Overview
What is New Mexico Gas Company Inc Non-Union Veba Trust?
The New Mexico Gas Company Inc Non-Union Veba Trust is a nonprofit entity situated in Albuquerque, New Mexico. Its primary mission is to set aside funds for future medical, dental, and vision benefits for both current and prospective non-union retirees and their dependents. The trust adheres to Section 403 of ERISA, ensuring that its assets are utilized solely for the benefit of eligible participants, who acquire this status through their employment as non-union employees. The trust is designed to cover the payment of taxes and administrative expenses, ensuring its continued operation and effectiveness in providing benefits to its intended recipients.
Is New Mexico Gas Company Inc Non-Union Veba Trust legitimate?
New Mexico Gas Company Inc Non-Union Veba Trust is a legitimate nonprofit organization registered as a 501(c)(9) entity. New Mexico Gas Company Inc Non-Union Veba Trust 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:
Executive Compensation: $16,645
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of New Mexico Gas Company Inc Non-Union Veba Trust?
The New Mexico Gas Company Inc Non-Union Veba Trust is established with the primary purpose of setting aside assets in accordance with Section 403 of ERISA, awaiting the payment of retirement benefits. This trust is solely dedicated to providing future medical, dental, and vision benefits for current and future non-union retirees and their dependents. It is important to note that the trust fund can only be utilized for the sole and exclusive benefit of the participants, whose eligibility stems from their employment as non-union employees. Although the immediately preceding sentence may not limit the trustee's ability to pay taxes and administrative expenses from the trust fund, it is crucial to emphasize that the trust's main objective is to ensure the financial security of eligible retirees and their families.
What is the revenue of New Mexico Gas Company Inc Non-Union Veba Trust?
New Mexico Gas Company Inc Non-Union Veba Trust's revenue in 2023 was $205,100.
Who are the executives of New Mexico Gas Company Inc Non-Union Veba Trust and what are their salaries?
Here are 7 key members and their salaries:
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Where can I find the form 990 for New Mexico Gas Company Inc Non-Union Veba Trust?
New Mexico Gas Company Inc Non-Union Veba Trust's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of New Mexico Gas Company Inc Non-Union Veba Trust
The New Mexico Gas Company Inc Non-Union Veba Trust is established with a specific purpose in mind. This trust holds assets in accordance with Section 403 of ERISA, awaiting the payment of retiree benefits to current and future non-union retirees and their dependents. The trust is created solely for the benefit of these participants, whose eligibility is derived from their employment as non-union employees. It's important to note that while the trust's funds are primarily intended for future medical, dental, and vision benefits, a portion of it can be used to cover taxes and administrative expenses. The trustee has the authority to make such payments, ensuring the long-term financial security and well-being of the trust's participants.
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Impact
October, 2024
New Mexico Gas Company Inc Non-Union VEBA Trust plays a crucial role in providing financial security for current and future non-union retirees and their dependents by ensuring funding for their medical, dental, and vision benefits. Established in accordance with Section 403 of ERISA, the trust holds assets specifically allocated for the payment of retiree benefits, thereby safeguarding the interests of participants who were employed as non-union employees.
By managing these assets, the trust mitigates the financial burden associated with healthcare expenses that retirees may face, offering peace of mind and stability in their retirement years. This not only enhances the quality of life for retirees but also promotes a sense of community and support among non-union workers and their families in Albuquerque, NM. The exclusive focus on the participants’ interests emphasizes the trust's commitment to their welfare, ensuring that generated funds are utilized appropriately for their intended purposes.
Overall, the trust serves as a significant safety net, addressing the long-term health and wellness needs of its retirees, which is vital in today's economic landscape where medical costs continue to rise.
This information is meant to be a general summary of New Mexico Gas Company Inc Non-Union Veba Trust. 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 2023.
- Investment Income: $34,995
- Gross Receipts: $205,100
Assets and Liabilities:
- Total Assets: $32,911,323
- Total Liabilities: $135,511
- Net Assets: $32,775,812
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Organization Details
Founding Year
2009
Principal Officer
Erik Buchanan
NTEE Category
Code: Y43 - Mutual benefit
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