Overview
What is New Mexico Gas Company Inc Union Veba Trust Agmnt For Retirees Subj To Collect?
New Mexico Gas Company Inc's Union Veba Trust Agreement is a nonprofit entity, specifically established for the purpose of securing funds for future medical, dental, and vision benefits for current and prospective union retirees, along with their dependents. This trust adheres to Section 403 of ERISA, ensuring the assets are utilized solely for the benefit of eligible participants, who become eligible through their union employment. The trust is not limited to funding only retiree benefits; it can also cover applicable taxes and administrative expenses.
Is New Mexico Gas Company Inc Union Veba Trust Agmnt For Retirees Subj To Collect legitimate?
New Mexico Gas Company Inc Union Veba Trust Agmnt For Retirees Subj To Collect is a legitimate nonprofit organization registered as a 501(c)(9) entity. New Mexico Gas Company Inc Union Veba Trust Agmnt For Retirees Subj To Collect 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: $2,500
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of New Mexico Gas Company Inc Union Veba Trust Agmnt For Retirees Subj To Collect?
The New Mexico Gas Company Inc Union Veba Trust, subject to collection, is established with the primary mission of providing funding for future medical, dental, and vision benefits for current and future union retirees and their dependents. This trust adheres to Section 403 of ERISA, ensuring that the assets are held for the sole benefit of eligible participants, who are union employees. The trustee has the authority to cover taxes and administrative expenses from the trust fund, beyond the purpose of paying retiree benefits.
Who is the CEO of New Mexico Gas Company Inc Union Veba Trust Agmnt For Retirees Subj To Collect?
Erik Buchanan is the Cfo/Treasurer, Teco Energy, Inc. of New Mexico Gas Company Inc Union Veba Trust Agmnt For Retirees Subj To Collect.
What is the revenue of New Mexico Gas Company Inc Union Veba Trust Agmnt For Retirees Subj To Collect?
New Mexico Gas Company Inc Union Veba Trust Agmnt For Retirees Subj To Collect's revenue in 2022 was $70,159.
Who are the executives of New Mexico Gas Company Inc Union Veba Trust Agmnt For Retirees Subj To Collect and what are their salaries?
Here are 7 key members and their salaries:
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- Compensation: $2,500
- Related: $20,523
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Where can I find the form 990 for New Mexico Gas Company Inc Union Veba Trust Agmnt For Retirees Subj To Collect?
New Mexico Gas Company Inc Union Veba Trust Agmnt For Retirees Subj To Collect's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of New Mexico Gas Company Inc Union Veba Trust Agmnt For Retirees Subj To Collect
New Mexico Gas Company Inc Union Veba Trust Agreement for Retirees Subject to Collect is established with a specific mission. This mission involves holding assets in accordance with Section 403 of ERISA, with the primary purpose of providing future medical, dental, and vision benefits for current and future union retirees and their dependents. The trust is designed to ensure that the benefits are solely and exclusively used in the interest of the participants, whose eligibility to participate stemmed from their employment as union employees. It's important to note that while the immediately preceding sentence may imply limitations on the trustee's ability to pay taxes and administrative expenses from the trust fund, it does not actually limit this capacity. The trust serves as a vital financial resource for the retirees, ensuring they have access to necessary medical, dental, and vision benefits well into their retirement years.
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Impact
October, 2024
The New Mexico Gas Company Inc Union VEBA Trust Agreement for Retirees is designed to secure funding for medical, dental, and vision benefits specifically for current and future union retirees and their dependents. This trust operates within the framework of Section 403 of ERISA, ensuring that the assets held are exclusively used for the benefit of eligible participants, who gain their eligibility through employment as union employees.
The primary impact of this trust is the provision of a stable financial foundation for retiree benefits, which is critical for the well-being of union members and their families. By establishing a dedicated fund for these benefits, the trust mitigates the risk of underfunding retiree health costs, thereby providing peace of mind to employees regarding their post-retirement healthcare needs.
Furthermore, the trust's stringent stipulations that prohibit the use of its funds for purposes other than retirement benefits help ensure financial accountability and integrity. This framework not only supports the health needs of retirees but also fosters a culture of mutual benefit among union members, reinforcing the value of union membership by enhancing the financial security of their retirement years.
This information is meant to be a general summary of New Mexico Gas Company Inc Union Veba Trust Agmnt For Retirees Subj To Collect. 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: $65,559
- Gross Receipts: $151,161
Assets and Liabilities:
- Total Assets: $1,679,429
- Total Liabilities: $31,183
- Net Assets: $1,648,246
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Organization Details
Founding Year
2009
Phone
(505) 797-3307Principal Officer
Erik Buchanan
Main Address
7120 WYOMING BLVD NE STE 20, ALBUQUERQUE, NM, 87109
NTEE Category
Code: Y43 - Mutual benefit
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