Voluntary Employee Benefit Association (VEBA Sample Clauses

Voluntary Employee Benefit Association (VEBA. A. Employees are entitled to participate in group life insurance offered by the Boulder Police Voluntary Benefit Association (VEBA). The VEBA shall provide coverage to all active employees and to employees who retire on or after January 1, 1989.
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Voluntary Employee Benefit Association (VEBA. The Union shall have the option during the life of this Agreement to direct the City to make monthly pre-tax deductions from the base salaries for all LEOFF II members covered by this Agreement, at which time the City shall commence making an ongoing monthly deduction to a VEBA trust fund designated by the Union to pay health insurance premiums or other legally authorized healthcare costs for eligible future retirees and dependents. The monthly deduction amount shall be determined by the Union and be deducted from the employee’s paycheck on a pre-tax basis. These deductions shall be included as salary for the purpose of calculating retirement benefits to the extent that this is not in conflict with law. Implementation of this provision shall be contingent upon the Union obtaining a letter ruling from the Internal Revenue Service approving the VEBA trust fund. In addition, the Union shall indemnify, hold harmless and defend the City from any and/or litigation arising from the promulgation, implementation and operation of the VEBA trust fund.
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Voluntary Employee Benefit Association (VEBA. Effective August 1, 2003, there shall be a program titled VEBA established as a part of the WTWT, for the purpose of providing the means for pre-funding, in part, the WTWT retiree’s self pay rates for Retiree Health and Welfare Benefits. The funding of the VEBA Benefit shall be derived from the diversion of $100.60 per month from each contribution paid on behalf of each active employee, Employer contributions, earned income on reserve investments, and the transfer of present retiree reserves into the VEBA account. Contributions shall be credited to each individual employee on behalf of who such contributions are remitted for purposes of determining benefit eligibility. A detailed explanation of benefit amounts and eligibility requirements will be made available to all participants. The contribution level necessary to fund the Retirees Benefits shall be determined from time to time by the WTWT Trustees. It is acknowledged by the bargaining parties that the granting of credits under the VEBA program has been suspended by the Board of Trustees of the WTWT and that the $100.60 being contributed under this provision is currently being used to offset ongoing retiree costs.
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Voluntary Employee Benefit Association (VEBA. ‌ "Eligible employees" for purposes of this section shall be defined as those members of the bargaining unit who have successfully completed their initial probationary period. The City has adopted a HRA-VEBA account with the HRA-VEBA Trust to receive contributions of eligible IAFF employees. The City will contribute $75 per month for each eligible employee to the IAFF VEBA. If the City implements a new HDHP with a Health Savings Account (HSA), the definition of eligible employee for HRA-VEBA contributions will be modified for those employees who are enrolled in the PPO or HMO medical plan options. For those employees who elect to participate in the new HDHP, current City contributions ($75/month) to the HRA-VEBA will be made instead to the City Deferred Compensation Plans (457) and the employee participation in the HRA-VEBA will be suspended. The IRS prohibits an employer from making a contribution to a HDHP and HRA-VEBA at the same time. 1 Effective January 1, 2014, the City’s contribution will increase to $90 per month for each eligible employee to the IAFF VEBA. 1 The parties acknowledge that $50 of this contribution was in lieu of an additional increase to the salary scale and that the contributions of $50 per month reflected an effort to approximate payments in lieu of a one percent (1%) base wage increase in the first year of the 1999-2001 Agreement. In addition, effective with the first pay period including July 1, 2004, the City agreed to continue contributing an additional $25 per month for each eligible employee, in lieu of an additional increase to the salary scale. Effective January 1, 2014, the City agreed to contribute an additional $15 per month for each eligible employee.
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Voluntary Employee Benefit Association (VEBA. There shall be a program titled VEBA established as part of the Western Teamsters Welfare Trust (WTWT), for the purpose of providing the means for pre-funding, in part, the WTWT retiree's self pay rates for Retiree Health and Welfare Benefits. The funding of the VEBA Benefit shall be derived from the diversion from each contribution paid on behalf of each active employee as determined by the Area Co-Chairs, Employer contributions set forth in Section 1 (a) above earned income on reserve investments and the transfer of present retiree reserves into the VEBA account. Contributions provided for in Section 1 (a) above shall be credited to each individual employee on behalf of who such contributions are remitted for the purpose of determining benefit eligibility and entitlement. A detailed explanation of benefit amounts and eligibility requirements will be made available to all participants. The contribution level and self pay amounts necessary to fund the Retirees Benefits shall be determined from time by the WTWT Trustees.
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Voluntary Employee Benefit Association (VEBA. One (1) percent of employee’s base pay to fund a City selected and contracted VEBA plan. Funding of the VEBA will occur in each pay period where the employee has pay from the City for at least half of their scheduled hours and the City will handle the transfer of funds. During a pay period where the employee does not have pay for at least half of their scheduled hours, they will not have the VEBA contribution (except for leaves covered by FMLA and/or PFML). These funds are provided by the employer, and are a Mandatory Employee Contribution to VEBA.
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Related to Voluntary Employee Benefit Association (VEBA

  • PART-TIME EMPLOYEE BENEFITS Regular part time employees shall be provided the opportunity to purchase benefits of one of the plans described in Article XVII, Sections B and C at the Employer plan’s premium cost. The Employer will pay the Employer’s monthly share of the premium cost at a ratio proportionate to the employee’s part time condition of employment contingent upon receipt of the employee’s yearly share of the employee’s premium.

  • Employee Benefit Plans Except as could not reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect, (i) each Employee Benefit Plan and Foreign Pension Plan (and each related trust, insurance contract or fund) has been documented, funded and administered in compliance with all applicable Laws, including, without limitation, ERISA and the Code; (ii) the sponsor or adopting employer of each Employee Benefit Plan which is intended to qualify under Section 401(a) of the Code has received or timely applied for a favorable determination letter, or is entitled to rely on a favorable opinion letter, as applicable, from the IRS indicating that such Employee Benefit Plan is so qualified and nothing has occurred subsequent to the issuance of such determination letter or opinion letter which would cause such Employee Benefit Plan to lose its qualified status; (iii) no liability to the PBGC (other than required premium payments), the IRS, any Employee Benefit Plan or any Trust established under Title IV of ERISA has been or is expected to be incurred by any ERISA Party (other than contributions made to an Employee Benefit Plan or such Trust or expenses paid on their behalf, in each case in the ordinary course); (iv) no ERISA Event has occurred or is reasonably expected to occur; (v) the present value of the aggregate benefit liabilities under each Pension Plan (determined as of the end of the most recent plan year on the basis of the actuarial assumptions specified for funding purposes in the most recent actuarial valuation for such Pension Plan) did not exceed the aggregate current value of the assets of such Pension Plan; (vi) no ERISA Party is in “default” (as defined in Section 4219(c)(5) of ERISA) with respect to payments to a Multiemployer Plan; (vii) no ERISA Party has incurred any obligation in connection with the termination of, or withdrawal from, any Foreign Pension Plan; and (viii) the present value of the accrued benefit liabilities (whether or not vested) under each Foreign Pension Plan, determined as of the end of Holdings’ and the Borrowers’ most recently ended Fiscal Year for which audited financial statements are available on the basis of the actuarial assumptions described in Holdings’ audited financial statements for such Fiscal Year, did not exceed the aggregate of (A) the current value of the assets of such Foreign Pension Plan allocable to such benefit liabilities and (B) the amount then reserved on Holdings’ consolidated balance sheet in respect of such liabilities (and such amount reserved on Holdings’ consolidated balance sheet does not constitute a material liability to Holdings and its Restricted Subsidiaries taken as a whole).

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