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The VEBA Trust For Public Employees in the State of Washington signed a Personal Services Contract on March 18th with the State of Washington Department of Personnel that will allow state agencies and higher education institutions to join the VEBA Trust. Agencies which have reviewed and adopted the Plan include the Attorney General's Office, the State Auditor's Office, the Department of Transportation, and others.
The VEBA Trustees believe that these new employee groups will promote steady growth for the Trust and provide participants with lower administrative costs.
VEBA Competition from State of Ohio enters Washington
An Ohio based insurance company, along with a Chicago bank, is now offering a VEBA plan in Washington.
The "Plan from Ohio" requires monthly contributions to be made on behalf of all employees within a bargaining group at a minimum $10 contribution, regardless of whether or not the employee is eligible for sick leave cash-out. In addition, the plan benefits are not available until a participant terminates employment or retires.
VEBA Trust Hires Top VEBA Attorney
The VEBA Trust has retained attorney Russell Greenblatt of the Chicago firm of Katten, Muchin, and Zavis. Mr. Greenblatt, while with the IRS in 1978-80 was a principal author of the current VEBA regulations in Internal Revenue Code Section 501(c)(9). Mr. Greenblatt will assist our existing attorney, Mr. Henry Liebman, on special projects.
Mr. Greenblatt's current client list includes General Motors, Wal-Mart, and now, our VEBA Trust. Mr. Greenblatt has worked with over 200 VEBAs in the last 20 years.
We welcome Mr. Greenblatt to our team. We want you to be assured our Trust is getting the best legal advice available today.
VEBA to Offer Two Additional Investment Fund Options
The VEBA Trust will offer participants two additional investment fund choices with a projected launch date of September 1st. In addition to our current Conservative Stable Value Fund, we will offer a Moderate Balanced Fund and an Aggressive Growth Fund. Information will be mailed to school districts and participants in July.
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