He serves as Chairman of the UAW Retiree Medical Benefits Committee, which administers the UAW Voluntary Employees Beneficiary Association
(VEBA) Trust Fund.
Texas regulators shut down Britannia International Life & Casualty for selling unauthorized stop-loss coverage to employers through two plans that were shut down in March 2002 for being illegal: American Benefit Plans and United Employers Voluntary Employees Beneficiary Association
It is 501(c)(9) Tax Exempt Trust, commonly referred to as the Voluntary Employees Beneficiary Association
Tax Court held that contributions made by an employer to its voluntary employees beneficiary association
(VEBA) for post-retirement medical and life insurance benefits were not deductible because the amounts contributed were spent the following year on benefits for active employees and did not constitute a "reserve" for retiree benefits.
The proceeds from this claim are anticipated to be contributed to a Voluntary Employees Beneficiary Association
Under terms of the agreement, AK Steel will transfer all of its health care (OPEB) obligations for the covered retirees to a Voluntary Employees Beneficiary Association
(VEBA) trust, which will be managed solely by the retirees' designees, and will be utilized to fund the retirees' covered benefits.
Although they have been in existence since 1928, Voluntary Employees Beneficiary Associations
(VEBA) are not well known or understood.