Overview
What is Ovec-Ikec Retiree Life Insurance Tr?
Ovec-Ikec Retiree Life Insurance Trust is a nonprofit organization that serves the retired employees and their dependents of Ohio Valley Electric Corp and Indiana-Kentucky Electric Corp. The primary function of this trust is to collect and manage funds to provide life insurance benefits. These funds are accumulated through investments and reinvestments, ensuring sufficient resources for the provision of these benefits. The trust's purpose is to uphold the life insurance plans established for both current and future retirees of the mentioned corporations.
Is Ovec-Ikec Retiree Life Insurance Tr legitimate?
Ovec-Ikec Retiree Life Insurance Tr is a legitimate nonprofit organization registered as a 501(c)(9) entity. Ovec-Ikec Retiree Life Insurance Tr submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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What is the mission statement of Ovec-Ikec Retiree Life Insurance Tr?
The Ovec-Ikec Retiree Life Insurance Trust's primary objective is to collect and manage payments for the distribution of life insurance benefits to retired employees and their dependents from the Ohio Valley Electric Corporation and Indiana-Kentucky Electric Corporation. The trust's role is to invest and reinvest its assets to accumulate funds that will be utilized in providing these life insurance benefits. The trust serves as a financial safety net, ensuring financial security for the retirees and their families. It is an essential component of the retirement benefits package for the employees of these corporations.
Who is the CEO of Ovec-Ikec Retiree Life Insurance Tr?
Huntington Bank-Jeff Stormoen is the Principal Officer of Ovec-Ikec Retiree Life Insurance Tr.
What is the revenue of Ovec-Ikec Retiree Life Insurance Tr?
Ovec-Ikec Retiree Life Insurance Tr's revenue in 2022 was $792,310.
Who are the executives of Ovec-Ikec Retiree Life Insurance Tr and what are their salaries?
Here are 7 key members and their salaries:
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- Compensation: $5,453
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Where can I find the form 990 for Ovec-Ikec Retiree Life Insurance Tr?
Ovec-Ikec Retiree Life Insurance Tr's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Ovec-Ikec Retiree Life Insurance Tr
The Ovec-Ikec Retiree Life Insurance Trust is a mission-driven entity that serves a crucial role in providing life insurance benefits to the retired employees and their dependents of the Ohio Valley Electric Corporation and Indiana-Kentucky Electric Corporation. The primary objective of this trust is to receive and manage payments for these life insurance plans, with the intent of accumulating and reinvesting the funds to ensure sufficient resources are available for the future provision of these benefits. By fulfilling this mission, the Ovec-Ikec Retiree Life Insurance Trust plays a significant role in safeguarding the financial security of retired employees and their families, offering them peace of mind during their post-employment years.
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Impact
October, 2024
Ovec-Ikec Retiree Life Insurance Trust plays a crucial role in securing financial support for retirees and their dependents associated with the Ohio Valley Electric Corporation and Indiana-Kentucky Electric Corporation. By receiving and holding payments, the trust ensures that sufficient funds are accumulated over time to provide essential life insurance benefits.
The trust's investment strategy focuses on growing its assets, which enhances its capacity to fulfill its obligations to current and future retirees. This accumulation of resources not only provides peace of mind to employees and their families but also contributes to the overall stability and well-being of the community in which these retirees reside. As a result, Ovec-Ikec is vital in safeguarding the financial futures of those who have served in the electric utility sector, reinforcing a sense of mutual benefit and support among its members.
This information is meant to be a general summary of Ovec-Ikec Retiree Life Insurance Tr. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $792,310
- Gross Receipts: $4,266,355
Assets and Liabilities:
- Total Assets: $19,610,584
- Total Liabilities: $0
- Net Assets: $19,610,584
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Organization Details
Founding Year
2004
Phone
(616) 355-8742Principal Officer
Huntington Bank-Jeff Stormoen
Main Address
PO BOX 1558 MI026, COLUMBUS, OH, 432161558
NTEE Category
Code: Y43 - Mutual benefit
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