Common use of VEBA Clause in Contracts

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 forth in this Appendix, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employee, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.

VEBA. The school corporation shall contribute Employer agrees to a voluntary employee’s beneficiary association establish and maintain VEBA (VEBAVoluntary Employee Benefit Association) as described in section 501 c Plans pursuant to § 501(c) (9) of the CodeInternal Revenue Code for each teacher employed under a teacher’s contract Teachers will be assigned to a VEBA Plan based upon their individual employment date. Teachers will not be authorized to participate in multiple plans. a. Teachers employed prior to 1/1/2006 The employer agrees to establish a VEBA Plan for teachers under contract with the Elkhart Community Schools on January 1, that amount representing 2006, or on a Board approved Leave of Absence at such time. A teacher must have served in the present value Elkhart Community Schools fifteen (15) years, reached the age of all benefits as calculated fifty-five (55), and retired from employment with Elkhart Community Schools to be vested in the VEBA account. The vendor for all employees under Subsection B above. This benefit said VEBA shall be deposited with the single investment vendor for the VEBA selected by mutual agreement of the association ETA and boardthe Board. The terms and conditions for the administration and operations of the each VEBA account, established by Elkhart Community Schools pursuant to this section, shall be as follows: (1) The amount calculated contributed for each employee teacher 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 teacher 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 a teacher has retired and satisfied the eligibility requirements set forth in this Appendix, the employee teacher shall have no access to the assets held in his or her separate VEBA account. (3) If an employee a teacher retires or otherwise terminates employment before satisfaction of the requirements set forth in this ArticleAppendix, the terminated employeeteacher’s VEBA account shall be forfeited. Forfeited However, if a teacher who is otherwise qualified by virtue of age and years of experience dies, said teacher will be viewed as having vested in their VEBA. The ETA President shall receive a list of those teachers whose accounts have been terminated pursuant to this Appendix, which shall list the teacher’s name and the total value of the terminated accounts. The ETA President will receive this list at the end of the plan year. The forfeited amounts shall be calculated reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be accounts in a manner similar to that used by Educational Services in initially determining the present value calculations. Therefore, VEBA calculations and deposited in teacher 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 forth in this Appendix, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employee, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.by June

VEBA. The school corporation shall contribute to a voluntary employee’s employees' beneficiary association ("VEBA") as described in section 501 c (9501(c)(9) of the Code, that fifty percent (50%) of the amount representing the present value of all benefits the Retirement Pay as calculated for all employees under Subsection B subsection C 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) a. 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) b. Until such time that an employee has retired and satisfied the eligibility requirements set forth in this AppendixArticle, the employee shall have no access to the assets held in his or her separate VEBA account. (3) c. If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in this Article, the terminated employee’s 's VEBA account shall be forfeited. Forfeited amounts shall be calculated reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value Value calculations. Therefore, the 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;; and (iii) Employees who have attained the age of sixty fifty-nine (6059) 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) d. Following retirement and the satisfaction of the requirements set forth in this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of this Article, any amounts remaining in the deceased employee’s 's VEBA account may continue to be used to pay these premiums and expenses of the employee’s 's spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.

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, 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 forth in this Appendix, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employee, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.

VEBA. The school corporation shall contribute to a voluntary employee’s employees' beneficiary association ("VEBA") as described in section 501 c (9501(c)(9) of the Code, that amount representing thirty percent (30%) of the present value of all benefits Retirement Bridge Benefit as calculated for all employees under Subsection B subsection 3 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) i. 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) ii. The Board shall make equal contributions on each regularly scheduled pay day throughout the school year, and will complete its contributions with the last pay day of the school year. iii. Until such time that an employee has retired and satisfied the eligibility requirements set forth in subsection 2of this AppendixSection H, 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 forfeitediv. 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 forth in subsection 2 of this AppendixSection, a retired employee may use the amounts held in his/her separate VEBA account to pay all amounts permitted by the IRS and the VEBA carrier including but not limited to, health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of subsection 2(a) and (b) of this Section, any amounts remaining in the deceased employee’s 's VEBA account may continue to be used to pay these premiums and expenses of the employee’s 's spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents. v. If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in subsection 2of this Section G the terminated employee's VEBA plan account shall be forfeited. The forfeited amounts shall be returned to the school corporation to be used to offset future ongoing contributions. vi. The school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets. vii. If employee dies before having satisfied the requirements of subsection 2(a) and (b) of this section, the deceased employee becomes 100% vested and the deceased employee’s 401(a) plan shall be distributable to the decedent’s beneficiary or to his/her estate if no beneficiary designation has been made.

VEBA. The school corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501c(9) of the Code, that the amount representing the present value early retirement portion of all benefits the Retirement Benefit as calculated for all employees under Subsection B subsection C above. This benefit VALIC shall be deposited with the organization administering the VEBA and shall be the single investment vendor for the VEBA selected by the association and boardVEBA. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1a) 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. (2b) Until such time that an employee has retired and satisfied the eligibility requirements set forth for in this Appendixthe Article, the employee shall have no access to the assets held in his or her separate VEBA account. (3c) 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 reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value calculations. Therefore, the 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;: and (iii) Employees who have attained the age of sixty (60) and terminated employment in or before after 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. (4d) Following retirement and the satisfaction of the requirements set forth in this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employeeemployees, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.

VEBA. The school corporation shall contribute Board contributed to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Internal Revenue Code, that an amount representing the present value of all the group health insurance benefits and term life insurance as calculated for all employees teachers under Subsection subsection B aboveof this section. This benefit shall be deposited with The vendor administering the VEBA has been mutually determined by the Organization and the Board and serves as the single investment vendor for the VEBA selected by the association and boardVEBA. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1) i. The amount calculated for each employee will be teacher has been 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 teacher may determine how his or her account shall be invested among the investment options made available by the vendor for the VEBA. (2) ii. Until such time that an employee a teacher has retired and satisfied the eligibility requirements set forth in subsection B of this Appendixsection, the employee teacher shall have no access to the assets held in his or her separate VEBA account. (3) If an employee retires . At no time may a participant borrow from his or otherwise terminates employment before satisfaction of the requirements set forth in this Article, the terminated employee’s her 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 forth in subsection B of this Appendixsection, a retired employee teacher may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employeeteacher, spouse, and dependents. Furthermore, following the death of an employeea teacher who had otherwise satisfied the requirements of subsection B of this section, any amounts remaining in the deceased employeeteacher’s VEBA account may continue to be used to pay these premiums and expenses of the employeeteacher’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.

VEBA. The school corporation shall contribute contributed to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c 501(c) (9) of the I.R.S. Code, that amount representing . The Board selected the present value of all benefits as calculated for all employees under Subsection B above. This benefit organization administering the VEBA and shall be deposited with the single investment vendor for the VEBA selected by the association and boardVEBA. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1i) The amount calculated for each eligible 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. (2ii) Until such time that an employee has retired and satisfied the eligibility requirements set forth in this AppendixArticle, the employee shall have no access to the assets held in his or her separate VEBA account. (3iii) 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 reallocated at the end of each plan year (September 1) only among the then 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, the 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) ; and Employees who have attained the age of sixty fifty-eight and one half (6058.5) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX VEBA accounts of employees who have attained the age of sixty fifty-eight and one half (6058.5), but who have not terminated employment may share in the reallocated forfeiture, but on a reduced actuarial basis. The forfeiture amounts as calculated herein shall be deposited into each individual’s account October 1 of each year. (4iv) Following retirement and the satisfaction of the requirements set forth in this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.

VEBA. The school corporation shall contribute to a voluntary employee’s 's beneficiary association ("VEBA") as described in section 501 c (9501(c)(9) of the Code, that amount representing the present value of all those benefits as calculated for all employees under Subsection B in Section C. Buyout of Retirements, 3. Actuarial Determination of Value of the Current Retirement and Severance Benefits, d. Retiree Health Insurance 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 operation of the VEBA shall be as follows: (1) a. The amount calculated for each employee teacher 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 teacher may determine how his or his/her account shall be invested among the investment options made available by the vendor for the VEBA. (2) b. Until such time that an employee a teacher has retired and satisfied the the eligibility requirements requirement set forth in this AppendixArticle, the employee teacher shall have no access to the assets held in his or his/her separate VEBA accountaccounts. (3) c. If an employee retires a teacher retires, or otherwise terminates employment employment, before satisfaction of the requirements set forth in this Article, the terminated employee’s teacher's VEBA account shall be forfeited. Teachers whose positions are eliminated by a reduction in force shall not forfeit their individual VEBA account assets until their rights to recall have expired. Teachers who are reduced and who are eligible for and fully vested in the severance pay buyout shall be entitled to all monies in his or her buyout at the time he or she is removed from the recall list. Forfeited amounts shall be calculated reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value calculations. Therefore, the VEBA accounts of the following employees teachers will not share in the reallocation of a forfeiture of a VEBA account.: (i) Employees Teachers who forfeited their VEBA accounts in the same year; (ii) Employees Teachers who previously forfeited their VEBA accounts;; and (iii) Employees Teachers who have attained the age of sixty fifty-eight (6058) 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) d. Following retirement and the satisfaction of the requirements set forth in section C of this AppendixArticle, a retired employee teacher may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, group term life insurance premiums, and to be reimbursed for unreimbursed un-reimbursed medical expenses of the employeeteacher, spouse, and dependents. Furthermore, Furthermore following the death of an employeea teacher who had otherwise satisfied the requirements of section C of this Article, any amounts remaining in the deceased employee’s teacher's VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse teacher's spouse, and tax dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time time, may the VEBA make loans to an employeea teacher, his/her spouse, or his/her dependentsdependent(s). e. The school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation Board shall contribute to establish a voluntary employee’s beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code. Twenty percent (20%) of the amount calculated by Educational Services Corporation, that amount representing using the assumptions in Section A(2)(b) of Article XII of the Prior Agreement, as a present value of all the group health insurance retirement benefits as calculated for all employees under Subsection B aboveshall be contributed by the Board to the VEBA. This benefit Such amounts shall be deposited with within fifteen (15) days of receipt of the bond monies by the Board. This VEBA shall utilize a single investment vendor for the VEBA selected which shall be mutually agreed upon by the association Board and boardthe Association. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1a) 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 investment vendor for the VEBA. (2b) Until such time that an employee has retired and/or severed, and satisfied the eligibility requirements set forth in this Appendixsubsection 2(a) of Article XII Section A of the Prior Agreement, the employee shall have no access to the assets held in his or her separate VEBA buyout account. An employee shall become one hundred percent (100%) vested upon death. (3c) If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in this Articlesubsection 2(a) of Article XII, Section A of the Prior Agreement, the terminated employee’s 's VEBA account shall be forfeited. Forfeited The forfeited amounts shall be calculated reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be buyout accounts of active eligible teachers in a manner similar to that used by Educational Services Corporation 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. (id) Employees who forfeited their VEBA accounts in Upon severance from 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 Bloomfield School District and the satisfaction of the requirements set forth in this Appendixsubsection 2(a) of Article XII of the Prior Agreement, Section A, a retired employee may use the amounts held in his/her separate VEBA buyout account to pay health insurance premiums and to be reimbursed for unreimbursed medical expenses as permitted by the VEBA plan document and/or the Code. If an employee dies after having satisfied the requirements of subsection 2(a) of Article XII, Section A of the employeePrior Agreement, spouse, and dependents. Furthermore, following the death of an employee, any amounts remaining in the deceased employee’s 's VEBA buyout account may continue to be used to pay these premiums and expenses of by the employeedecedent’s spouse and dependents. Any amounts not distributed to or for dependents as permitted by the benefit of VEBA Plan document and the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiaryCode. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents. (e) The school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets. (f) In the event that a husband and wife both fully employed as teachers by the school district and having selected the family plan health insurance are entitled to a VEBA deposit for the present value of the group health insurance retirement benefits, such amount(s) shall be divided evenly and deposited into separate accounts for each one of the teachers. This provision shall be enforceable even though the health insurance retirement benefit as calculated by Educational Services Company may reflect a benefit amount for only one of the teachers.

VEBA. The school corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that the amount representing the present value of all benefits the Retirement Pay as calculated for all employees under Subsection B subsection C 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: (1a) 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. (2b) Until such time that an employee has retired and satisfied the eligibility requirements set forth in this AppendixArticle, the employee shall have no access to the assets held in his or her separate VEBA account. (3c) 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 reallocated at the end of each plan year only among the then remaining separate VEBA accounts. The foregoing notwithstanding, teachers that must end employment due to a Reduction in Force shall be considered fully vested and entitled to all of the benefits of this article. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value calculations. Therefore, the 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;; and (iii) Employees who have attained the age of sixty fifty-eight (6058) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX VEBA accounts of employees who have attained the age of sixty fifty-eight (6058), but who have not terminated employment may equally 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. (4d) Following retirement and the satisfaction of the requirements set forth in this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed un- reimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.

VEBA. The school corporation shall contribute to a voluntary employee’s employees' beneficiary association ("VEBA") as described in section 501 c (950l(c)(9) of the Code, that amount representing the present value health care portion of all benefits the Retirement Benefit as calculated for all employees teachers under Subsection B subsection C above. This benefit ISTA Financial Services Corporation or a vendor mutually agreed to by the Corporation and the Bargaining Unit shall be deposited with the organization administering the VEBA and shall be the single investment vendor for the VEBA selected by the association and boardVEBA. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1) a. The amount calculated for each employee teacher 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 teacher may determine how his or her account shall be invested among the investment options made available by the vendor for the VEBA. (2) b. Until such time that an employee a teacher has retired and satisfied the eligibility requirements set forth in subsection B of this AppendixArticle, the employee teacher shall have no access to the assets held in his or her separate VEBA account. (3) c. If an employee a teacher retires or otherwise terminates employment before satisfaction of the requirements set forth in subsection C of this Article, the terminated employee’s teacher's VEBA account shall be forfeited. Forfeited amounts shall be calculated reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by Educational Services Corporation, Inc. (ESC) in initially determining the present value value, calculations. Therefore, the VEBA accounts of the following employees teachers will not share in the reallocation of a forfeiture of a VEBA account.: (i) Employees Teachers who forfeited their VEBA accounts in the same year; (ii) Employees Teachers who previously forfeited their VEBA accounts;; and (iii) Employees Teachers who have attained the age of sixty fifty-nine and one-half (6059 1/2) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX VEBA accounts of employees teachers who have attained the age of sixty fifty-nine and One-half (6059 1/2), but who have not terminated employment 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) d. Following retirement and the satisfaction of the vesting and distribution requirements set forth in subsection B of this AppendixArticle, a retired employee teacher may use the amounts held in his/her separate VEBA account to pay all amounts permitted by the IRS and the VEBA carrier including but not limited to, health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed un-reimbursed medical expenses of the employeeteacher, spouse, and dependents. Furthermore, following the death of an employeea teacher who had otherwise satisfied the requirements of subsection B of this Article, any amounts remaining in the deceased employeeteacher’s VEBA account may continue to be used to pay these premiums and expenses of the employeeteacher’s spouse and dependents. Any amounts not distributed to or for Should any money remain in the benefit account following the death of the employeeteacher and his/her dependents, spouse and/or dependents the remainder shall be provided pass on as a taxable cash death benefit to the named beneficiary provided the IRS does not make a named beneficiaryruling that this benefit is not legal. At no time may the VEBA make loans to an employeea teacher, his/her spouse, or his/her dependents. e. If a teacher retires or otherwise terminates employment before satisfaction of the requirements set forth in subsection B of this Article, the terminated teacher's VEBA plan account shall be forfeited. The forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be consistent with item (c) above. f. The school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation shall contribute contributed to a voluntary employee’s employees' beneficiary association ("VEBA") as described in section 501 c (9) of the Code"Retirement Pay", that amount representing the present value of all benefits as and "Severance Benefit" was calculated for all employees under Subsection B subsection 3 above. This benefit MidAmerica shall be deposited with the organization administering the VEBA and shall be the single investment vendor for the VEBA selected by the association and boardVEBA. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1i) The amount calculated for each employee will be was 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 determines how his or her account shall be invested among the investment options made available by the vendor for the VEBA. (2ii) Until such time that an employee has retired and satisfied the eligibility requirements set forth in this AppendixSection, the employee shall have no access to the assets held in his or her separate VEBA account. (3iii) If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in this ArticleSection, the terminated employee’s 's VEBA account shall be forfeited. Teachers whose positions are eliminated by reduction in force shall not forfeit their individual VEBA account assets until their rights to recall have expired. Forfeited amounts shall be calculated reallocated at the end of each plan year only among the then 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, the 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) ; and Employees who have attained the age of sixty fifty-eight (6058) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX VEBA accounts of employees who have attained the age of sixty fifty-eight (6058), but who have not terminated employment may share in the reallocated forfeiture, but on a reduced actuarial basis. The forfeiture amounts as calculated herein shall be deposited into each individual’s account October 1 of each year. (4iv) Following retirement and the satisfaction of the requirements set forth in subsection 2 a, i, ii, iii, and iv, of this AppendixSection C, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed un-reimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of subsection 2: a, i, ii, and iii, of this Section C, any amounts remaining in the deceased employee’s 's VEBA account may continue to be used to pay these premiums and expenses of the employee’s 's spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.

VEBA. The school corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that the amount representing the present value of all benefits the Retirement Pay as calculated for all employees under Subsection B subsection C 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: (1a) 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. (2b) Until such time that an employee has retired and satisfied the eligibility requirements set forth in this AppendixArticle, the employee shall have no access to the assets held in his or her separate VEBA account. (3c) 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 reallocated at the end of each plan year only among the then remaining separate VEBA accounts. The foregoing notwithstanding, teachers that must end employment due to a Reduction in Force shall be considered fully vested and entitled to all of the benefits of this article. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value calculations. Therefore, the 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;; and (iii) Employees who have attained the age of sixty fifty-eight (6058) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX accounts of employees who have attained the age of sixty fifty-eight (6058), but who have not terminated employment may equally 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. (4d) Following retirement and the satisfaction of the requirements set forth in this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed un- reimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.

VEBA. The school corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA) ”), as described in section 501 c (9501(c)(9) of the Code, that amount representing the present value of all the group health insurance benefits as calculated for all employees under Subsection B aboveas shown in Appendix III. This benefit The organization administering the VEBA account shall be deposited with the single investment vendor for the VEBA selected by the association and boardmutual agreement. 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 VEBA 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 Section C(2) of this AppendixArticle, the employee shall have no access to the assets held in his or her separate VEBA account. At no time may a participant borrow from his/her VEBA account. (3. Following retirement and the satisfaction of the requirements set forth in Section C(2) of this Article, a retired employee may elect to commence distributions from his VEBA account to pay health insurance premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. If an employee dies after having satisfied the requirements of Section C(2) of this Article, the deceased employee’s VEBA plan account shall be distributable to the decedent’s designated beneficiary/ies under the teacher’s life insurance policy provided in Article VII, Section D above or to his/her estate if no beneficiary designation has been made. 4. If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in Section C(2) of this Article, the terminated employee’s VEBA account shall be forfeited. 5. Forfeited The forfeited amounts shall be calculated reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be accounts in a manner similar to that used by Educational Services in initially determining the present value calculations. Therefore, the VEBA accounts of the following employees will not share in the reallocation of a forfeiture of a VEBA account.: (i) a. Employees who forfeited their VEBA accounts in the same year;: (ii) b. Employees who previously forfeited their VEBA accounts;; and (iii) c. Employees who have attained the age of sixty fifty-eight (6058) and terminated employment in or before the year of the reallocated forfeiture. 6. Furthermore, XXXX VEBA accounts of employees who have attained the age of sixty fifty-eight (6058), but who have not terminated employment may share in the reallocated forfeiture, but on a reduced basis. 7. The forfeiture amounts as calculated herein school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be deposited into each individual’s account October 1 of each year. (4) Following retirement and the satisfaction of the requirements set forth in this Appendix, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employee, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may paid from the VEBA make loans to an employee, his/her spouse, or his/her dependentsassets.

VEBA. The school corporation School Corporation shall contribute to a voluntary employee’s beneficiary association Voluntary Employees’ Beneficiary Association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that amount representing the present value of all the group health insurance benefits as calculated for all employees under Subsection B subsection 3. above. This benefit An agreed upon vendor, by the Board and the Association shall be deposited with the organization administering the VEBA and shall be the single investment vendor for the VEBA selected by the association and boardVEBA. 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 subsection 2. of this AppendixArticle, 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 subsection 2. of this Article, the terminated employee’s VEBA account shall be forfeited. Forfeited amounts shall be calculated reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by Educational Services Corporation in initially determining the present value calculations. Therefore; therefore, the VEBA accounts of the following employees will not share in the reallocation of a forfeiture of a VEBA account.: (ia) Employees who forfeited their VEBA accounts in the same year; (iib) Employees who previously forfeited their VEBA accounts;; and (iiic) Employees who have attained the age of sixty fifty-nine (6059) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX VEBA accounts of employees who have attained the age of sixty fifty-nine (6059), 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 forth in subsection 2. of this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of subsection B. of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents. Any forfeited amounts shall not be returned to the School Corporation. Instead, forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA plan accounts in a manner similar to that used in initially determining the present value calculations; therefore, the VEBA plan accounts of the following employees will not share in the reallocation of a forfeiture of a VEBA plan account: (a) Employees who forfeited their VEBA plan accounts in the same year; (b) Employees who previously forfeited their VEBA plan accounts; and (c) Employees who have attained age of fifty-nine (59) and terminated employment on or before the year of the reallocated forfeiture. Furthermore, XXXX plan accounts of employees who have attained the age of fifty-nine (59), but have not terminated employment may share in the reallocated forfeiture, but on a reduced basis. (5) The School Corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation shall contribute to a voluntary employee’s employees' beneficiary association ("VEBA") as described in section 501 c (9c)(9) of the Code, that amount representing thirty percent (30%) of the present value of all benefits Retirement Bridge Benefit as calculated for all employees under Subsection B subsection 3 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) i. 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) ii. The Board shall make equal contributions on each regularly scheduled pay day throughout the school year, and will complete its contributions with the last pay day of the school year. iii. Until such time that an employee has retired and satisfied the eligibility requirements set forth in subsection 2of this AppendixSection H, 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 forfeitediv. 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 forth in subsection 2of this AppendixSection, a retired employee may use the amounts held in his/her separate VEBA account to pay all amounts permitted by the IRS and the VEBA carrier including but not limited to, health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of subsection 2(a) and (b) of this Section, any amounts remaining in the deceased employee’s 's VEBA account may continue to be used to pay these premiums and expenses of the employee’s 's spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents. v. If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in subsection 2of this Section G the terminated employee's VEBA plan account shall be forfeited. The forfeited amounts shall be returned to the school corporation to be used to offset future ongoing contributions. vi. The school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets. vii. If employee dies before having satisfied the requirements of subsection 2(a) and (b) of this section, the deceased employee becomes 100% vested and the deceased employee’s 401(a) plan shall be distributable to the decedent’s beneficiary or to his/her estate if not beneficiary designation has been made.

VEBA. The school corporation shall contribute to a voluntary employee’s beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that the amount representing of the “present value of all benefits value” as calculated at the time of this Buy Out Agreement 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 boardeach individual employee. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1) a. 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) b. Until such time that an employee has retired and satisfied the eligibility requirements set forth in subsection B. 1, (a), (b), and (c) of this AppendixSection 9, the employee shall have no access to withdraw the assets held in his or her separate VEBA account. (3) c. If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in subsection B. 1, (a), (b), and (c), of this ArticleSection, the terminated employee’s VEBA account shall be forfeited. Teachers whose positions are eliminated by reduction in force shall not forfeit their individual VEBA account assets until their rights to recall have expired. Forfeited amounts shall be calculated reallocated at the end of each plan year only among the then 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, the 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;; and (iii) Employees who have attained the age of sixty fifty-nine (6059) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX VEBA accounts of employees who have attained the age of sixty fifty-nine (6059), 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) d. Following retirement and the satisfaction of the requirements set forth in subsection B. 1, (a), (b), and (c), of this AppendixSection, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, life insurance premiums, long term care premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and eligible dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of subsection B. 1, (a), and (b), of this Section, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents. e. The School Corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation School Corporation shall contribute to a voluntary employee’s beneficiary association Voluntary Employees’ Beneficiary Association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that amount representing the present value of all the group Health, Dental and Vision Insurance benefits as calculated for all employees Employees under Subsection B subsection C. above. This benefit These contributions shall be deposited with made within twenty-one (21) days of the receipt of the bond proceeds by the School Corporation. A mutually agreed upon vendor shall administer the VEBA and shall be the single investment vendor for the VEBA selected unless a change in vendor is mutually agreed to by the association and boardparties. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1a) The amount calculated for each employee 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 Employee may determine how his or her account shall be invested among the investment options made available by the vendor for the VEBA. (2b) Until such time that an employee Employee has retired and satisfied the eligibility requirements set forth in this Appendixseparated from service, the employee Employee shall have no access to the assets held in his or her separate 401(a) and VEBA accountaccounts. (3c) If an employee Employee retires or otherwise terminates employment before satisfaction of the requirements set forth in this Article, the terminated employeeEmployee’s VEBA account shall be forfeited. Forfeited amounts shall be calculated reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the Educational Services Corporation in initially determining the present value calculations. Therefore, the VEBA accounts of the following employees 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;; and (iii) Employees who have attained the age of sixty fifty-eight (6058) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX VEBA accounts of employees Employees who have attained the age of sixty fifty-eight (6058), but who have not terminated employment may share in the reallocated forfeiture, but on a reduced actuarial basis. The forfeiture amounts as calculated herein shall be deposited into each individual’s account October 1 of each year. (4d) Following retirement and the satisfaction of Upon satisfying the requirements set forth in this AppendixArticle, a retired employee separated Employee may use the amounts held in his/her separate VEBA account to pay health insurance any premiums or expenses allowed by the vendor plan and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employee, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiaryby law. At no time may the VEBA make loans to an employeeEmployee, his/her spouse, or his/her dependents. Forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA plan accounts in a manner similar to that used in initially determining the present value calculations. Therefore, the VEBA plan accounts of the following Employees will not share in the reallocation of a forfeiture of a VEBA plan account: (i) Employees who forfeited their VEBA plan accounts in the same year; (ii) Employees who previously forfeited their VEBA plan accounts; and (iii) Employees who have attained the age of fifty-eight (58) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX plan accounts of Employees who have attained the age of fifty-eight (58) but have not terminated employment may share in the reallocated forfeiture, but on a reduced actuarial basis. (e) The School Corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation shall contribute to a voluntary employee’s employees' beneficiary association ("VEBA") as described in section 501 c (9501(c)(9) of the Code, that twenty percent (20%) of the total amount representing of the present value of all benefits as calculated for all employees under Subsection B abovebuyout. This benefit Met Life shall be deposited with the organization administering the VEBA and shall be the single investment vendor for the VEBA selected by the association and boardVEBA. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1) a. 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) b. Until such time that an employee has retired and satisfied the eligibility requirements set forth in this Appendixsubsection A of Article XII of the 2001-2002 Master Agreement, the employee shall have no access to the assets held in his or her separate VEBA account. (3) c. If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in this Articlesubsection A of Article XII of the 2001-2002 Master Agreement, the terminated employee’s 's VEBA account shall be forfeited. Forfeited amounts shall be calculated reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value calculations. Therefore, the 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;; and (iii) Employees who have attained the age of sixty (60) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX VEBA accounts of employees who have attained the age of sixty fifty-nine (6059), but who have not terminated employment may no longer 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) d. Following retirement and the satisfaction of the requirements set forth in this Appendixsubsection A of Article XII of the 2001-2002 Master Agreement, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of subsection A of Article XII of the 2001-2002 Master Agreement, any amounts remaining in the deceased employee’s 's VEBA account may continue to be used to pay these premiums and expenses of the employee’s 's spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents. Forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA plan accounts in a manner similar to that used in initially determining the present value calculations. Therefore, the VEBA plan accounts of the following employees will not share in the reallocation of a forfeiture of a VEBA plan account: (i) Employees who forfeited their VEBA plan accounts in the same year; (ii) Employees who previously forfeited their VEBA plan accounts; and (iii) Employees who have attained age of sixty (60) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, VEBA plan accounts of employees who have attained the age of fifty-nine (59), but have not terminated employment may no longer share in the reallocated forfeiture. e. The school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501c(9) of the Code, that the amount representing the present value early retirement portion of all benefits the Retirement Benefit as calculated for all employees under Subsection B subsection C above. This benefit VALIC shall be deposited with the organization administering the VEBA and shall be the single investment vendor for the VEBA selected by the association and boardVEBA. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1) a. 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) b. Until such time that an employee has retired and satisfied the eligibility requirements set forth for in this Appendixthe Article, the employee shall have no access to the assets held in his or her separate VEBA account. (3) c. 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 reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value calculations. Therefore, the VEBA accounts of the following employees will not share in the reallocation of a forfeiture of a VEBA account.: (i) i. Employees who forfeited their VEBA accounts in the same year; (ii) . Employees who previously forfeited their VEBA accounts;: and (iii) . Employees who have attained the age of sixty (60) and terminated employment in or before after 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) d. Following retirement and the satisfaction of the requirements set forth in this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employeeemployees, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.

VEBA. The school corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that fifty percent (50%) of the amount representing the present value of all benefits as that calculated for all employees under Subsection B subsection 3 above. This benefit A jointly approved vendor shall be deposited with the organization administering the VEBA and shall be the single investment vendor for the VEBA selected by the association and boardVEBA. 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 subsection Q-1 of this AppendixArticle V, 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 forth in subsection Q-1 of this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, group term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of subsection Q-1 of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not If the deceased has no living dependents the money will be distributed evenly to or for current staff in the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiaryVEBA Plan. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents. If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in section Q of subsection 1 of this Article, the terminated employee’s VEBA account shall be forfeited. Forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the ISTA Financial Services Corporation or jointly approved vendor in initially determining the present value calculations. Forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA plan accounts in a manner similar to that used in initially determining the present value calculations. Therefore, the VEBA plan accounts of the following employees will not share in the reallocation of a forfeiture of a VEBA plan account: Employees who forfeited their VEBA plan accounts in the same year; Employees who previously forfeited their VEBA plan accounts; and Employees who have attained age of fifty-seven (57) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, VEBA plan accounts of employees who have attained the age of fifty-seven (57), but have not terminated employment may share in the reallocated forfeiture, but on a reduced basis equal to their percentage of full Social Security benefits. The school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that the amount representing the present value of all benefits the Retirement Pay as calculated for all employees under Subsection B subsection C 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: (1a) 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. (2b) Until such time that an employee has retired and satisfied the eligibility requirements set forth in this AppendixArticle, the employee shall have no access to the assets held in his or her separate VEBA account. (3c) 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 reallocated at the end of each plan year only among the then remaining separate VEBA accounts. The foregoing notwithstanding, teachers that must end employment due to a Reduction in Force shall be considered fully vested and entitled to all of the benefits of this article. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value calculations. Therefore, the 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;; and (iii) Employees who have attained the age of sixty fifty-eight (6058) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX VEBA accounts of employees who have attained the age of sixty fifty-eight (6058), but who have not terminated employment may share in the reallocated forfeiture, but on a reduced actuarial basis. The forfeiture amounts as calculated herein shall be deposited into each individual’s account October 1 of each year. (4d) Following retirement and the satisfaction of the requirements set forth in this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed un- reimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.

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 AppendixArticle, 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, 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 VEBA 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 forth in this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employee, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents. (5) The school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that fifty percent (50%) of the amount representing the present value of all benefits the Retirement Pay as calculated for all employees under Subsection B subsection C 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) a. 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) b. Until such time that an employee has retired and satisfied the eligibility requirements set forth in this AppendixArticle, the employee shall have no access to the assets held in his or her separate VEBA account. (3) c. 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 reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to Qualified members of that used by Educational Services in initially determining school year will receive an equal share of the present value calculationsforfeited amount. Therefore, the 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;; and (iii) Employees who have attained the age of sixty fifty-nine (6059) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX accounts of employees who have attained the age of sixty fifty- nine (6059), 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) d. Following retirement and the satisfaction of the requirements set forth in this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.

VEBA. The school corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that the amount representing the present value of all benefits the Retirement Pay as calculated for all employees under Subsection B subsection C 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: (1a) 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. (2b) Until such time that an employee has retired and satisfied the eligibility requirements set forth in this AppendixArticle, the employee shall have no access to the assets held in his or her separate VEBA account. (3c) 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 reallocated at the end of each plan year only among the then remaining separate VEBA accounts. The foregoing notwithstanding, teachers that must end employment due to a Reduction in Force shall be considered fully vested and entitled to all of the benefits of this article. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value calculations. Therefore, the 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;; and (iii) Employees who have attained the age of sixty fifty-eight (6058) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX accounts of employees who have attained the age of sixty fifty-eight (6058), but who have not terminated employment may equally share in the reallocated forfeiture, but on a reduced actuarial basis. The forfeiture amounts as calculated herein shall be deposited into each individual’s account October 1 of each year. (4d) Following retirement and the satisfaction of the requirements set forth in this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed un- reimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.

VEBA. The school corporation shall contribute Employer agrees to a voluntary employee’s beneficiary association establish and maintain VEBA (VEBAVoluntary Employee Benefit Association) as described in section 501 c Plans pursuant to § 501(c) (9) of the CodeInternal Revenue Code for each teacher employed under a teacher’s contract Teachers will be assigned to a VEBA Plan based upon their individual employment date. Teachers will not be authorized to participate in multiple plans. a. Teachers employed prior to 1/1/2006 The employer agrees to establish a VEBA Plan for teachers under contract with the Elkhart Community Schools on January 1, that amount representing 2006, or on a Board approved Leave of Absence at such time. A teacher must have served in the present value Elkhart Community Schools fifteen (15) years, reached the age of all benefits as calculated fifty-five (55), and retired from employment with Elkhart Community Schools to be vested in the VEBA account. The vendor for all employees under Subsection B above. This benefit said XXXX shall be deposited with the single investment vendor for the VEBA selected by mutual agreement of the association ETA and boardthe Board. The terms and conditions for the administration and operations of the each VEBA account, established by Elkhart Community Schools pursuant to this section, shall be as follows: (1) The amount calculated contributed for each employee teacher 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 teacher 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 a teacher has retired and satisfied the eligibility requirements set forth in this Appendix, the employee teacher shall have no access to the assets held in his or her separate VEBA account. (3) If an employee a teacher retires or otherwise terminates employment before satisfaction of the requirements set forth in this ArticleAppendix, the terminated employeeteacher’s VEBA account shall be forfeited. Forfeited However, if a teacher who is otherwise qualified by virtue of age and years of experience dies, said teacher will be viewed as having vested in their VEBA. The ETA President shall receive a list of those teachers whose accounts have been terminated pursuant to this Appendix, which shall list the teacher’s name and the total value of the terminated accounts. The ETA President will receive this list at the end of the plan year. The forfeited amounts shall be calculated reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be accounts in a manner similar to that used by Educational Services in initially determining the present value calculations. Therefore, VEBA calculations and deposited in teacher 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 forth in this Appendix, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employee, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.by Xxxx

VEBA. The school corporation shall contribute to a voluntary employee’s employees' beneficiary association ("VEBA") as described in section 501 c (9501(c)(9) of the Code, that twenty percent (20%) of the total amount representing of the present value of all benefits as calculated for all employees under Subsection B abovebuyout. This benefit Met Life shall be deposited with the organization administering the VEBA and shall be the single investment vendor for the VEBA selected by the association and boardVEBA. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1) a. 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) b. Until such time that an employee has retired and satisfied the eligibility requirements set forth in this Appendixsubsection A of Article XII of the 2001-2002 Master Agreement, the employee shall have no access to the assets held in his or her separate VEBA account. (3) c. If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in this Articlesubsection A of Article XII of the 2001-2002 Master Agreement, the terminated employee’s 's VEBA account shall be forfeited. Forfeited amounts shall be calculated reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value calculations. Therefore, the 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;; and (iii) Employees who have attained the age of sixty (60) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX accounts of employees who have attained the age of sixty fifty-nine (6059), but who have not terminated employment may no longer 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) d. Following retirement and the satisfaction of the requirements set forth in this Appendixsubsection A of Article XII of the 2001-2002 Master Agreement, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of subsection A of Article XII of the 2001-2002 Master Agreement, any amounts remaining in the deceased employee’s 's VEBA account may continue to be used to pay these premiums and expenses of the employee’s 's spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.. Forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA plan accounts in a manner similar to that used in initially determining the present value calculations. Therefore, the VEBA plan accounts of the following employees will not share in the reallocation of a forfeiture of a VEBA plan account: (i) Employees who forfeited their VEBA plan accounts in the same year; (ii) Employees who previously forfeited their VEBA plan accounts; and (iii) Employees who have attained age of sixty

VEBA. The school corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9Section 501(c)(9) of the Code, that amount representing the present value of all the group health insurance benefits and term life insurance as calculated for all employees under Subsection B C above. This benefit The ISTA Financial Services Corporation shall be deposited with the organization administering the VEBA and shall be the single investment vendor for the VEBA selected by the association and boardVEBA. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1) a. 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) b. Until such time that an employee has retired and satisfied the eligibility requirements set forth in this AppendixArticle, the employee shall have no access to the assets held in his or her separate VEBA account. (3) c. If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in this Article, the terminated employee’s employees’ VEBA account shall be forfeited. Forfeited amounts shall be calculated reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value calculations. Therefore, the 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; ; and (iii) Employees iii)Employees who have attained the age of sixty fifty-nine (6059) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX VEBA accounts of employees who have attained the age of sixty fifty-nine (6059), but who have not terminated employment may share in the reallocated forfeiture, but on a reduced actuarial basis. The forfeiture amounts as calculated herein shall be deposited into each individual’s account October 1 of each year. (4) d. Following retirement and the satisfaction of the requirements set forth in this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay purchase from the Corporation or any other vendor of the teacher’s choosing health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed un-reimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents. e. The school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation School Corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that amount representing the present value of all the group health insurance benefits and term life insurance as calculated for all employees under Subsection B subsection 3 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 AppendixArticle V, Section C, 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 ArticleArticle V, Section C, the terminated employee’s VEBA account shall be forfeited. Forfeited amounts shall be calculated reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value calculations. Therefore, the 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;; and (iii) Employees who have attained the age of sixty fifty- nine (6059) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX VEBA accounts of employees who have attained the age of sixty fifty-nine (6059), but who have not terminated employment may share in the reallocated forfeiture, forfeiture but on a reduced actuarial basis. The forfeiture amounts as calculated herein shall be deposited into each individual’s account October 1 of each year. (4) 1. Following retirement and the satisfaction of the requirements set forth in this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay purchase from the Corporation or any other vendor of the teachers choosing health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of this Article V, Section C, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make makes loans to an employee, his/her spouse, or his/her dependents. 2. The School Corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation shall may contribute to a the voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that amount representing the present value health care portion of all benefits the Retirement Benefit as calculated for all employees under Subsection B subsection C above. This benefit shall be deposited with The organization administering the VEBA and serving as the single investment vendor for the VEBA selected shall only be changed by the association and boardmutual agreement. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1a) 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. (2b) Until such time that an employee has retired and satisfied the eligibility requirements set forth in subsection B of this AppendixArticle, the employee employees shall have no access to the assets held in his or her separate VEBA account. (3c) If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in subsection B of this Article, the terminated employee’s VEBA account shall be forfeited. Forfeited amounts shall be calculated reallocated at the end of each plan year only among the then 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 with the following employees will not share sharing 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 both attained the age of fifty-eight (iii58) in or before the year of the reallocation forfeiture and who have completed not less than ten (10) full years of service as a professional educator with the School Corporation; and iv) Employees who have attained the age of sixty fifty-five (6055) years and have terminated employment in or before the year of reallocated forfeiturethe reallocation. Furthermore, XXXX Each employee entitled to a share of a forfeited account shall receive a percentage of the forfeited account based upon the following formula: Amount originally allocated to the member’s VEBA account divided by amount originally allocated to the VEBA accounts of all employees who have attained the age of sixty (60), but who have not terminated employment may entitled to 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 yearforfeited account. (4d) Following retirement and the satisfaction of the requirements set forth in subsection B of this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay all amounts permitted by the IRS and the VEBA carrier including but not limited to, health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed un- reimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of subsection B of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for Should any money remain in the benefit account following the death of the employee, spouse and/or employee and his/her dependents the remainder shall be provided as a taxable cash benefit pass on to a the named beneficiarydependent. At no time may the VEBA make loans to an employee, his/her spouse, or his/her he dependents. e) If an employee retirees or otherwise terminates employment before satisfaction of the requirements set forth in subsection B of this Article the terminated employee’s VEBA plan account shall be forfeited. The forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be consistent with item (c) above. f) The school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation shall contribute to a voluntary employee’s employees' beneficiary association ("VEBA") as described in section 501 c (9501(c)(9) of the Code, that twenty percent (20%) of the total amount representing of the present value of all benefits as calculated for all employees under Subsection B abovebuyout. This benefit Met Life shall be deposited with the organization administering the VEBA and shall be the single investment vendor for the VEBA selected by the association and boardVEBA. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1) a. 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) b. Until such time that an employee has retired and satisfied the eligibility requirements set forth in this Appendixsubsection A of Article XII of the 2001-2002 Master Agreement, the employee shall have no access to the assets held in his or her separate VEBA account. (3) c. If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in this Articlesubsection A of Article XII ofthe 2001-2002 Master Agreement, the terminated employee’s 's VEBA account shall be forfeited. Forfeited amounts shall be calculated reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value calculations. Therefore, the 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;; and (iii) Employees who have attained the age of sixty (60) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX accounts of employees who have attained the age of sixty fifty-nine (6059), but who have not terminated employment may no longer 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) d. Following retirement and the satisfaction of the requirements set forth in this Appendixsubsection A of Article XII of the 2001-2002 Master Agreement, a retired aretired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of subsection A of Article XII of the 2001-2002 Master Agreement, any amounts remaining in the deceased employee’s 's VEBA account may continue to be used to pay these premiums and expenses of the employee’s 's spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents. Forfeited amounts shall be reallocated at the end of each plan year only amongthe then remaining separate VEBA plan accounts in a manner similar to that used in initially determining the present value calculations. Therefore, the VEBA plan accounts of the following employees will not share in the reallocation of a forfeiture of a VEBA plan account: (i) Employees who forfeited their VEBA plan accounts inthe same year; (ii) Employees who previously forfeited their VEBA plan accounts; and (iii) Employees who have attained age of sixty (60) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX plan accounts of employees who have attained the age of fifty-nine (59), but have not terminated employment may no longer share in the reallocated forfeiture. e. The school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

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 forth in this Appendix, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employee, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.any

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 AppendixArticle, 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, 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 forth in this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employee, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents. (5) The school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that fifty percent (50%) of the amount representing the present value of all benefits as that calculated for all employees under Subsection B subsection 3 above. This benefit A jointly approved vendor shall be deposited with the organization administering the VEBA and shall be the single investment vendor for the VEBA selected by the association and boardVEBA. 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 subsection Q-1 of this AppendixArticle V, 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 forth in subsection Q-1 of this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, group term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of subsection Q-1 of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not If the deceased has no living dependents the money will be distributed evenly to or for current staff in the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiaryVEBA Plan. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents. If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in section Q of subsection 1 of this Article, the terminated employee’s VEBA account shall be forfeited. Forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the ISTA Financial Services Corporation or jointly approved vendor in initially determining the present value calculations. Forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA plan accounts in a manner similar to that used in initially determining the present value calculations. Therefore, the VEBA plan accounts of the following employees will not share in the reallocation of a forfeiture of a VEBA plan account: Employees who forfeited their VEBA plan accounts in the same year; Employees who previously forfeited their VEBA plan accounts; and Employees who have attained age of fifty-seven (57) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, VEBA plan accounts of employees who have attained the age of fifty seven (57), but have not terminated employment may share in the reallocated forfeiture, but on a reduced basis equal to their percentage of full Social Security benefits. The school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that the amount representing the present value of all benefits the Retirement Pay as calculated for all employees under Subsection B subsection C above. This benefit The ISTA Financial Services Corporation shall be deposited with the organization administering the VEBA and shall be the single investment vendor for the VEBA selected by the association and boardVEBA. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1a) 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. (2b) Until such time that an employee has retired and satisfied the eligibility requirements set forth in this AppendixArticle, the employee shall have no access to the assets held in his or her separate VEBA account. (3c) 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 reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value calculations. Therefore, the 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;; and (iii) Employees who have attained the age of sixty fifty-eight (6058) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX VEBA accounts of employees who have attained the age of sixty fifty-eight (6058), but who have not terminated employment may share in the reallocated forfeiture, but on a reduced actuarial basis. The forfeiture amounts as calculated herein shall be deposited into each individual’s account October 1 of each year. (4d) Following retirement and the satisfaction of the requirements set forth in this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed un- reimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.

VEBA. The school corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that fifty percent (50%) of the amount representing the present value of all benefits as that calculated for all employees under Subsection B subsection 3 above. This benefit A jointly approved vendor shall be deposited with the organization administering the VEBA and shall be the single investment vendor for the VEBA selected by the association and boardVEBA. 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 subsection Q-1 of this AppendixArticle V, 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 forth in subsection Q-1 of this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, group term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of subsection Q-1 of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not If the deceased has no living dependents the money will be distributed evenly to or for current staff in the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiaryVEBA Plan. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents. If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in section Q of subsection 1 of this Article, the terminated employee’s VEBA account shall be forfeited. Forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the ISTA Financial Services Corporation or jointly approved vendor in initially determining the present value calculations. Forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA plan accounts in a manner similar to that used in initially determining the present value calculations. Therefore, the VEBA plan accounts of the following employees will not share in the reallocation of a forfeiture of a VEBA plan account: Employees who forfeited their VEBA plan accounts in the same year; Employees who previously forfeited their VEBA plan accounts; and Employees who have attained age of fifty-seven (57) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX plan accounts of employees who have attained the age of fifty-seven (57), but have not terminated employment may share in the reallocated forfeiture, but on a reduced basis equal to their percentage of full Social Security benefits. The school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation School Corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that amount representing the present value of all the group health insurance benefits and term life insurance as calculated for all employees under Subsection B subsection 3 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 AppendixArticle V, Section C, 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 ArticleArticle V, Section C, the terminated employee’s VEBA account shall be forfeited. Forfeited amounts shall be calculated reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value calculations. Therefore, the 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;; and (iii) Employees who have attained the age of sixty fifty- nine (6059) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX VEBA accounts of employees who have attained the age of sixty fifty- nine (6059), but who have not terminated employment may share in the reallocated forfeiture, forfeiture but on a reduced actuarial basis. The forfeiture amounts as calculated herein shall be deposited into each individual’s account October 1 of each year. (4) 1. Following retirement and the satisfaction of the requirements set forth in this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay purchase from the Corporation or any other vendor of the teachers choosing health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of this Article V, Section C, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make makes loans to an employee, his/her spouse, or his/her dependents. 2. The School Corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation shall contribute to a voluntary employee’s beneficiary association Voluntary Employees’ Beneficiary Association (“VEBA”) as described in section 501 c (9501(c)(9) of the IRS Code, that amount representing amount, in accordance with the Plan selected, of the present value of all the retirement pay buy-out benefits as calculated for all employees each employee under Subsection B subsection C above. This benefit Security Benefit shall be deposited with the organization administering the VEBA and shall be the single investment vendor for the VEBA selected by the association and boardVEBA. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1a) 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. (2b) Until such time that as an employee has retired or died and has satisfied the eligibility vesting requirements set forth in this AppendixArticle, the employee shall have no access to the assets held in his or her separate VEBA account. (3c) If an employee retires or otherwise terminates employment before satisfaction of the vesting requirements set forth in this Article, the terminated employee’s VEBA account shall be forfeited. Forfeited amounts shall be calculated reallocated once a year at the end of each plan year only among the then remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by the Educational Services Company in initially determining the present value calculations. Therefore, The Corporation shall pay any fee for this actuarial reallocation calculation. The 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;; and (iii) Employees who have attained the age of sixty fifty-nine (6059) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX VEBA accounts of employees who have attained the age of sixty fifty-nine (6059), but who have not terminated employment employment, may share in the reallocated forfeiture, but on a reduced actuarial basis. The forfeiture amounts as calculated herein shall be deposited into each individual’s account October 1 of each year. (4d) Following retirement and the satisfaction of the vesting requirements set forth in this AppendixArticle, a retired employee may use the amounts held in his/her his separate VEBA account to pay VEBA allowable expenses, including health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. If an employee dies prior to retirement but after having satisfied the vesting requirement of Article VII-B, the deceased employee’s VEBA account shall be distributable to the deceased employee’s designated beneficiary or to his estate if no beneficiary designation has been made. If the decedent’s designated beneficiary is the decedent’s spouse or other dependent, and if such beneficiary is also eligible to receive medical benefits, the spouse or the beneficiary shall have a one-time irrevocable election to transfer all or a portion of the balance remaining in the deceased employee’s other benefit account to a health reimbursement account for such spouse and/or dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her his spouse, or his/her his dependents. (e) The school corporation shall not be paid any compensation for its services performed on behalf of the VEBA. All costs incurred in the administration of the VEBA and investment fees shall be paid from the VEBA assets.

VEBA. The school corporation shall contribute to a voluntary employee’s employees’ beneficiary association (“VEBA”) as described in section 501 c (9501(c)(9) of the Code, that amount representing the present value of all the group health insurance benefits as calculated for all employees under Subsection B subsection c above. This benefit The organization administering the VEBA account shall be deposited with the single investment vendor for the VEBA selected made by the association and boardmutual agreement. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1a) The amount calculated for each employee will be invested in a separate VEBA 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. (2b) Until such time that an employee has retired and satisfied the eligibility requirements set forth in this Appendix, the 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. (4c) Following retirement and the satisfaction of the requirements set forth in Section 3 of this AppendixArticle, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of Section 3 of this Article, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents. d) If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in Section I(4)(b) of this Article, the terminated employee’s VEBA account shall be forfeited. e) The forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA accounts in a manner similar to that used in initially determining the present value calculations. Therefore, the 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; or (ii) Employees who previously forfeited their VEBA accounts. Furthermore VEBA accounts of employees who have attained the age of fifty-nine (59) or older but have not terminated employment may share in the reallocated forfeiture, but on a reduced basis.

VEBA. The school corporation shall contribute contributed to a voluntary employee’s employees' beneficiary association ("VEBA") as described in section 501 c (9) of the Code"Retirement Pay", that amount representing the present value of all benefits as and "Severance Benefit" was calculated for all employees under Subsection B subsection 3 above. This benefit MidAmerica shall be deposited with the organization administering the VEBA and shall be the single investment vendor for the VEBA selected by the association and boardVEBA. The terms and conditions for the administration and operations of the VEBA shall be as follows: (1i) The amount calculated for each employee will be was 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 determines how his or her account shall be invested among the investment options made available by the vendor for the VEBA. (2ii) Until such time that an employee has retired and satisfied the eligibility requirements set forth in this AppendixSection, the employee shall have no access to the assets held in his or her separate VEBA account. (3iii) If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in this ArticleSection, the terminated employee’s 's VEBA account shall be forfeited. Teachers whose positions are eliminated by reduction in force shall not forfeit their individual VEBA account assets until their rights to recall have expired. Forfeited amounts shall be calculated reallocated at the end of each plan year only among the then 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, the VEBA accounts of the following employees will not share in the reallocation of a forfeiture of a VEBA account.: (i1) Employees who forfeited their VEBA accounts in the same year; (ii2) Employees who previously forfeited their VEBA accounts;; and (iii3) Employees who have attained the age of sixty fifty-eight (6058) and terminated employment in or before the year of the reallocated forfeiture. Furthermore, XXXX VEBA accounts of employees who have attained the age of sixty fifty-eight (6058), but who have not terminated employment may share in the reallocated forfeiture, but on a reduced actuarial basis. The forfeiture amounts as calculated herein shall be deposited into each individual’s account October 1 of each year. (4iv) Following retirement and the satisfaction of the requirements set forth in subsection 2 a, i, ii, iii, and iv, of this AppendixSection C, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums premiums, term life insurance premiums, and to be reimbursed for unreimbursed un-reimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employeeemployee who had otherwise satisfied the requirements of subsection 2: a, i, ii, and iii, of this Section C, any amounts remaining in the deceased employee’s 's VEBA account may continue to be used to pay these premiums and expenses of the employee’s 's spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.