Voluntary Employee Benefits Account. (VEBA) The parties agree to negotiate a Supplemental Agreement regarding a VEBA that upon adoption and ratification shall be attached to and become a permanent part of this contract subject to the specifications therein.
Voluntary Employee Benefits Account. To help offset the cost of premium contributions or other health insurance expenses elected by the employee, the City will contribute $900 annually ($75 per month) to a Voluntary Employee Benefits Account (VEBA) on behalf of each bargaining unit member, starting December 1, 2011. Effective January 1, 2021, the City will contribute $83.33 monthly ($1,000 per year) to a Voluntary Employee Benefits Account (VEBA) on behalf of each bargaining unit member. Should the excise tax provisions of the ACA or other legislation place the City in jeopardy of being charged for the program on an individual or citywide basis, the VEBA contributions would be converted to non-matching deferred compensation contributions. If such a change were needed, it would be at the start of a month and the city would provide at least thirty (30) days’ notice to the Association.
Voluntary Employee Benefits Account. (VEBA): In 2018, the City agrees to implement an Employee VEBA account and will make contributions to each Employee’s VEBA account at the following rate each year of the contract for all Local 270-S employees: Effective 01/01/18 - $60 per month Effective 01/01/19 - $70 per month Effective 01/01/20 - $80 per month Effective 01/01/21 - $90 per month For 2021, should the City’s financial situation deteriorate to the point where the VEBA contribution is unfeasible, the City reserves the right to invoke an opener to discuss the level of VEBA contribution.
