is Voluntary Employees' Benefits Association.
voluntary employees' beneficiary association. See 501(c)(9) trust.----------[ Back
Voluntary Employee Beneficiary Association. A trust or other organization created under Internal Revenue Code Section 501(c)(9), serving as the basis of an employer-sponsored employee benefit plan.
an entity, such as a corporation or trust established under applicable local law, having an existence independent of the member-employees or their employer and which is controlled by its membership, by independent trustees, or by fiduciaries designated
Voluntary Employees' Beneficiary Association. Internal Revenue Code Section 501(c)(9) creates the legal basis for the establishment of Employee (Welfare) Benefit Funds operated by many NYSUT locals. The term “VEBA” in the public sector is a misnomer in that employees' participation in Funds is not voluntary due to the fact that the Funds are a product of collective bargaining between employers and public sector unions.