Voluntary Employees’ Beneficiary Association (VEBA. In accordance with state and federal laws, the bargaining unit has agreed to form a VEBA (tax free medical spending accounts) funded by the retiree’s sick leave cash out in accordance with Section 25.13, above. Should the bargaining unit wish to conduct a vote to determine whether a VEBA will continue for the next year, the Union must notify the Employer in writing by July 1st.
Voluntary Employees’ Beneficiary Association (VEBA. 1. The Board will establish a Voluntary Employees’ Beneficiary Association (VEBA), as set forth herein. The Board and the Association shall mutually agree as to what investment funds will be offed under the VEBA, not less than annually, and, to the extent more than one fund is offered, the participants shall be given the right to allocate their account balances among such funds. Participants shall be solely responsible for the performance of the investment fund(s).
2. The VEBA shall provide for the following:
a. The VEBA vendor and benefit option shall be selected by mutual agreement between the Board and the Association.
b. All amounts contributed shall be allocated to individual accounts established for each eligible Teacher.
c. A Teacher will vest in their VEBA account after completing five (5) consecutive years of service in the employ of the Board. A Teacher shall not have any right to their account until he has vested.
d. If a Teacher’s employment ends for any reason prior to becoming vested, their account shall be forfeited. Any forfeited amounts shall be used to reduce the Board’s contribution.
e. Teachers working under a regular contract shall be eligible for the following contribution:
i. By July 1st of each subsequent year this Agreement is in effect, for Teacher’s under regular contract, one-half of one percent (0.5%) of the Teacher’s salary.
ii. All amounts credited shall be allocated to individual VEBA accounts established for each eligible Teacher upon the completion of the second consecutive year of service. Prior to that, the Board contribution shall be credited to a record keeping account which the Board shall establish for the sole purpose of tracking credits for Teachers who have not yet completed two (2) consecutive years of service. No interest or earnings shall accrue on the record keeping accounts.
f. Participants shall pay administrative and trust fees on a per person basis.
g. The Board’s sole obligation is to fund the obligations set forth above. The Board does not warrant the tax nature of these contributions and shall not be responsible for any income taxes or other assessment.
Voluntary Employees’ Beneficiary Association (VEBA. In accordance with state and federal law, employees may agree to form a Voluntary Employees’ Beneficiary Association (VEBA), a tax-free medical spending account funded by the retiree’s sick leave cash out. A VEBA for employees covered by this Agreement will be implemented only by written agreement with the Union.
Voluntary Employees’ Beneficiary Association (VEBA. 44.1 The Employer will provide to eligible employees covered by this Agreement a medical expense plan that provides for reimbursement of medical expenses. Instead of cash out of sick leave at retirement, the Employer may deposit equivalent funds in a medical expense plan for eligible employees, as authorized by RCW 41.04.340. The medical expense plan must meet the requirements of the Internal Revenue Code.
44.2 As a condition of participation, the medical expense plan provided will require that each covered eligible employee sign an agreement with the Employer. The agreement will include the following provisions.
A. A provision to hold the Employer harmless should the United States government find that the Employer or the employee is indebted to the United States as a result of:
1. The employee not paying income taxes due on the equivalent funds placed into the plan; or
2. The Employer not withholding or deducting a tax, assessment, or other payment on funds placed into the plan as required by federal law.
B. A provision to require each covered eligible employee to forfeit remuneration for accrued sick leave at retirement if the employee is covered by a medical expense plan and the employee refuses to sign the required agreement.
Voluntary Employees’ Beneficiary Association (VEBA. VEBA is a tax-
Voluntary Employees’ Beneficiary Association (VEBA. 11.6.1 The Employer and the Union have agreed to establish a Voluntary Employees’ Beneficiary Association (VEBA) which is funded by a Health Reimbursement Arrangement (HRA).
11.6.2 Employees wishing to participate in an HRA VEBA may do so by opting out of the medical insurance provided by the employer. To qualify, the employee must provide proof of qualifying medical group coverage that meets minimal essential coverage as defined by the Affordable Care Act. Employees who opt out of the medical insurance must still purchase Pacific County’s Vision, Dental and Life Insurance plans.
11.6.3 The parties agree that for employees who opt out of the medical insurance at Pacific County, the employer will contribute the balance of the employer medical benefit contribution remaining after subtracting mandatory vision, dental and life insurance deductions as per the following formula:
a) Sixty percent (60%) into the individual employee’s VEBA account.
b) Forty percent (40%) into the Union’s insurance pool.
Voluntary Employees’ Beneficiary Association (VEBA a. Establishment and Funding: The Corporation shall contribute to a voluntary employees’ beneficiary association (“VEBA”) as described in section 501(c)(9) of the Internal Revenue Code (the “Code”) the remainder of the vested Severance Amount not paid as a retirement increment to the retired teacher. Except as otherwise provided herein, a committee of the Board and the Association shall select the organization administering the VEBA, the single investment vendor for the VEBA, and the terms and conditions for the administration and operations of the VEBA.
Voluntary Employees’ Beneficiary Association (VEBA. The Employer agrees to establish and maintain a VEBA plan for employees in this bargaining unit into which the full sick leave cash-out, as defined by Article
Voluntary Employees’ Beneficiary Association (VEBA. (a) The City will establish a medical savings account, Voluntary Employees’ Beneficiary Association (hereinafter VEBA) plan, under Section 501(c)(9) of the Internal Revenue Code for each employee of the Association who is eligible for, and enrolls in, one of the City’s health insurance plans as described in subsection 1 of this Article.
(b) For those employees who have enrolled in the AWC HDHP HSA Qualified Medical Plan and choose to maintain an active VEBA account rather than establishing an HSA account, the City shall annually contribute $1,500.00 for an employee only and $3,000.00 for an employee with family regardless of number of dependents, into the employee’s established VEBA account. Payment into the employee’s VEBA account will be made in one annual installment, first on March 1, 2015, then January 1 each year thereafter through 2017, provided the employee is employed by the City on each payment date.
Voluntary Employees’ Beneficiary Association (VEBA. The District and Association will, subject to an annual vote of the employees, offer participation in the Voluntary Employees' Beneficiary Association (VEBA) for all employees.
