VEBA. The school corporation shall contribute to a voluntary employee’s beneficiary association (VEBA) as described in section 501 c (9) of the Code, that amount representing the present value of all benefits as calculated for all employees under Subsection B above. This benefit shall be deposited with the single investment vendor for the VEBA selected by the association and board. The terms and conditions for the administration and operations of the VEBA shall be as follows:
VEBA. The Association annually may conduct a vote of affected employees to determine whether or not sick leave cash out of those employees may be put into a VEBA account for post-retirement health care. If the affected employees so vote by simple majority, all of them must participate in the VEBA program.
VEBA. The Association may elect to convert unused leave under this Section to a VEBA which is an optional Sick Leave Conversion Program. If allowed by regulations, there will be a one-time vote and election by the membership to participate or not participate.
VEBA. The School Corporation has established a voluntary employees’ beneficiary association (“VEBA”), as described in section 501(c)(9) of the Internal Revenue Code. Employees which received deposits are subject to the following conditions.
VEBA. The Corporation shall contribute the full amount of each Teacher’s buy–out contribution to a voluntary employees’ beneficiary association (“VEBA”) as described in section 501(c)(9) of the IRS Code.
VEBA. A teacher’s VEBA account shall remain in place during the length of time that he/she remains on the recall list.
VEBA. The Employer and Union will participate annually subject to a vote of the employees in the Voluntary Employee Benefit Account (VEBA) for eligible employees retiring or separating from service between September 1 and August 31 of each year.
VEBA. Employees who are eligible to retire shall participate in a vote administered by the union to determine if the Voluntary Employee Benefits Association (VEBA) benefit shall be offered to employees who elect to retire. The VEBA benefit allows employees who are eligible to retire from City Service to cash out their unused sick leave balance upon retirement and place it in a VEBA account to be used for post-retirement healthcare costs as allowed under IRS regulations.
VEBA. The Union will conduct a vote to determine whether to participate in a Health Reimbursement Account (HRA) Voluntary Employee Benefits Association (VEBA) to provide post-retirement medical expense benefits to members who retire from City service. Contributions from Unused Paid Time off at Retirement
VEBA. Contingent on a favorable vote conducted by the Union of the employees, employees covered by this Agreement shall have all funds generated by sick leave buyout at retirement contributed to a Voluntary Employee’s Beneficiary Association (VEBA). The Union may give notice to the College at any time that they wish to cancel participation in the VEBA program consistent with the program’s guidelines and IRS rules.
