VEBA Contribution Sample Clauses

The VEBA Contribution clause outlines the employer's obligation to make contributions to a Voluntary Employees' Beneficiary Association (VEBA) trust on behalf of eligible employees. Typically, this clause specifies the amount, frequency, and conditions under which contributions are made, such as per pay period or annually, and may detail which employees qualify for these benefits. By clearly defining the employer's funding responsibilities, the clause ensures that employees receive designated health or welfare benefits, and it helps prevent disputes over benefit funding.
VEBA Contribution. Effective July 1, 2021, full-time employees who elect to enroll in Low Deductible medical insurance coverage (single or family) will receive an annual VEBA contribution of six-hundred dollars ($600). Full-time employees who elect to enroll in HOOP medical insurance coverage (single or family) will receive an annual VEBA contribution of one-thousand-eight-hundred dollars ($1800). The contributions to the VEBA account shall be available to the Employee for payment of Employee medical expenses. In the event of the employee’s death, distribution of these funds are determined by IRS guidelines.
View SourceView Similar (3)
VEBA Contribution. 3.1. Peabody shall pay or cause to be paid a total of $220 million to the VEBA (the “VEBA Contributions”), payable as follows: (a) $75 million on January 2, 2015, or the next Business Day thereafter if not a Business Day; (b) $75 million on January 2, 2016, or the next Business Day thereafter if not a Business Day; and (c) $70 million on January 2, 2017, or the next Business Day thereafter if not a Business Day. 3.2. For the avoidance of doubt, the sum of the Cash Contribution and the VEBA Contributions will be $310 million (in nominal dollars).
View SourceView Similar (2)
VEBA Contribution. The City contribution toward individual VEBA accounts for employees shall be fully funded at $75 per month for all full-time career employees, ending the temporary reduction in place during the 2012-2015 MOU.
View SourceView Similar (2)
VEBA Contribution. Employee contributions to individual VEBA accounts shall be forty-five ($45.00) dollars per month beginning the first month following ratification of the agreement.
View Source
VEBA Contribution. Full-time employees who elect to enroll in the EMPLOYER’s high-deductible, health insurance plan shall receive a contribution of eight-hundred-fifty dollars ($850) to a Voluntary Employees' Beneficiary Association (VEBA) account which will be established by the EMPLOYER. The contributions to the VEBA account shall be available to the Employee for payment of Employee medical expenses. *Note: In the event of your death, your VEBA account dollars will go to your spouse. If you do not have a spouse, they will go to any IRS dependents you have. If you do not have dependents, your VEBA dollars will go into your estate to offset any health costs which may have accrued. Any remainder will be forfeited.
View Source
VEBA Contribution. 5 January 1, 2020 and thereafter the District agrees to pay each employee yearly the amount per FTE 6 based on previous pooling allotment from the District.
View Source
VEBA Contribution. A. The City will contribute two percent (2%) of an employee’s base salary, as defined in Section 9.2 above, to a Voluntary Employees’ Beneficiary Association (VEBA) to be used by employees, at their option, for either pre or post-retirement eligible expenses.
View Source
VEBA Contribution. The Superintendent shall receive yearly contributions to a VEBA account in an amount provided to other similarly situated administrative personnel.
View Source
VEBA Contribution. Monies currently in the VEBA shall be immediately vested, however, no new contributions will be made into this account.
View Source

Related to VEBA Contribution

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Pension Contributions While on leave pursuant to Section B. of this Article, an employee may make contributions to the appropriate State pension system and will receive service credit for the time the employee is on unpaid leave.

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • The Contribution Prior to the Effective Time, and subject to the terms and conditions set forth in the Distribution Agreement, Grace intends to cause the transfer to a wholly owned subsidiary of Grace-Conn. ("Packco") of certain assets and liabilities of Grace and its subsidiaries predominantly related to the Packaging Business (the "Contribution"), as contemplated by the Distribution Agreement and the Other Agreements.