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 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 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 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. 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.
VEBA. Represented administrators may, by annual election of the bargaining unit contribute to VEBA.
VEBA. A. The Board shall set up a VEBA (voluntary employees beneficiary association) account for each contracted teacher as of July 1, 2006. At the end of each completed school year, ½ of one percent (.5%) of the base teacher contract amount shall be contributed into each teacher’s individual VEBA account. A teacher’s VEBA account shall be vested upon completion of 5 years of experience with FCSC or fulfillment of the requirements for normal (unreduced) retirement under Indiana State Teachers Retirement Fund (“TRF”) (age 65 with at least 10 years of TRF service; age 60 with at least 15 years of TRF service; or age 55 if age plus TRF service total at least 85). A teacher shall be 100% vested in his or her VEBA account upon his or her death.
