Retirement Restructuring VEBA. These accounts were established for certain eligible teachers who have had their right to receive the former Social Security and Medicaid Bridge restructured through a buyout with contributions to a Retirement Restructuring VEBA account. The provisions governing that Retirement Restructuring VEBA account are set forth below. If a teacher leaves the school corporation prior to the age of fifty (50), or prior to obtaining ten (10) years of service with the corporation, the teacher forfeits the corporation contribution to the Retirement Restructuring VEBA benefit and its accrued earnings. The total forfeited amount will be placed into the corporation’s forfeiture account. Money held in this account shall be used to offset the employer’s obligations to make annual contributions to the Voluntary Employee Benefit Association Accounts. If a teacher dies prior to retirement, all VEBA contributions plus accrued earnings shall be the property of the teacher’s IRS beneficiaries or estate if no beneficiaries are named. If a teacher, who received a buy-out, becomes classroom disabled as defined by the Teacher’s Retirement Fund or permanently disabled as defined by the Social Security Administration, prior to retirement, the buy-out contribution plus its accrued earnings shall be the property of the teacher. For a teacher employed within Xxxxxxxx County Schools hired after June 1, 2004, an annual deposit of Four Hundred Dollars ($400) to the teacher’s Retirement Restructuring VEBA account will be made on or before July 1, following the completion of each year of service. Teachers with at least one hundred twenty (120) days of service in any one school year will receive the full annual contribution. Teachers with a least sixty (60) but no more than one hundred nineteen and a half (119.5) days of service in any one school year will receive one-half (1/2) of the annual contribution. If a teacher leaves the school corporation prior to the age of fifty (50), or prior to obtaining ten (10) years of service with the corporation, the teacher forfeits the corporation contribution to the Retirement Restructuring VEBA benefit and its accrued earnings. The total forfeited amount will be placed into the corporation’s forfeiture account. Money held in this account shall be used to make annual payments to the Voluntary Employee Benefit Association accounts.
