Voluntary Employee Beneficiary Association. 4 The County will contribute to a Voluntary Employee Beneficiary Association (VEBA) in 5 accordance to the following provisions:
Voluntary Employee Beneficiary Association. The City will maintain a Voluntary Employee Beneficiary Association (VEBA) for the employees covered by this Agreement. Contributions to individual employee VEBA accounts shall be made in accordance with the terms of this Agreement, as authorized by Internal Revenue Code Section 501(c) (9). The City will make contributions of 1.2% of employee base wages as set forth in Appendix ‘A’ into employee VEBA accounts. Monthly contributions into individual employee VEBA accounts will cease effective December 31, 2016.
Voluntary Employee Beneficiary Association. (VEBA) Program: State RCW 28B.50.553 and WAC 000-00-000 and - 069 provide the College means to take funds that it would otherwise pay to eligible retiring employees as a cash-out of payable sick leave and use them instead to give those employees a medical expense benefit plan. The College deposits those funds in a tax-free VEBA trust account on those employees' behalf. The retired employee can get reimbursed from the trust account to pay any qualified post-retirement medical, dental, and vision expenses, including premium and out-of-pocket expenses.
Voluntary Employee Beneficiary Association. Xx. Xxxxxx Xxxxxxxx Chairman, Grievance Committee United Steelworkers of America Local 1010 0000 Xxxxxx Xxxxxx Xxxx Xxxxxxx, XX 00000 Dear Xxxxxx: The Company agrees that the BENEFIT TRUST in the 2015 Basic Labor Agreement will also be used for the purpose of payment of post-retirement medical and life insurance benefits for Process Automation Engineer Technician retirees of Local 1010-27. Cordially,
Voluntary Employee Beneficiary Association. (VEBA) - Any eligible employee of this bargaining unit retiring during the term of this Agreement shall have their sick leave buyout payment remitted directly to a Post-Retirement Medical Reserve Trust Program. Such a program will provide reimbursement of medical, dental, and vision expenses to eligible employees. For eligibility, the retiring employee must complete the appropriate enrollment form and sign the hold harmless provision. The hold harmless provision shall protect the District and Association from all legal actions and indemnify same should it be found that the District or the employee is in debt to the United States government from not paying income taxes due on any amounts or as a result of the District not withholding or deducting any tax, assessment, or other payment on such funds as required by federal law. The District and Association make no representations or warranties with respect to the tax consequences of the program nor to the ability of the sponsor or insurer to fulfill its obligations under the program.
Voluntary Employee Beneficiary Association. Xx. Xxxxxx Xxxxxxxx Chairman, Grievance Committee United Steelworkers of America Local 1010 0000 Xxxxxx Xxxxxx Xxxx Xxxxxxx, XX 00000 Dear Xxxxxx: The Company agrees that the BENEFIT TRUST in the 2015 Basic Labor Agreement will also be used for the purpose of payment of post-retirement medical and life insurance benefits for O & T retirees of Local 1010-23. Cordially,
Voluntary Employee Beneficiary Association. (VEBA) Accounts The Union may take a VEBA vote each January for the establishment of VEBA accounts. They may vote on the restrictions to VEBA each January thereafter as needed. Additionally, the City will contribute $50/month into an individual VEBA account for each bargaining unit member.
Voluntary Employee Beneficiary Association. (VEBA) PLAN The Employer agrees to establish and maintain a VEBA plan for employees in this bargaining unit into which the full sick-leave cash-out and/or full vacation leave cash-out, as defined by Articles 12.4 and 13.2, will be placed upon qualifying separation. The bargaining unit may vote participation in the VEBA on an annual basis, determining if one or both cash-outs will be placed in the VEBA. Election results must be provided to the Human Resources Department no later than October 31st. The outcome of the election will be effective on January 1 of the following year and will remain in effect until a new annual vote is conducted. Contingent upon agreement to eliminate the cleaning and clothing allowances in Article 9, effective March 1, 2019, the Employer will contribute one-hundred and twenty-five dollars ($125.00) per month, to each employee’s VEBA account, in addition to any other contributions described in this Agreement. The employee may access the funds in the VEBA account upon separation from service to the County.
Voluntary Employee Beneficiary Association. (VEBA) PLAN The Employer agrees to establish and maintain a VEBA plan for employees in this bargaining unit. Contingent upon agreement to eliminate the cleaning and clothing allowances in Article 9, effective March 1, 2019, the Employer will contribute one-hundred and twenty-five dollars ($125.00) per month, to each employee’s VEBA account, in addition to any other contributions described in this Agreement. The employee may access the funds in the VEBA account upon separation from service to the County.
Voluntary Employee Beneficiary Association. (VEBA) State statute provides the College means to take funds it would otherwise pay to eligible retiring employees as a cash-out of compensable sick leave and use them instead to give those employees a medical expense benefit plan. The College deposits those funds in a tax-free VEBA trust account on those employees’ behalf. The retired employee can get reimbursed from the trust account to pay qualified post-retirement medical, dental, and vision expenses, including premium and out-of-pocket expenses. In doing this, the College makes no representations about, and assumes no responsibility for, the tax consequences. Applicable provisions of the Internal Revenue Code and state statutes govern taking part in this medical expense benefit plan. These requirements, and any changes that apply, will prevail over this section for any conflict. The College will automatically implement any changes in the legal requirements that govern the VEBA’s establishment and administration. If changes in these legal requirements occur that result in significantly more administrative work for the College, the College will notify the Federation as to how it plans to implement the changes and/or may terminate section 13.3 for the next year after written notice. To take part in the plan, eligible retiring Federation members must sign the required agreement to hold the College harmless for an adverse tax finding. The Federation and the College agree, and each employee will agree, that an eligible employee who refuses to execute this required hold-harmless agreement gives up all payment for sick leave that is compensable on retirement. The Federation agrees to hold elections every year of its membership about taking part in the VEBA and to notify the College in writing of these election results and of Federation participation in the VEBA for the next year on or before December 31 of each year. If the College does not get this written notice from the Federation, the default for the upcoming year is participation in the VEBA. This section, with the dates modified as appropriate, governs all participation in the VEBA.
