick leave cashout into their deferred compensation account or receive cash.
2. If the eligible-to-retire members of the bargaining unit votes to reject the VEBA, all members of the bargaining unit who retire from City service from the date of the vote until the...
