VEBA(Funded Health Retirement Account. A. The Board shall set up a VEBA (voluntary employees beneficiary association) account for each contracted teacher as of July 1, 2006. At the end of each completed school year, ½ of one percent (.5%) of the base teacher contract amount shall be contributed into each teacher’s individual VEBA account. A teacher’s VEBA account shall be vested upon completion of 5 years of experience with FCSC or fulfillment of the requirements for normal (unreduced) retirement under Indiana State Teachers Retirement Fund (“TRF”) (age 65 with at least 10 years of TRF service; age 60 with at least 15 years of TRF service; or age 55 if age plus TRF service total at least 85). A teacher shall be 100% vested in his or her VEBA account upon his or her death.
