VEBA Participation Vote Sample Clauses

VEBA Participation Vote. When there are a minimum of five (5) retiring faculty members meeting the eligibility requirements of Section 15.2.2.9 on May 1 of any instructional year and for retirement prior to or at the conclusion of the same instructional year (June 30), a vote will be held to determine as a group whether to transfer accrued sick leave to VEBA (VEBA participation) or for individual cash-out (non-VEBA participation). A simple majority determines VEBA participation or cash-out and in the case of a tie the outcome will be VEBA participation. The vote will be conducted by the Human Resources Office on the second Monday in May after notification to AHE and the retiring faculty members.
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VEBA Participation Vote. Voluntary Employee Beneficiary Association Plan (VEBA). The College will make contributions to the plan, on behalf of all employees in the academic employee group who are eligible to participate. All eligible employees will be required to sign and submit to the College an enrollment form to be admitted to the plan. If the eligible employee declines the plan and does not sign the enrollment form, the employee forfeits the accrued compensable sick leave conversion funds that would otherwise be payable at the employee’s retirement. Contributions on behalf of each eligible employee shall be based on an amount equal to their compensable accrued sick leave buyout contribution at retirement in accordance with the statute. For the purpose of retirement contributions to the plan, all employees who retire during the term shall be eligible. The term of this plan is for the tax year from January 1 through December 31. The plan will be continually renewed for each successive year unless the academic employee bargaining unit votes to rescind the plan. When the outcome of a vote is non-VEBA participation, each retiring faculty member from the date of the vote until June 30 of the same instructional year will receive a sick leave cash-out subject to taxes and other customary withholdings in the individual faculty member’s final paycheck.
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Related to VEBA Participation Vote

  • Narrow Participation Retirement Fund A fund established in Guernsey to provide retirement, disability, or death benefits to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that:

  • Employee Participation The Employer will assist employees' participation in health promotion and health education programs. Health promotion and health education programs that have been endorsed by the Employer (Minnesota Management & Budget) will be considered to be non-assigned job-related training pursuant to Administrative Procedure 21. Approval for this training is at the discretion of the Appointing Authority and is contingent upon meeting staffing needs in the employee's absence and the availability of funds. Employees are eligible for release time, tuition reimbursement, or a pro rata combination of both. Employees may be reimbursed for up to one hundred (100) percent of tuition or registration costs upon successful completion of the program. Employees may be granted release time, including the travel time, in lieu of reimbursement.

  • Program Participation By participating in the CRF Program, Grantee agrees to:

  • Eligibility for Group Participation This section describes eligibility to participate in the Group Insurance Program.

  • Participation Rights No HIG Stockholder may make a Transfer of Series C Preferred Stock pursuant to clause (a)(iv) of Section 2.1 unless such HIG Stockholder complies with the provisions of this Section 2.3. The transferring HIG Stockholder (the “Transferring Stockholder”) shall deliver a written notice (the “Offer Notice”) to the Company and to each Sankaty Stockholder that holds Series C Preferred Stock. The Offer Notice will disclose in reasonable detail the proposed number of shares of Series C Preferred Stock to be transferred, the proposed price, terms and conditions of the Transfer and the identity of the transferee. Each of the Sankaty Stockholders holding Series C Preferred Stock may elect to participate in the contemplated sale by delivering written notice to the Transferring Stockholder within 10 days after receipt of the Offer Notice. If any of such Sankaty Stockholders elects to participate in such sale (the “Participating Stockholders”), each of the Transferring Stockholder and the Participating Stockholders will be entitled to sell in the contemplated sale a number of shares of Preferred Stock equal to the product of (i) the fraction, the numerator of which is the number of shares of Series C Preferred Stock held by such Person, and the denominator of which is the aggregate number of Series C Preferred Stock owned by the Transferring Stockholder and the Participating Stockholders, multiplied by (ii) the number of shares of Series C Preferred Stock to be sold by the Transferring Stockholder and the Participating Stockholders in the contemplated sale. As a condition to any Transfer by the Transferring Stockholder, the Transferring Stockholder must obtain the agreement of the prospective transferee(s) to the participation of all Participating Stockholders in any contemplated sale and will not transfer any of its Securities to the prospective transferee(s) if the prospective transferee(s) declines to allow the participation of the Participating Stockholders on the terms specified herein.

  • Union Participation The Employer agrees not to interfere with the rights of the employees to become members of the Union and there shall be no discrimination, interference, restraint, or coercion by the Employer or any Employer representative against any employee because of Union membership or because of any employee activity officially sanctioned by this contract on behalf of the Union.

  • Broad Participation Retirement Fund A fund established in The Bahamas to provide retirement, disability, or death benefits, or any combination thereof, to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that the fund:

  • Mandatory Participation Participation in the Special Pay Plan is mandatory for all 24 eligible teachers.

  • Community Participation Goods, works, and services required for Part B.2 of the Project may be procured on the basis of community participation in accordance with rules and procedures acceptable to the Association, as set forth in the PIP.

  • COOPERATIVE PURCHASING PROGRAM PARTICIPATION Arkansas' Purchasing Law provides that local public procurement units (counties, municipalities, school districts, certain nonprofit corporations, etc.) may participate in state purchasing contracts. The contractor therefore agrees to sell to Cooperative Purchasing Program participants at the option of the program participants. Unless otherwise stated, all standard and special terms and conditions listed within the contract must be equally applied to such participants.

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