Posted on behalf of Sheryl Gordon
Do you ever wonder how it might benefit you to be a good manager of your sick leave?
At Green River College, Voluntary Employees’ Beneficiary Association (VEBA) is a medical expense plan funded with your compensable unused sick leave at retirement. When you meet the retirement criteria for your plan and terminate from Green River College as a retiree, the College will pay out your remaining compensable sick leave on a 1-for 4-basis at your current rate of salary.
The funds go tax free to a reimbursement account from which you can draw upon in retirement to pay eligible out-of-pocket medical costs for you and your eligible dependents. You can invest in your account using one of two different options, and you can change your investment selection(s) up to once per calendar month.
VEBA Trust currently provides benefits to 50,000 public employees and retirees from more than 400 school districts, community and technical colleges, state agencies, and higher education institutions in Washington.
Learn more about VEBA at retirement VEBA Trust.