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261:, thus relieving the companies from carrying the liability for their health plans on their accounting books. The UAW Retiree Medical Benefits Trust, with more than $ 45 billion in assets as of June 2010, and $ 58.8 billion as of March 2014, is the world's largest VEBA.
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250:. However, if multiple employers share the same line of business and the same geographic area, they are considered to share the "common bond" specified by the law.
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Beneficiaries of a VEBA must have an employment-related common bond (such as a common employer), be covered by a collective bargaining agreement, or belong to a
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Its earnings may not benefit of any private individual, organization, or shareholder other than through the payment of benefits;
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Substantially all of its operations are for the purpose of providing benefits;
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Selected
Problems of Voluntary Employees' Beneficiary Associations (VEBAs).
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in the payment of its benefits (unless it was established pursuant to a
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The organization must also meet the following additional requirements:
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Durbin, Dee-Ann. "UAW Leaders
Nominate Bob King as New President."
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It must be controlled by its members, in whole or part by their
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A major use of the concept was implemented in 2007 when the
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Internal
Revenue Service, U.S. Department of the Treasury
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Dolan, Matthew. "UAW Fund: $ 45 Billion For
Investing."
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137:, whose sole purpose must be to provide
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240:Employer contributions to a VEBA are
173:pay. A VEBA cannot, however, provide
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349:The Law of Tax-Exempt Organizations.
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323:The Law of Tax-Exempt Organizations.
310:Financial Planning Answer Book 2009.
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44:adding citations to reliable sources
351:Hoboken, N.J.: Wiley, 2007, p. 493.
338:Hoboken, N.J.: Wiley, 2007, p. 491.
290:Hoboken, N.J.: Wiley, 2007, p. 490.
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312:CCH Inc., 2008, p. 3-37.
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234:collective bargaining
163:unemployment benefits
132:United States federal
151:continuing education
40:improve this article
381:Wall Street Journal
255:United Auto Workers
367:December 16, 2009.
347:Hopkins, Bruce R.
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187:dependents
167:sick leave
157:benefits,
128:trust fund
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