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

Voluntary Employee Benefits Association (VEBA. A. The College shall make available to eligible employees a VEBA plan to allow employees, upon retirement, to convert sick leave into a medical reimbursement plan pursuant to RCW 28B.50.553 and College policy and procedures. The VEBA plan must meet the requirements of the Internal Revenue Service. B. As a condition of participation each eligible employee must submit to the College a signed hold harmless agreement complying with RCW 28B.50.553. If an eligible employee fails to sign and submit such agreement to the College, the College will not make sick leave cash-out contributions to the Plan. The eligible employee will not be permitted to participate in the Plan and remuneration for accrued sick leave at retirement shall be forfeited. C. Funds deposited in the plan will be used for payment of the retiree's documented medical insurance premiums and medical, dental, and vision care D. Participation in VEBA will automatically renew each year. However, if one or more members are eligible to retire, the Union may conduct a vote in October to determine participation for the following year. The Union will notify the Human Resources Director in writing, by December 31, if they choose not to participate in the VEBA plan the following year. E. Upon request, the College will provide the Union with a list of members who will be eligible to retire in the following year.