I asked this a while back and thought I understood it, but I'm not 100% sure. From what I understand, VEBA goes into a fund to help fund the health care spending account for the guys that retire, which was initially funded by the company. They get $25,000 at retirement to use for any medical cost.
My questions are;
1. From what I remember, there was something that the guys that were 50 at the signing of the last contract took possesion of the money, but can't use it until retirement. Does everyone get it at age 50 or just the guys who were at that age when the last contract was signed? If you don't get it age 50, when do you get it?
2. Is it only for post-retirement expenses?
3. If you die before you use it all, what happens to it?
4. Are VEBA deductions going to continue until you retire to help fund the health care spending account?
Thanks for the help.