Overview
What is Semco Energy Inc Union Veba Trust?
Semco Energy Inc Union Veba Trust is an irrevocable trust established to secure future medical benefits for retired employees of Semco Michigan Union and their dependents. Based in Port Huron, Michigan, the trust holds assets in compliance with Section 403 of ERISA. Its primary goal is to provide medical benefits to eligible participants, who have worked as Semco Michigan Union employees. The trust may also be utilized to cover administrative expenses and taxes, without limiting its sole purpose of benefiting the participants.
Is Semco Energy Inc Union Veba Trust legitimate?
Semco Energy Inc Union Veba Trust is a legitimate nonprofit organization registered as a 501(c)(9) entity. Semco Energy Inc 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Semco Energy Inc Union Veba Trust?
The Semco Energy Inc Union Veba Trust is established with a specific purpose: to hold assets in trust, in accordance with Section 403 of ERISA, until the payment of medical benefits for Semco Michigan union retirees. The trust is solely and exclusively intended for the benefit of participants, whose eligibility stems from their employment as Semco Michigan union employees. The trustee has the authority to pay taxes and administrative expenses from the trust fund, but no portion of it can be used for any other purpose. In essence, the mission of the Semco Energy Inc Union Veba Trust is to provide future medical benefits for eligible Semco Michigan union retirees, ensuring their financial security in retirement.
Who is the CEO of Semco Energy Inc Union Veba Trust?
Mark A Moses is the President Us Utilities & Dir of Semco Energy Inc Union Veba Trust.
What is the revenue of Semco Energy Inc Union Veba Trust?
Semco Energy Inc Union Veba Trust's revenue in 2022 was $839,659.
Who are the executives of Semco Energy Inc Union Veba Trust and what are their salaries?
Here are 9 key members and their salaries:
- Compensation: $0
- Related: $788,604
- Other: $12,200
- Compensation: $0
- Related: $528,805
- Other: $12,200
- Compensation: $0
- Related: $527,766
- Other: $12,200
- Compensation: $0
- Related: $451,269
- Other: $12,200
- Compensation: $0
- Related: $413,049
- Other: $12,200
- Compensation: $0
- Related: $400,776
- Other: $12,200
- Compensation: $0
- Related: $383,885
- Other: $24,400
- Compensation: $0
- Related: $339,692
- Other: $12,200
- Compensation: $2,885
- Related: $0
- Other: $0
Where can I find the form 990 for Semco Energy Inc Union Veba Trust?
Semco Energy Inc Union Veba Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Semco Energy Inc Union Veba Trust
Semco Energy Inc Union Veba Trust is an irrevocable trust established with a specific purpose. Its mission is to hold assets in trust, adhering to Section 403 of ERISA, until the time comes for Semco Michigan Union retirees to receive their medical benefits. This trust is solely and exclusively set up for the benefit of participants, who become eligible to participate due to their employment as Semco Michigan Union employees. It's important to note that while the trust is intended for the payment of retiree medical benefits, the trustee is also granted the authority to pay taxes and administrative expenses from the trust fund. This ensures the smooth operation and sustainability of the trust, ultimately enabling Semco Energy Inc Union Veba Trust to fulfill its commitment to providing future medical benefits for its eligible retirees.
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Impact
October, 2024
Semco Energy Inc Union VEBA Trust is designed to ensure that future medical benefits are accessible for Semco Michigan union retirees and their dependents. By establishing this irrevocable trust, the organization holds and manages assets specifically to cover these medical expenses, adhering to regulations under Section 403 of ERISA. This financial structure is crucial for maintaining the health and well-being of retired employees, safeguarding their benefits, and providing peace of mind regarding medical costs.
The trust's impact extends to enhancing the quality of life for union members after retirement, as it allows them to access necessary healthcare without the burden of financial stress. Additionally, the trust operates under a clear mandate that ensures all funds are used exclusively for the benefit of eligible participants, reflecting a commitment to the welfare of the workforce. This structured approach not only supports retirees but also reinforces the long-term obligations of Semco Energy toward its employees, contributing to the overall stability and trust within the union community.
This information is meant to be a general summary of Semco Energy Inc 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 2022.
- Investment Income: $839,659
- Gross Receipts: $5,952,718
Assets and Liabilities:
- Total Assets: $10,941,684
- Total Liabilities: $11,389
- Net Assets: $10,930,295
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Organization Details
Founding Year
1997
Phone
(810) 987-2200Principal Officer
Mark A Moses
Main Address
1411 THIRD STREET Suite SUITE A, PORT HURON, MI, 48060
NTEE Category
Code: Y43 - Mutual benefit
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