VOLUNTARY EMPLOYEES’ BENEFICIARY ASSOCIATIONS. (VEBA) In accordance with state and federal law, the Employer and employees in bargaining units may agree to form a VEBA (tax-free medical spending accounts) funded by the retiree’s sick leave cash out. A VEBA of employees covered by this Agreement will be implemented only by written agreement with the Union.
VOLUNTARY EMPLOYEES’ BENEFICIARY ASSOCIATIONS. (VEBAS) In accordance with state and federal law, employees in the bargaining unit and the College may agree to form a VEBA (tax-free medical spending accounts) funded by the retiree’s sick leave cash out. An Employer sponsored VEBA of employees covered by this Agreement will be implemented only by written agreement with the Union. The current VEBA agreement with the College will remain in effect until such time it is reversed by a vote of the exempt employees.
VOLUNTARY EMPLOYEES’ BENEFICIARY ASSOCIATIONS. REI shall continue to sponsor and shall assume all assets and Liabilities associated with and shall retain the Houston Industries Incorporated Group Welfare Benefits Trust Agreement (as amended and restated effective January 1, 1989), Houston Lighting and Power Company Union Retirees' Medical and Dental Benefits Trust Agreement (effective December 1, 1995), Houston Lighting and Power Company Non-Union Retirees' Medical and Dental Benefits Trust Agreement (effective December 1, 1995) and the Houston Lighting and Power Company Retirees' Life Insurance Benefits Trust Agreement (effective December 1, 1995).
VOLUNTARY EMPLOYEES’ BENEFICIARY ASSOCIATIONS. 16 -ii- 4
