Individual VEBA Sample Clauses

Individual VEBA. The FCCSC shall establish a VEBA account for each individual employee hired after June 30, 1999. Once retired, an eligible employee may use VEBA funds to pay health insurance premiums, life insurance premiums, long-term care premiums, and to be reimbursed for unreimbursed medical expenses of the employee, spouse, and dependents. Ongoing Individual VEBA accounts are individual accounts managed by each individual teacher. Each eligible employee may determine how his/her account shall be invested among the investment options made available by the VEBA vendor. The vendor shall be mutually selected by the FCCSC and the FCEA. Only teachers participating in the group Health plan are eligible for the Individual VEBA. The Board shall contribute 1% of each individual teacher's base salary per year into the Individual VEBA account. All teachers hired after June 30, 1999 are 100% vested in the Individual VEBA account after completing two (2) years with the FCCSC. Monies in Individual VEBA accounts from teachers who sever employment with the FCCSC prior to meeting the eligibility criteria for retirement benefits shall be held in a forfeiture account. The spouse or eligible dependents of a teacher or retiree who dies, shall receive the Individual VEBA benefit for the purpose of paying Health insurance premiums for the spouse or eligible dependents if all eligible criteria for retirement had been met at the time of death.
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Related to Individual VEBA

  • Individual Account An individual account is an account owned by you alone, which you as the account owner use during your lifetime.

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Beneficiary Rollovers from Employer-Sponsored Retirement Plans If you are a spouse Beneficiary, nonspouse Beneficiary, or the trustee of an eligible type of trust named as Beneficiary of a deceased employer plan participant, you may directly roll over inherited assets from a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan to an inherited IRA. The IRA must be maintained as an inherited IRA, subject to the beneficiary distribution requirements.

  • Individual Accounts An individual account is an account owned by one depositor including any individual, corporation, partnership, trust, or other organization qualified for Credit Union membership. If the account is an individual account, the interest of a deceased individual owner will pass, subject to applicable law, to the decedent’s estate or payable on death (“POD”) beneficiary, if applicable.

  • Individual Grievance Subject to clause 17.5 and as provided in section 208 of the PSLRA, an employee is entitled to present a grievance in the manner prescribed in clause

  • SIMPLE Individual Retirement Custodial Account (Under section 408(p) of the Internal Revenue Code) The participant named above is establishing a savings incentive match plan for employees of small employers individual retirement account (SIMPLE IRA) under sections 408(a) and 408(p) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named above has given the participant the disclosure statement required by Regulations section 1.408-6. The participant and the custodian make the following agreement:

  • Xxxx Individual Retirement Custodial Account The following constitutes an agreement establishing a Xxxx XXX (under Section 408A of the Internal Revenue Code) between the depositor and the Custodian.

  • Traditional Individual Retirement Custodial Account The following constitutes an agreement establishing an Individual Retirement Account (under Section 408(a) of the Internal Revenue Code) between the depositor and the Custodian.

  • 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:

  • State Employee Group Insurance Program (SEGIP) During the life of this Agreement, the Employer agrees to offer a Group Insurance Program that includes health, dental, life, and disability coverages equivalent to existing coverages, subject to the provisions of this Article. All insurance eligible employees will be provided with a Summary Plan Description (SPD) called “Your Employee Benefits”. Such SPD shall be provided no less than biennially and prior to the beginning of the insurance year. New insurance eligible employees shall receive a SPD within thirty (30) days of their date of eligibility.

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