Common use of Voluntary Employees’ Beneficiary Association Clause in Contracts

Voluntary Employees’ Beneficiary Association. (VEBA). VEBA is a tax- sheltered program where, upon retirement, Full-time Faculty will be paid one-fourth (1/4) of their hourly sick leave balance times their hourly rate, which will go toward qualified medical expenses. Adjunct Faculty will be paid one-fourth (1/4) of their sick leave balance times the rate on their step of the 35WW column of the Adjunct pay scale.