Common use of Voluntary Employee Beneficiary Association (VEBA Clause in Contracts

Voluntary Employee Beneficiary Association (VEBA. The employee (except as outlined in 1.c of this Section) will have access on January 1st in their individual VEBA account, to $3,500 for each employee without dependents, and $5,500 for each employee with spouse and/or dependents. a. The City will make contributions to the VEBA for each employee each pay period, and employees leaving employment mid-year will receive pro-rated contributions. b. Employees participating in the NWFFT Plan will have a VEBA account established in their name. The Association and the City agree that the set-up of the VEBA will provide for annual roll-over of account funds and there will not be a cap on the overall account balance. Additionally, the VEBA will be established as accessible to an employee post retirement or upon separation from employment with rights of survivorship to the employee’s spouse or dependents in the event of death.

Voluntary Employee Beneficiary Association (VEBA. The employee (except as outlined in 1.c of this Section) will have access on January 1st in their individual VEBA account, to $3,500 for each employee without dependents, and $5,500 for each employee with spouse and/or dependents. a. The City will make contributions to the VEBA for each employee each pay period, and employees leaving employment mid-year will receive pro-rated contributions. b. Employees participating in the NWFFT IAFF HWT Plan will have a VEBA account established in their name. The Association and the City agree that the set-up of the VEBA will provide for annual roll-over of account funds and there will not be a cap on the overall account balance. Additionally, the VEBA will be established as accessible to an employee post retirement or upon separation from employment with rights of survivorship to the employee’s spouse or dependents in the event of death.