Voluntary Employee Beneficiary Association

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Voluntary Employee Beneficiary Association (VEBA) is an organization for members who have an employment-related common bond, or coverage under one or more collective bargaining agreements, or membership in a labor union, to pay life, sick, accident, and similar benefits. A VEBA operates similar to a pension fund in that employers contribute a specific amount of money each year to accounts for their employees.


Definitions

According to Labor Relations and Collective Bargaining by Michael R. Carrell and Christina Heavrin (10th edition),

Voluntary Employee Beneficiary Association (VEBA). An organization for members who have an employment-related common bond, or coverage under one or more collective bargaining agreements, or membership in a labor union, to pay life, sick, accident, and similar benefits. A VEBA operates similar to a pension fund in that employers contribute a specific amount of money each year to accounts for their employees.

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