Busboy is right.

VEBA is actually two parts....one "straight VEBA" the other HCSA (Health Care Savings Allowance) or something to that effect.

HCSA was for the 53+ year olds who got a $25k debit card with which to pay interim healthcare costs between age 60 and 65 (when Medicare kicks in). This was to encourage them to retire without worrying about healthcare.....it was a form of Medigap coverage. The idea was that, every contract, we'd endow the near geezers with this kind of payment and up it for inflation. When you turned 53+ and up, (provided it was renewed and refunded every contract....since the "framework" is there) you'd get your debit card....or that was the idea. Some of our money (Scope Money) and company money was used to fund this.

We got screwed by those who chose not to retire, but still got the $25k debit card. Though they won't be able to tap that money till they retire, working to 65 means that they wouldn't need that money because they will still have health insurance from FedEX. There was no opting in or out of this.

The VEBA you are talking about is "straight VEBA".....HCSA is covered by VEBA laws and that is why it gets confused. "Straight VEBA" was also covered I believe with scope and company money to endow the original trust. After Pay rates were established, supposedly an additional .50 an hour is paid by the company to the trust for the purpose of growing this trust. The purpose is to help defray medical costs after 65 that medicare does not pay for. Think of this as a social security like medicare supplement.

That .50 an hour was never going to you. I don't know why you would want to "opt out" as you will never see the 50 cents an hour anyhow. It amounts to $500.00 a year or so.

While I may have the details a little fuzzy, what absolutely amazes me is the ignorance on these issues. They were covered in all the road shows multiple times and specific information was given. There were message lines, verbage, and the contract. It is your contract and I'm assuming you voted on it. Did you vote yes without knowing what you were voting on? Did you vote no without knowing specifically what you were turning down? Did you read the LOA before voting?

Instead of *****ing about veba and looking for someone here to make you the expert, call the association and get the info. Or opt out....in the end, it doesn't matter either way. You're responsible for yourself and your career and whatever useless information I or anyone else here provides, it's your hide.

Sorry to be so ascerbic, but the same question comes up every 4 months whether we like it or not as if the answer will change somehow.

The only problem I have with either VEBA or HCSA is that I think that the guys that don't retire at 60 should get only a prorated portion as it was intended to help cover costs they would incur for healthcare between age 60 to 65 as retirees. They have no need for that if they are still working, so we essentially allowed them to pick our pockets.