- VEBA Program Parameters Sample Clauses
The VEBA Program Parameters clause defines the specific rules and conditions governing a Voluntary Employees' Beneficiary Association (VEBA) program within an agreement. It typically outlines eligibility criteria for participation, the types of benefits provided (such as health or welfare benefits), and the procedures for contributions and distributions. For example, it may specify which employees qualify for the program and how funds are managed or accessed. The core function of this clause is to ensure clarity and consistency in the administration of the VEBA program, thereby reducing misunderstandings and ensuring compliance with legal and organizational requirements.
- VEBA Program Parameters. A. Beginning January 1, 2022, the Union will forego one percent (1.0%) of the bargaining units’ salary. Once the bargaining unit wage scales are identified in any given year, each member of the bargaining unit will receive ninety-nine percent (99%) of the base wage rate in exchange for this benefit.
B. For the specific purpose of calculating wage comparisons, the one percent (1.0%) reduction will be considered as a component of base wages.
C. The VEBA retirement program is only available to bargaining unit members, who are enrolled in the Washington State Law Enforcement Officers’ and Fire Fighters’ (LEOFF) Plan 2 retirement plan. This plan is only applicable to such employees who voluntarily separate employment from the City service through retirement.
D. The VEBA retirement program is not an employee right. Employees must meet the eligibility criteria and terms of the program.