Common use of Voluntary Employee Beneficiary Association (VEBA Clause in Contracts

Voluntary Employee Beneficiary Association (VEBA. ‌ A. The City shall allow commanding officers to participate in a Plan(s) which is defined to include a Voluntary Employee Beneficiary Association (VEBA), a Section 457 plan or any other form of non-qualified deferred compensation program. B. In October 2002 the PPCOA VEBA and the Portland Police Association (PPA) VEBA entered into a merger agreement. All payments made on behalf of retiring PPCOA members shall be made to the “PPA Benefit Trust.” C. For every commanding officer who is covered under either the FPD&R retirement system under Chapter 5 of the City Charter, or the PERS/OPSRP, the City shall, upon that commanding officer’s retirement from the City, contribute to the PPA VEBA trust to the credit ofthe commanding officer an amount equal in value to 100.0% of the unused sick leave which otherwise would be paid to the commanding officer under Article 14.B at the time of the commanding officer’s retirement. D. For every commanding officer who is covered under the FPD&R retirement system, the City may also contribute to the PPA VEBA trust to the credit of the commanding officer 100% of all vacation leave and any compensatory time off cashed out under this Agreement if the Association elects to do so under Section E below. E. The amount of unused leave credits to be deposited into the Plan or Plans upon retirement under Section D above shall be established periodically by the Association. The Association shall be responsible to notify the City when the election for all Association members is modified. F. A commanding officer who is covered under the Public Employees Retirement System (PERS), and who signs a commitment to retire in a specific calendar year, shall be allowed to cash out their unused vacation leave in one lump sum. A commanding officer who elects how to have unused vacation leave cashed out upon retirement must do so in writing at least two weeks prior to retirement. No cash payment will be made prior to the commanding officer’s actual retirement. G. For every commanding officer who is covered under PERS, the City shall, upon that officer’s retirement, deposit into the account of the commanding officer in a Plan or Plans a maximum of 100.0% of unused vacation leave which is currently cashed out under Article 17 at the time of the commanding officer’s retirement and any compensatory time off cashed out under this Agreement. H. The City shall withhold two percent (2%) of Top Step Officer’s wage from each individual commanding officer’s gross wages per pay period. This amount shall be contributed on the commanding officer’s behalf to the PPA Benefit Trust each pay period or monthly, the interval to be determined by the City. The withholding shall be made on a pre-tax basis. I. If at any time during the operation of the Plan or Plans it is determined that (1) deposits may not be made on a pre-tax basis or (2) that plan earnings are not tax-exempt or (3) payments from the Plan or Plans are not tax exempt or if participation in the Plan or Plans or operation of the Plan or Plans is in violation of any federal or state law or regulation, then in that event the parties agree to negotiate a substitute provision in order to carry out the original intention of the Agreement.

Voluntary Employee Beneficiary Association (VEBA. ‌ A. The City shall allow commanding officers to participate in a Plan(s) which is defined to include a Voluntary Employee Beneficiary Association (VEBA), a Section 457 plan or any other form of non-qualified deferred compensation program. B. In October 2002 the PPCOA VEBA and the Portland Police Association (PPA) VEBA entered into a merger agreement. All payments made on behalf of retiring PPCOA members shall be made to the “PPA Benefit Trust.” C. For X. Xxx every commanding officer who is covered under either the FPD&R retirement system under Chapter 5 of the City Charter, or the PERS/OPSRP, the City shall, upon that commanding officer’s retirement from the City, contribute to the PPA VEBA trust to the credit ofthe commanding officer an amount equal in value to 100.0% of the unused sick leave which otherwise would be paid to the commanding officer under Article 14.B at the time of the commanding officer’s retirement. D. For X. Xxx every commanding officer who is covered under the FPD&R retirement system, the City may also contribute to the PPA VEBA trust to the credit of the commanding officer 100% of all vacation leave and any compensatory time off cashed out under this Agreement if the Association elects to do so under Section E below. E. The amount of unused leave credits to be deposited into the Plan or Plans upon retirement under Section D above shall be established periodically by the Association. The Association shall be responsible to notify the City when the election for all Association members is modified. F. X. A commanding officer who is covered under the Public Employees Retirement System (PERS), and who signs a commitment to retire in a specific calendar year, shall be allowed to cash out their unused vacation leave in one lump sum. A commanding officer who elects how to have unused vacation leave cashed out upon retirement must do so in writing at least two weeks prior to retirement. No cash payment will be made prior to the commanding officer’s actual retirement. G. For X. Xxx every commanding officer who is covered under PERS, the City shall, upon that officer’s retirement, deposit into the account of the commanding officer in a Plan or Plans a maximum of 100.0% of unused vacation leave which is currently cashed out under Article 17 at the time of the commanding officer’s retirement and any compensatory time off cashed out under this Agreement. H. X. The City shall withhold two percent (2%) of Top Step Officer’s wage from each individual commanding officer’s gross wages per pay period. This amount shall be contributed on the commanding officer’s behalf to the PPA Benefit Trust each pay period or monthly, the interval to be determined by the City. The withholding shall be made on a pre-tax basis. I. If at any time during the operation of the Plan or Plans it is determined that (1) deposits may not be made on a pre-tax basis or (2) that plan earnings are not tax-exempt or (3) payments from the Plan or Plans are not tax exempt or if participation in the Plan or Plans or operation of the Plan or Plans is in violation of any federal or state law or regulation, then in that event the parties agree to negotiate a substitute provision in order to carry out the original intention of the Agreement.

Voluntary Employee Beneficiary Association (VEBA. ‌ A. The City shall allow commanding officers to participate in a Plan(s) which is defined to include a Voluntary Employee Beneficiary Association (VEBA), a Section 457 plan or any other form of non-qualified deferred compensation program. B. In October 2002 the PPCOA VEBA and the Portland Police Association (PPA) VEBA entered into a merger agreement. All payments made on behalf of retiring PPCOA members shall be made to the “PPA Benefit Trust.” C. For every commanding officer who is covered under either the FPD&R retirement system under Chapter 5 of the City Charter, or the PERS/OPSRP, the City shall, upon that commanding officer’s retirement from the City, contribute to the PPA VEBA trust to the credit ofthe of the commanding officer an amount equal in value to 100.0% of the unused sick leave which otherwise would be paid to the commanding officer under Article 14.B 14 at the time of the commanding officer’s retirement. D. For every commanding officer who is covered under the FPD&R retirement system, the . The City may also contribute to the PPA VEBA trust to the credit of the commanding officer 100% of all vacation leave and any compensatory time off cashed out under this Agreement if the Association elects to do so under Section E D below. E. D. The amount of unused leave credits to be deposited into the Plan or Plans upon retirement under Section D C above shall be established periodically by the Association. The Association shall be responsible to notify the City when the election for all Association members is modified. F. E. A commanding officer who is covered under the Public Employees Retirement System (PERS), and who signs a commitment to retire in a specific calendar year, shall be allowed to cash out their unused vacation leave in one lump sum. A commanding officer who elects how to have unused vacation leave cashed out upon retirement must do so in writing at least two weeks prior to retirement. No cash payment will be made prior to the commanding officer’s actual retirement. G. F. For every commanding officer who is covered under PERS, the City shall, upon that officer’s retirement, deposit into the account of the commanding officer in a Plan or Plans a maximum of 100.0% of unused vacation leave which is currently cashed out under Article 17 at the time of the commanding officer’s retirement and any compensatory time off cashed out under this Agreement. H. G. The City shall withhold two percent (2%) of Top Step Officer’s wage from each individual commanding officer’s gross wages per pay period. This amount shall be contributed on the commanding officer’s behalf to the PPA Benefit Trust each pay period or monthly, the interval to be determined by the City. The withholding shall be made on a pre-tax basis. I. H. If at any time during the operation of the Plan or Plans it is determined that that (1) deposits may not be made on a pre-tax basis or (2) that plan earnings are not tax-exempt or (3) payments from the Plan or Plans are not tax exempt or if participation in the Plan or Plans or operation of the Plan or Plans is in violation of any federal or state law or regulation, then in that event the parties agree to negotiate a substitute provision in order to carry out the original intention of the Agreement.

Voluntary Employee Beneficiary Association (VEBA. ‌ A. The City shall allow commanding officers to participate in a Plan(s) which is defined to include a Voluntary Employee Beneficiary Association (VEBA), a Section 457 plan or any other form of non-qualified deferred compensation program. B. In October 2002 the PPCOA VEBA and the Portland Police Association (PPA) VEBA entered into a merger agreement. All payments made on behalf of retiring PPCOA members shall be made to the “PPA Benefit Trust.” C. For every commanding officer who is covered under either the FPD&R retirement system under Chapter 5 of the City Charter, or the PERS/OPSRP, the City shall, upon that commanding officer’s retirement from the City, contribute to the PPA VEBA trust to the credit ofthe of the commanding officer an amount equal in value to 100.0% of the unused sick leave which otherwise would be paid to the commanding officer under Article 14.B 14 at the time of the commanding officer’s retirement. D. For every commanding officer who , as well as all vacation leave which is covered currently cashed out under Article 17 at the FPD&R retirement system, the City may also contribute to the PPA VEBA trust to the credit time of the commanding officer 100% of all vacation leave officer’s retirement and any compensatory time off cashed out under this Agreement if the Association elects to do so under Section E belowAgreement. E. D. The amount of unused leave credits to be deposited into the Plan or Plans upon retirement under Section D C above shall be established periodically by the Association. The Association shall be responsible to notify the City when the election for all Association members is modified. F. E. A commanding officer who is covered under the Public Employees Retirement System (PERS), and who signs a commitment to retire in a specific calendar year, shall be allowed to cash out their unused vacation leave in one lump sum. A commanding officer who elects how to have unused vacation leave cashed out upon retirement must do so in writing at least two weeks prior to retirement. No cash payment will be made prior to the commanding officer’s actual retirement. G. F. For every commanding officer who is covered under PERS, the City shall, upon that officer’s retirement, deposit into the account of the commanding officer in a Plan or Plans a maximum of 100.0% of unused vacation leave which is currently cashed out under Article 17 at the time of the commanding officer’s retirement and any compensatory time off cashed out under this Agreement. H. G. The City shall withhold two percent (2%) of Top Step Officer’s wage from each individual commanding officer’s gross wages per pay period. This amount shall be contributed on the commanding officer’s behalf to the PPA Benefit Trust each pay period or monthly, the interval to be determined by the City. The withholding shall be made on a pre-tax basis. I. H. If at any time during the operation of the Plan or Plans it is determined that that (1) deposits may not be made on a pre-tax basis or (2) that plan earnings are not tax-exempt or (3) payments from the Plan or Plans are not tax exempt or if participation in the Plan or Plans or operation of the Plan or Plans is in violation of any federal or state law or regulation, then in that event the parties agree to negotiate a substitute provision in order to carry out the original intention of the Agreement.