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What Is Veba?
Updated On: Oct 22, 2015

“VEBA” stands for Voluntary Employee Benefit Association”. It’s a trust that has been established for our local as a retirement insurance benefit fund.  All full-time and part-time benefit eligible members make mandatory contributions effective on the ninety-first (91st) day of employment. Currently, each member contributes 37¢ per hour of straight time worked. Your pay stub will reflect VEBA payments each pay.

Benefits from the fund begin upon eligibility for Medicare (currently age 65) and are provided for UAW Local 4911 members only. No spouses or other dependents are eligible. Human Resources will explain VEBA benefits when you retire.

The establishment of the VEBA trust was voted upon by the membership with the first contract negotiated between Sparrow Hospital and UAW 4911.

UAW members that have 10 years of service may retire at age 55 and draw their retirement benefits and pay for their own medical insurance until they are eligible for VEBA at age 65. Keep in mind that you must retire in order to collect the VEBA at age 65.  If you quit or are discharged from employment you become ineligible to collect VEBA.

The VEBA trust pays for a supplemental insurance plan secondary to Medicare. Retirees pay 10% of the monthly premium cost which is deducted out of their monthly pension check. Sparrow Human Resource Department monitors VEBA recipients.

 

 


 
 
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