Common use of VEBA Accounts Clause in Contracts

VEBA Accounts. 303.1 The Board agrees to establish a VEBA account for teachers hired 1997-98 and after in an amount equal to % % of the annual teacher contract amount. Effective January 1, 2012, the Board's contribution shall be suspended for seventeen (17) pay periods and shall thereafter be reinstated. The amount calculated for each employee will be invested in a separate account. There will be no co-mingling of accounts and each employee may determine how his or her account shall be invested among the various investment options made available by the vendor for the VEBA.

VEBA Accounts. 303.1 The Board agrees to establish a VEBA account for teachers hired 1997-98 and after in an amount equal to % ½ % of the annual teacher contract amount. Effective January 1, 2012, the Board's ’s contribution shall be suspended for seventeen (17) pay periods and shall thereafter be reinstated. The amount calculated for each employee will be invested in a separate account. There will be no co-mingling of accounts and each employee may determine how his or her account shall be invested among the various investment options made available by the vendor for the VEBA.

VEBA Accounts. 303.1 The Board agrees to establish a VEBA account for teachers hired 1997-98 and after in an amount equal to % ½ % of the annual teacher contract amount. Effective January 1, 2012, the Board's contribution shall be suspended for seventeen (17) pay periods and shall thereafter be reinstated. The amount calculated for each employee will be invested in a separate account. There will be no co-mingling of accounts and each employee may determine how his or her account shall be invested among the various investment options made available by the vendor for the VEBA.