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:
VEBA Contribution. Effective July 1, 2019, 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. The Board shall contribute an amount equal to one percent (1%) of the Superintendent's base salary into Internal Revenue Code VEBA plan for each year of employment for the Superintendent. The Superintendent shall be one hundred percent (100%) vested at time the Board makes its annual contribution on behalf of the Superintendent.
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. The purpose of the VEBA is to provide employees with the ability to plan for future as well as current health care expenses as included under Section 213 of the Internal Revenue Code. Employees realize a significant benefit under this Plan as eligible contributions to a VEBA Trust and the reimbursed expenses from the VEBA Trust are tax exempt.
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. 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. Monies currently in the VEBA shall be immediately vested, however, no new contributions will be made into this account.
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.
