What Does Voluntary Employees Beneficiary Association Mean?

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What does Voluntary Employees Beneficiary Association mean? Read on to discover the definition & meaning of the term Voluntary Employees Beneficiary Association - to help you better understand the language used in insurance policies.

Voluntary Employees Beneficiary Association

Voluntary Employees Beneficiary Association

A voluntary employees' beneficiary association (VEBA) is a trust fund formed by an employer or by a group of employees that provides various benefits, such as health, accident, life, and more to employees, their dependents, their beneficiaries, or former employees who are disabled, laid-off, or retired. In this way, it resembles various insurance products. For a VEBA to be legitimate, it must only consist of members of the same labor union or company.

We hope the you have a better understanding of the meaning of Voluntary Employees Beneficiary Association.

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