Common use of Voluntary Employee Beneficiary Association Plan Clause in Contracts

Voluntary Employee Beneficiary Association Plan. (VEBA). a. The College will make contributions to the plan, on behalf of all employees in the academic employee group who are eligible to participate. All eligible employees will be required to sign and submit to the College an enrollment form to be admitted to the plan. If the eligible employee declines the plan and does not sign the enrollment form, the employee forfeits the accrued compensable sick leave conversion funds that would otherwise be payable at the employee’s retirement. b. Contributions on behalf of each eligible employee shall be based on an amount equal to his or her compensable accrued sick leave buyout contribution at retirement in accordance with the statute. For the purpose of retirement contributions to the plan, all employees who retire during the term shall be eligible. c. The term of this plan is for the tax year from January 1 through December 31. The plan will be continually renewed for each successive year unless the academic employee bargaining unit votes to rescind the plan.