VEBA Account. A. The School Corporation agrees to establish a VEBA (voluntary employees’ beneficiary association) trust account.
B. Teachers hired prior to the 2001-2002 who retire with 15 years in the School Corporation or age and all public-school teaching years equal to 80, will be entitled to $850 per year until Medicare eligible, but in no event for more than six years. These amounts will be transferred from the School Corporation unallocated VEBA account into individual VEBA accounts.
C. New hires mean those who were (i) not on contract for any part of the 2001-02 school year or (ii) who were not on leave under the professional agreement for the 2001-02 school year.
D. Once a teacher retires with 15 years at the School Corporation or age and all public- school teaching years equal to 80, they will be entitled to use funds from the VEBA Health Insurance Retirement Account to pay health care expenses.
E. In the past, the Board contributed 1.50% of the gross salary to the VEBA Health Insurance Retirement Account, but for the term of this agreement, contributions to the VEBA account will be suspended.
VEBA Account. A. The school corporation shall establish a VEBA account for each individual employee. Once retired, an employee may use VEBA monies to pay health insurance premiums, life insurance premiums, long term care premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Each employee may determine how his or her account shall be invested among the investment options made available by the VEBA vendor.
B. The Board shall contribute thirty percent (30%) annually of 0.005 (.5%) of the teacher’s base salary to a sheltered retirement plan for those teachers eligible for the retirement buy-out. For bargaining unit members excluded from receiving the retirement buy-out contribution, the Board shall contribute thirty percent (30%) of 0.15 (1.5%) of the teacher’s base salary.
C. The amounts contributed herein shall vest when the employee has completed three (3) years of teaching experience in the school corporation. Should the employee’s service terminate, all contributions and interest shall be credited against subsequent Board contributions and distributed as determined by the VEBA vendor. If the reason for termination is reduction in force, the employee’s account shall remain in force until rights to recall have expired.
D. Following the death of an employee who had otherwise satisfied the vesting schedule in C above, any amounts accumulated or remaining in the deceased employee’s VEBA account may be or continue to be used to pay medically related premiums and expenses of the employee’s spouse and dependents. At no time may the VEBA make loans to an employee, his/her spouse, or dependents.
E. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.
VEBA Account. 24 The County will provide a contribution to a VEBA account in the amount of 25 one hundred twenty-five ($125) per month (paid on the first two pay periods 26 of the month) for eligible employees who choose to opt out of the County’s 27 medical, dental, and vision insurance plans. In order to qualify for the Opt- 28 Out contribution, the employee must provide proof that s/he is covered by Page 33 of 71 Date Accepted / / 1 another qualified group health plan that meets the minimum value 2 requirements set forth under the Affordable Care Act.
VEBA Account. A. The School Corporation agrees to establish a VEBA (voluntary employees’ beneficiary association) trust account.
B. Teachers hired prior to the 2001-2002 who retire with 15 years in the School Corporation or age and all public-school teaching years equal to 80, will be entitled to $850 per year until Medicare eligible, but in no event for more than six years. These amounts will be transferred from the School Corporation unallocated VEBA account into individual VEBA accounts.
C. New hires means those who were (i) not on contract for any part of the 2001-02 school year or (ii) who were not on leave under the professional agreement for the 2001-02 school year.
VEBA Account. 1. The School Corporation agrees to contribute One Percent (1%) of the Teacher's step base salary for that school year to an individual account in a VEBA for each eligible Teacher.
2. The VEBA account will be vested at Twenty Percent (20%) per year of service with the School Corporation. The vested account may be used upon retirement or termination of employment for premiums on medical, dental or vision coverage, as well as other qualified medical expenses under Section 213 of the Internal Revenue Code. If a Teacher retires, or otherwise terminates employment before satisfaction of the vesting requirements, the Teacher's VEBA plan account shall be forfeited. The forfeited amounts shall be used to reduce future School Corporation contributions. A teacher becomes fully vested upon death.
VEBA Account. For school years 2023-2024, the Board will contribute an amount equal to 1% of the participating teacher’s salary as reflected in Appendix “A” to a VEBA account to be established on behalf of the teacher. The Board and Association will confer and agree upon the vendor(s) to be used for such accounts with the understanding that no administrative costs for such accounts will be paid by the Board. This 1% contribution will continue for each school year after 2023-2024 unless and until changed by agreement of the parties.
VEBA Account. The District agrees to pay an amount of $1200 annually into a VEBA account for each employee. The contributions will be disbursed in two installments in December and July.
