VEBA Trust Clause Samples

A VEBA Trust clause establishes a Voluntary Employees' Beneficiary Association trust to hold and manage funds for employee benefits. Typically, this clause outlines how contributions are made to the trust, the types of benefits covered (such as health or life insurance), and the fiduciary responsibilities of the trust's administrators. Its core function is to ensure that employee benefit funds are segregated from the employer's general assets, providing security and compliance with tax and legal requirements.
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VEBA Trust. The Debtors will provide reasonable access to the Debtors’ professionals, agents and employees (including Kodak employees familiar with its Retiree Benefits), and the Debtors’ books and records, at the 1114 Committee’s reasonable request and to the extent reasonably necessary to implement the terms of this Agreement and to establish the VEBA Trust (subject to compliance with all applicable law, rules and regulations).
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VEBA Trust. A Voluntary Employee’s Beneficiary Association (VEBA) pursuant to Section 501(c) (9) of the Internal Revenue Code is established as a method to pay for health insurance coverage for retirees. Effective the first full pay period following April 1, 2006, and continuing thereafter, the County will reduce the pre-tax compensation of each employee by one-percent (1%) which the County will contribute to the VEBA as an Employer contribution. At no time shall any employee have any right to receive the amount of the salary reduction in cash or in any form other than retiree health insurance coverage under the provisions of the VEBA. Following ratification of the contract, the parties will enter into coalition bargaining with interested Genesee County Unions regarding the composition of the VEBA Board of Trustees.
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VEBA Trust. 20 All insurance programs shall be offered in the District through a 501(c) (9) VEBA Trust (hereinafter 21 "Trust"), unless otherwise expressly provided. The District will notify the Association of the schedule of 22 Trust meetings, and allow a representative to observe these meetings. 24 In keeping with the powers and responsibilities as described in the Trust document, the funding available 25 from the District and/or plan participants, the Trustees shall determine the benefits to be provided and the 26 contributions required of plan participants.
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VEBA Trust. A Voluntary Employee’s Beneficiary Association (VEBA) pursuant to Section 501(c) (9) of the Internal Revenue Code is established as a method to pay for health insurance coverage for retirees. The County will reduce the pre-tax compensation of each employee hired before March 23, 2011 by 3% which the County will contribute to the VEBA as an Employer contribution. At no time shall any employee have any right to receive the amount of the salary reduction in cash or in any form other than retiree health insurance coverage under the provisions of the VEBA. Genesee County Unions will be represented on the VEBA Board of Trustees. The County shall provide the Chapter Chair with a copy of the VEBA Funds Investment Performance Analysis bi-annually (the 6-30 and 12-31 analysis) upon written request. Section 8 - Employees Hired on or after March 23,
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VEBA Trust. Both parties conceptually agree the establishment of a VEBA Trust is an excellent benefit to help members save for future personal health care costs that will be required in retirement. The parties further agree to meet as soon as practical or prior to October 1, 2020 to negotiate the City’s commitment to provide initial funding to support the creation of a VEBA program.
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VEBA Trust. A Voluntary Employee’s Beneficiary Association (VEBA) pursuant to Section 501(c) (9) of the Internal Revenue Code is established as a method to pay for health insurance coverage for retirees. Effective the first full pay period following April 1, 2006, and continuing thereafter, the County will reduce the pre-tax compensation of each employee by one- percent (1%) which the County will contribute to the VEBA as an Employer contribution. At no time shall any employee have any right to receive the amount of the salary reduction in cash or in any form other than retiree health insurance coverage under the provisions of the VEBA. As soon as administratively possible after ratification of the 2011-2012 Collective Bargaining Agreement by the Genesee County Board of Commissioners, and continuing thereafter, the County will reduce the pre-tax compensation of each employee hired prior to March 23, 2011, by three (3%), which the County will contribute to the VEBA as an Employer contribution. At no time shall any employee have any right to receive the amount of the salary reduction in cash or in any form other than retiree health insurance coverage under the provisions of the VEBA. Genesee County Unions will be represented on the VEBA Board of Trustees. The County shall provide the Chapter Chair with a copy of the VEBA Funds Investment Performance Analysis bi-annually (the 6-30 and 12-31 analysis) upon written request.
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VEBA Trust. The County will establish a VEBA or a retiree medical trust as close to January 1, 2007 as possible pending discussions with Consultant.
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Related to VEBA Trust

  • 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: (1) The amount calculated for each employee will be invested in a separate account. For those employees who are married to another employee covered by this collective bargaining agreement and receiving health insurance buyout dollars, the amount deposited in each married employee’s account will be divided equally. Any spouse hired after June 30, 2002 will not be entitled to any payment for the eliminated retirement benefits. There will be no commingling of accounts and each employee may determine how his or her account shall be invested among the investment options made available by the vendor for the VEBA. (2) Until such time that an employee has retired and satisfied the eligibility requirements set forth in this Appendix, the employee shall have no access to the assets held in his or her separate VEBA account. (3) If an employee retires or otherwise terminates employment before satisfaction of the requirements set forth in this Article, the terminated employee’s VEBA account shall be forfeited. Forfeited amounts shall be calculated at the end of each plan year only among the remaining separate VEBA accounts. This reallocation shall be in a manner similar to that used by Educational Services in initially determining the present value calculations. Therefore, VEBA accounts of the following employees will not share in the reallocation of a forfeiture of a VEBA account. (i) Employees who forfeited their VEBA accounts in the same year; (ii) Employees who previously forfeited their VEBA accounts; (iii) Employees who have attained the age of sixty (60) and terminated employment in or before the year of reallocated forfeiture. Furthermore, ▇▇▇▇ accounts of employees who have attained the age of sixty (60), but who have not terminated employment may share in the reallocated forfeiture, but on a reduced basis. The forfeiture amounts as calculated herein shall be deposited into each individual’s account October 1 of each year. (4) Following retirement and the satisfaction of the requirements set forth in this Appendix, a retired employee may use the amounts held in his/her separate VEBA account to pay health insurance premiums and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Furthermore, following the death of an employee, any amounts remaining in the deceased employee’s VEBA account may continue to be used to pay these premiums and expenses of the employee’s spouse and dependents. Any amounts not distributed to or for the benefit of the employee, spouse and/or dependents shall be provided as a taxable cash benefit to a named beneficiary. At no time may the VEBA make loans to an employee, his/her spouse, or his/her dependents.

  • Investment Management Trust Agreement The Company has entered into the Trust Agreement with respect to certain proceeds of the Offering and the Private Placement substantially in the form filed as an exhibit to the Registration Statement.