New VEBA definition
Examples of New VEBA in a sentence
The funding and operation of the Institute shall be separate, independent and distinct from the New Plan and the New VEBA.
However, in no event may the Committee amend the New Plan or New VEBA to provide benefits other than Retiree Medical Benefits until the expiration of the Initial Accounting Period.
The ability of the New Plan and the New VEBA to pay for Retiree Medical Benefits will depend on numerous factors, many of which are outside of the control of UAW, the Committee, the New Plan and the New VEBA, including, without limitation, the investment returns, actuarial experience and other factors.
It will be the responsibility of the Committee and the New VEBA to audit the eligibility for, and payment of, the Special Benefit.
The Committee and the New VEBA shall assure that the bank account is adequately funded for any and all such payments.
All assets transferred or contributed to the New VEBA shall be free and clear of any liens, claims or other encumbrances.
Such cooperation shall include assisting the Committee in educational efforts and communications with respect to the Class and the Covered Group so that they understand the terms of the New Plan, the New VEBA and the transition, and understand the claims submission process and any other initial administrative changes undertaken by the Committee.
The Committee and the New VEBA will assure that the bank account is adequately funded for any and all such payments.
The New VEBA will be responsible for all costs to administer the New Plan and the New VEBA commencing on the Implementation Date and continuing thereafter.
Such amounts shall represent an advance to the New VEBA to cover reasonable and necessary preparatory expenses incurred by the New Plan or New VEBA in anticipation of the transition of responsibility for Retiree Medical Benefits as of the Implementation Date as set forth in Section 5 of this Settlement Agreement.