VOLUNTARY EMPLOYEE BENEFIT ASSOCIATION (VEBA Sample Clauses

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. 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. B. Once each month, the City shall forward $30.00 per active employee to the VEBA C. The VEBA shall maintain conformance with all applicable I.R.S. regulations. The City may review the status of the VEBA prior to forwarding monthly installments. D. At any time in the future, should the BPOA want to return to the City's insurance programs, it will be considered only for the entire group, only at the start of a new year, and only for the complete set of benefits. Coverage for individual employees will be subject to the terms of the insurance carrier.
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VOLUNTARY EMPLOYEE BENEFIT ASSOCIATION (VEBA. Effective August 1, 2003, there shall be a program titled VEBA es- tablished 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 Ben- efit 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 trans- fer 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 eligi- bility. A detailed explanation of benefit amounts and eligibility re- quirements will be made available to all participants. The contribu- tion 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 pro- gram has been suspended by the Board of Trustees of the WTWT and that the $100.60 being contributed under this provision is cur- rently being used to offset ongoing retiree costs.
Sample 1
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.
Sample 1
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.
Sample 1
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.
Sample 1

Related to VOLUNTARY EMPLOYEE BENEFIT ASSOCIATION (VEBA

  • Employee Benefits Plans Schedule 6.11 hereto identifies each ERISA Plan as of the Closing Date. No ERISA Event has occurred or is reasonably expected to occur with respect to an ERISA Plan. No Controlled Group member has failed to make a required material installment or other required material payment under Section 412(a) of the Code on or before the due date or within a reasonable time after such due date. No Controlled Group member has failed to make contributions to an ERISA Plan that is a Multiemployer Plan in accordance with the applicable governing documents which is reasonably likely to result in a material liability to the Controlled Group member. No Benefit Plan (other than a Multiemployer Plan) has any accumulated funding deficiency (as defined in Section 412(a) of the Code). None of the Companies have adopted or plans to adopt any amendments that could reasonably result in a material increase in the cost of providing benefits under the ERISA Plan. With respect to each ERISA Plan (other than a Multiemployer Plan) that is intended to be qualified under Code Section 401(a), (a) the ERISA Plan and any associated trust operationally comply (or as soon as reasonably practicable are corrected to comply) with the applicable requirements of Code Section 401(a); (b) the ERISA Plan and any associated trust have been amended to comply with all such requirements as currently in effect, other than those requirements for which a retroactive amendment can be made within the “remedial amendment period” available under Code Section 401(b) (as extended under Treasury Regulations and other Treasury pronouncements upon which taxpayers may rely); (c) the ERISA Plan and any associated trust have received a favorable determination letter from the Internal Revenue Service stating that the ERISA Plan qualifies under Code Section 401(a), that the associated trust qualifies under Code Section 501(a) and, if applicable, that any cash or deferred arrangement under the ERISA Plan qualifies under Code Section 401(k), unless the ERISA Plan was first adopted at a time for which the above-described “remedial amendment period” has not yet expired; (d) the ERISA Plan currently satisfies the requirements of Code Section 410(b), subject to any retroactive amendment that may be made within the above-described “remedial amendment period”; and (e) no contribution made to the ERISA Plan is subject to an excise tax under Code Section 4972. With respect to any Pension Plan, the “accumulated benefit obligation” of Controlled Group members with respect to the Pension Plan (as determined in accordance with Statement of Accounting Standards No. 87, “Employees Accounting for Pensions”) does not exceed the fair market value of Pension Plan assets by an amount that would have a Material Adverse Effect. Each Foreign Employee Benefit Plan is in compliance in all material respects with all laws, regulations and rules applicable thereto and the respective requirements of the governing documents for Foreign Employee Benefit Plan. With respect to any Foreign Employee Benefit Plan, reasonable reserves have been established in accordance with local laws or prudent business practice or where required by ordinary accounting practices in the jurisdiction in which Foreign Employee Benefit Plan is maintained.

  • 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.

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