Voluntary Employee Benefit Association (VEBA Sample Clauses

Voluntary Employee Benefit Association (VEBA. The Union shall have the option during the life of this Agreement to direct the City to make monthly pre-tax deductions from the base salaries for all LEOFF II members covered by this Agreement, at which time the City shall commence making an ongoing monthly deduction to a VEBA trust fund designated by the Union to pay health insurance premiums or other legally authorized healthcare costs for eligible future retirees and dependents. The monthly deduction amount shall be determined by the Union and be deducted from the employee’s paycheck on a pre-tax basis. These deductions shall be included as salary for the purpose of calculating retirement benefits to the extent that this is not in conflict with law. Implementation of this provision shall be contingent upon the Union obtaining a letter ruling from the Internal Revenue Service approving the VEBA trust fund. In addition, the Union shall indemnify, hold harmless and defend the City from any and/or litigation arising from the promulgation, implementation and operation of the VEBA trust fund.
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Voluntary Employee Benefit Association (VEBA. A. Employees are entitled to participate in group life insurance offered by the Boulder Police Voluntary Benefit Association (VEBA). The VEBA shall provide coverage to all active employees and to employees who retire on or after January 1, 1989.
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Voluntary Employee Benefit Association (VEBA. Effective August 1, 2003, there shall be a program titled VEBA es- tablished as a part of the WTWT, for the purpose of providing the means for pre-funding, in part, the WTWT retiree’s self pay rates for Retiree Health and Welfare Benefits. The funding of the VEBA Ben- efit shall be derived from the diversion of $100.60 per month from each contribution paid on behalf of each active employee, Employer contributions, earned income on reserve investments, and the trans- fer of present retiree reserves into the VEBA account. Contributions shall be credited to each individual employee on behalf of who such contributions are remitted for purposes of determining benefit eligi- bility. A detailed explanation of benefit amounts and eligibility re- quirements will be made available to all participants. The contribu- tion level necessary to fund the Retirees Benefits shall be determined from time to time by the WTWT Trustees. It is acknowledged by the bargaining parties that the granting of credits under the VEBA pro- gram has been suspended by the Board of Trustees of the WTWT and that the $100.60 being contributed under this provision is cur- rently being used to offset ongoing retiree costs.
Sample 1
Voluntary Employee Benefit Association (VEBA. ‌ "Eligible employees" for purposes of this section shall be defined as those members of the bargaining unit who have successfully completed their initial probationary period. The City has adopted a HRA-VEBA account with the HRA-VEBA Trust to receive contributions of eligible IAFF employees. The City will contribute $75 per month for each eligible employee to the IAFF VEBA. If the City implements a new HDHP with a Health Savings Account (HSA), the definition of eligible employee for HRA-VEBA contributions will be modified for those employees who are enrolled in the PPO or HMO medical plan options. For those employees who elect to participate in the new HDHP, current City contributions ($75/month) to the HRA-VEBA will be made instead to the City Deferred Compensation Plans (457) and the employee participation in the HRA-VEBA will be suspended. The IRS prohibits an employer from making a contribution to a HDHP and HRA-VEBA at the same time. 1 Effective January 1, 2014, the City’s contribution will increase to $90 per month for each eligible employee to the IAFF VEBA. 1 The parties acknowledge that $50 of this contribution was in lieu of an additional increase to the salary scale and that the contributions of $50 per month reflected an effort to approximate payments in lieu of a one percent (1%) base wage increase in the first year of the 1999-2001 Agreement. In addition, effective with the first pay period including July 1, 2004, the City agreed to continue contributing an additional $25 per month for each eligible employee, in lieu of an additional increase to the salary scale. Effective January 1, 2014, the City agreed to contribute an additional $15 per month for each eligible employee.
Sample 1
Voluntary Employee Benefit Association (VEBA. There shall be a program titled VEBA established as part of the Western Teamsters Welfare Trust (WTWT), for the purpose of providing the means for pre-funding, in part, the WTWT retiree's self pay rates for Retiree Health and Welfare Benefits. The funding of the VEBA Benefit shall be derived from the diversion from each contribution paid on behalf of each active employee as determined by the Area Co-Chairs, Employer contributions set forth in Section 1 (a) above earned income on reserve investments and the transfer of present retiree reserves into the VEBA account. Contributions provided for in Section 1 (a) above shall be credited to each individual employee on behalf of who such contributions are remitted for the purpose of determining benefit eligibility and entitlement. A detailed explanation of benefit amounts and eligibility requirements will be made available to all participants. The contribution level and self pay amounts necessary to fund the Retirees Benefits shall be determined from time by the WTWT Trustees.
Sample 1
Voluntary Employee Benefit Association (VEBA. One (1) percent of employee’s base pay to fund a City selected and contracted VEBA plan. Funding of the VEBA will occur in each pay period where the employee has pay from the City for at least half of their scheduled hours and the City will handle the transfer of funds. During a pay period where the employee does not have pay for at least half of their scheduled hours, they will not have the VEBA contribution (except for leaves covered by FMLA and/or PFML). These funds are provided by the employer, and are a Mandatory Employee Contribution to VEBA.
Sample 1

Related to Voluntary Employee Benefit Association (VEBA

  • PART-TIME EMPLOYEE BENEFITS Regular part time employees shall be provided the opportunity to purchase benefits of one of the plans described in Article XVII, Sections B and C at the Employer plan’s premium cost. The Employer will pay the Employer’s monthly share of the premium cost at a ratio proportionate to the employee’s part time condition of employment contingent upon receipt of the employee’s yearly share of the employee’s premium.

  • Health Benefit Plan Par. 1. The Health Benefit Plan covering life insurance, sickness and accident benefits, and hospitalization insurance, or any changes thereto that are in accordance with the National Elevator Industry Health Benefit Plan and Declaration of Trust, shall be a part of this Agreement and adopted by all parties signatory thereto.

  • Employee Benefit Plans Except as could not reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect, (i) each Employee Benefit Plan and Foreign Pension Plan (and each related trust, insurance contract or fund) has been documented, funded and administered in compliance with all applicable Laws, including, without limitation, ERISA and the Code; (ii) the sponsor or adopting employer of each Employee Benefit Plan which is intended to qualify under Section 401(a) of the Code has received or timely applied for a favorable determination letter, or is entitled to rely on a favorable opinion letter, as applicable, from the IRS indicating that such Employee Benefit Plan is so qualified and nothing has occurred subsequent to the issuance of such determination letter or opinion letter which would cause such Employee Benefit Plan to lose its qualified status; (iii) no liability to the PBGC (other than required premium payments), the IRS, any Employee Benefit Plan or any Trust established under Title IV of ERISA has been or is expected to be incurred by any ERISA Party (other than contributions made to an Employee Benefit Plan or such Trust or expenses paid on their behalf, in each case in the ordinary course); (iv) no ERISA Event has occurred or is reasonably expected to occur; (v) the present value of the aggregate benefit liabilities under each Pension Plan (determined as of the end of the most recent plan year on the basis of the actuarial assumptions specified for funding purposes in the most recent actuarial valuation for such Pension Plan) did not exceed the aggregate current value of the assets of such Pension Plan; (vi) no ERISA Party is in “default” (as defined in Section 4219(c)(5) of ERISA) with respect to payments to a Multiemployer Plan; (vii) no ERISA Party has incurred any obligation in connection with the termination of, or withdrawal from, any Foreign Pension Plan; and (viii) the present value of the accrued benefit liabilities (whether or not vested) under each Foreign Pension Plan, determined as of the end of Holdings’ and the Borrowers’ most recently ended Fiscal Year for which audited financial statements are available on the basis of the actuarial assumptions described in Holdings’ audited financial statements for such Fiscal Year, did not exceed the aggregate of (A) the current value of the assets of such Foreign Pension Plan allocable to such benefit liabilities and (B) the amount then reserved on Holdings’ consolidated balance sheet in respect of such liabilities (and such amount reserved on Holdings’ consolidated balance sheet does not constitute a material liability to Holdings and its Restricted Subsidiaries taken as a whole).

  • Employee Benefit Matters Except as would not reasonably be expected to have, either individually or in the aggregate, a Company Material Adverse Effect: (a) each “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) providing benefits to any current or former employee, officer or director of the Company or any member of its “Controlled Group” (defined as any organization which is a member of a controlled group of corporations within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”)) that is sponsored, maintained or contributed to by the Company or any member of its Controlled Group and for which the Company or any member of its Controlled Group would have any liability, whether actual or contingent (each, a “Plan”) has been maintained in compliance with its terms and with the requirements of all applicable statutes, rules and regulations, including ERISA and the Code; (b) with respect to each Plan subject to Title IV of ERISA (including, for purposes of this clause (b), any plan subject to Title IV of ERISA that the Company or any member of its Controlled Group previously maintained or contributed to in the six years prior to the Signing Date), (1) no “reportable event” (within the meaning of Section 4043(c) of ERISA), other than a reportable event for which the notice period referred to in Section 4043(c) of ERISA has been waived, has occurred in the three years prior to the Signing Date or is reasonably expected to occur, (2) no “accumulated funding deficiency” (within the meaning of Section 302 of ERISA or Section 412 of the Code), whether or not waived, has occurred in the three years prior to the Signing Date or is reasonably expected to occur, (3) the fair market value of the assets under each Plan exceeds the present value of all benefits accrued under such Plan (determined based on the assumptions used to fund such Plan) and (4) neither the Company nor any member of its Controlled Group has incurred in the six years prior to the Signing Date, or reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation in the ordinary course and without default) in respect of a Plan (including any Plan that is a “multiemployer plan”, within the meaning of Section 4001(c)(3) of ERISA); and (c) each Plan that is intended to be qualified under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service with respect to its qualified status that has not been revoked, or such a determination letter has been timely applied for but not received by the Signing Date, and nothing has occurred, whether by action or by failure to act, which could reasonably be expected to cause the loss, revocation or denial of such qualified status or favorable determination letter.

  • BENEFIT FUND The Trustees are authorized and directed to establish a study committee to review the legality, feasibility and desirability of setting up and maintaining an employee funded Section 125 Flexible Spending Account (FSA). If an FSA is determined to be legal, feasible and desirable in this context, the Trustees are further authorized and directed to establish such an arrangement and offer it to employees covered by this Agreement; provided that the FSA shall not be offered to employees of any Employer who is unwilling or unable to permit employee participation in the FSA.

  • EMPLOYEE BENEFIT PLAN Any employee benefit plan within the meaning of §3(3) of ERISA maintained or contributed to by the Borrower or any ERISA Affiliate, other than a Multiemployer Plan. Environmental Laws. See §7.18(a).

  • RETIREE HEALTH SAVINGS PLAN Effective December 24, 2006, or as soon as administratively possible, the County shall establish a retiree health savings plan (RHSP) by contributing an amount of $25.00 to the employee’s RHSP each biweekly pay period.

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