Voluntary Employee's Benefit Association Medical Expense Plan
What is the VEBA Medical Expense Plan ("VEBA MEP") for Sick Leave Cash-Out Funds?
The VEBA MEP is a post-retirement health reimbursement arrangement (HRA) available to eligible state and higher education employees. This program enables your employer to deposit tax-free funds equivalent to the cash-out of your compensable unused sick leave at the time of retirement into a VEBA Trust account. Refer to BPPM 55.49 and BPPM 60.41 for additional information on payment of sick leave.
Go to www.veba.org for detailed VEBA MEP information.
Prior to Retirement
WSU employees who are retiring and are eligible to receive Sick Leave Payout, must complete and sign the VEBA Membership Enrollment Form and return it to Payroll Services, Campus Zip 1024, 236 French Administration.
The VEBA Enrollment Kit is available online or in Human Resource Services, 139 French Administration, 335-4521.
Note: Teaching and Research Faculty are not eligible for Sick Leave Payout.
PERS 3 and VEBA Eligibility
Employees who separated from state service and begin drawing from the Defined Benefit portion (the employer's contributions) of their PERS 3 account, are considered to be retired, and are eligible to participate in the VEBA plan.
However, employees who leave state service and only withdraw funds from the Defined Contributions of Plan 3 (the employee's portion of contributions) they are not considered as 'retired' and thus are not eligible to cash-out their sick leave or apply for VEBA.
To view account information, updated fund performance, print forms and view plan information go to www.veba.org.
For inquiries regarding account information, premium payment or claim payment contact the Plan Administrator:
PO Box 27810
Minneapolis, MN 55427-0810