VEBA Contribution Sample Clauses
The VEBA Contribution clause outlines the employer's obligation to make contributions to a Voluntary Employees' Beneficiary Association (VEBA) trust on behalf of eligible employees. Typically, this clause specifies the amount, frequency, and conditions under which contributions are made, such as per pay period or annually, and may detail which employees qualify for these benefits. By clearly defining the employer's funding responsibilities, the clause ensures that employees receive designated health or welfare benefits, and it helps prevent disputes over benefit funding.
VEBA Contribution. Effective July 1, 2021, full-time employees who elect to enroll in Low Deductible medical insurance coverage (single or family) will receive an annual VEBA contribution of six-hundred dollars ($600). Full-time employees who elect to enroll in HOOP medical insurance coverage (single or family) will receive an annual VEBA contribution of one-thousand-eight-hundred dollars ($1800). The contributions to the VEBA account shall be available to the Employee for payment of Employee medical expenses. In the event of the employee’s death, distribution of these funds are determined by IRS guidelines.
VEBA Contribution. 3.1. Peabody shall pay or cause to be paid a total of $220 million to the VEBA (the “VEBA Contributions”), payable as follows:
(a) $75 million on January 2, 2015, or the next Business Day thereafter if not a Business Day;
(b) $75 million on January 2, 2016, or the next Business Day thereafter if not a Business Day; and
(c) $70 million on January 2, 2017, or the next Business Day thereafter if not a Business Day.
3.2. For the avoidance of doubt, the sum of the Cash Contribution and the VEBA Contributions will be $310 million (in nominal dollars).
VEBA Contribution. The City contribution toward individual VEBA accounts for employees shall be fully funded at $75 per month for all full-time career employees, ending the temporary reduction in place during the 2012-2015 MOU.
VEBA Contribution. Employee contributions to individual VEBA accounts shall be forty-five ($45.00) dollars per month beginning the first month following ratification of the agreement.
VEBA Contribution. Full-time employees who elect to enroll in the EMPLOYER’s high-deductible, health insurance plan shall receive a contribution of eight-hundred-fifty dollars ($850) to a Voluntary Employees' Beneficiary Association (VEBA) account which will be established by the EMPLOYER. The contributions to the VEBA account shall be available to the Employee for payment of Employee medical expenses. *Note: In the event of your death, your VEBA account dollars will go to your spouse. If you do not have a spouse, they will go to any IRS dependents you have. If you do not have dependents, your VEBA dollars will go into your estate to offset any health costs which may have accrued. Any remainder will be forfeited.
VEBA Contribution. 5 January 1, 2020 and thereafter the District agrees to pay each employee yearly the amount per FTE 6 based on previous pooling allotment from the District.
VEBA Contribution. A. The City will contribute two percent (2%) of an employee’s base salary, as defined in Section 9.2 above, to a Voluntary Employees’ Beneficiary Association (VEBA) to be used by employees, at their option, for either pre or post-retirement eligible expenses.
VEBA Contribution. The Superintendent shall receive yearly contributions to a VEBA account in an amount provided to other similarly situated administrative personnel.
VEBA Contribution. Monies currently in the VEBA shall be immediately vested, however, no new contributions will be made into this account.