XXX Out Contributions Sample Clauses
XXX Out Contributions. 1. VEBA The school corporation shall contribute to a voluntary employee’s beneficiary association (AVEBA@) as described in section 501 c (9) of the Code, that amount representing the present value of the group health insurance benefits and as calculated for all employees under subsection C (3) above. The school corporation and the various representative employees will establish a committee to select a vendor. A committee of four (4) representatives of the Association and four (4) representatives of the school corporation shall select the vendor for the VEBA. Selection of the vendor must be mutually agreeable to both parties. The vendor selected by the committee is VALIC. The terms and conditions for the administration and operations of the VEBA shall be as follows:
a. The amount calculated for each employee will be invested in a separate account. There will be no commingling of accounts and each employee may determine how his/her account shall be invested among the investment options made available by the vendor for the VEBA.
b. Until such time that an employee has retired and satisfied the eligibility requirements set forth in subsection B of this Appendix, the employee shall have no access to the assets held in his/her separate VEBA account.
c. If an employee retires or otherwise terminates employment before satisfying the requirements set forth in subsection B of this Appendix, the terminated employee’s VEBA account shall be forfeited. Forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA accounts. This allocation shall be in a manner similar to that used by the Educational Services Corporation in initially determining the present value calculations. Therefore, the VEBA account of the following employees will not share in the forfeiture of a VEBA account:
i. Employees who forfeited their VEBA accounts in the same year;
ii. Employees who previously forfeited their VEBA accounts.
d. Following retirement and the satisfaction of the requirements set forth in subsection B of this Appendix, a retired employee may use the amount held in his/her separate VEBA account to pay health insurance premiums, and to be reimbursed for un-reimbursed medical expenses of the employee, spouse, or dependents. Furthermore, following the death of an employee who had otherwise satisfied the requirements of subsection B of this Appendix, any amounts remaining in the deceased employee’s VEBA account may continue to be used ...
XXX Out Contributions. The Corporation shall establish a qualified retirement plan as described in section 401(a) of the Internal Revenue Code (the “401(a) Plan”). The total sum of the amount calculated as the present value for retirement severance pay for each teacher employed on August 31, 2004 shall be contributed by the Corporation to the 401(a) Plan within 30 days of receipt of bond funds under SEA 199, but in no event later than January 15, 2005. The vendor for the 401(a) Plan shall be mutually agreed to by both parties. The 401(a) Plan's terms and conditions will include the following:
1. The amount calculated for each teacher will be invested in a separate account. There will be no commingling of accounts and each teacher may determine how his or her account shall be invested among the investment options made available by the investment vendor for the 401(a) Plan.
2. Until such time that a teacher has retired and satisfied the eligibility requirements set forth in Section B of this Article, the teacher shall have no access to the assets held in his or her separate 401(a) Plan account.
3. If a teacher retires or otherwise terminates employment (other than by reason of death) before satisfaction of the requirements set forth in Section B of this Article, the terminated teacher's 401(a) Plan account shall be forfeited. If a teacher dies while employed by the Corporation, his or her 401(a) Plan account shall immediately vest and be non-forfeitable. Any forfeited amounts shall be reallocated at the end of each plan year among the then remaining separate 401(a) Plan accounts based on the respective account balances of the remaining 401(a) Plan participants.
4. Following retirement and the satisfaction of the requirements set forth in Section B of this Article, a retired teacher may elect to commence distributions from his 401(a) Plan account. If a teacher dies after having satisfied the requirements of Section B of this Article, the deceased teacher's 401(a) Plan account shall be distributable to the decedent's designated beneficiary or to his/her estate if no beneficiary designation has been made. At no time may a teacher xxxxxx from his 401(a) Plan account.
5. The Corporation shall not be paid any compensation for its services performed on behalf of the 401(a) Plan. All costs incurred in the administration of the 401(a) Plan and investment fees shall be paid from the 401(a) Plan assets.
XXX Out Contributions