Overview
What is Wec Energy Group Inc Retiree Welfare Trust?
Wec Energy Group Inc Retiree Welfare Trust is a nonprofit entity established to serve the retirement welfare needs of WEC Energy Group, Inc. employees. Based in Chicago, Illinois, the trust's main purpose is to collect contributions and distribute payments to satisfy member claims under the company's Section 501(c)(9) Voluntary Employers' Beneficiary Association (VEBA) plans. It operates under the trust's mission to support the welfare and retirement benefits of the company's retired employees. The trust acts as a safety net, ensuring the financial well-being of the retired workforce by managing and disbursing funds as needed.
Is Wec Energy Group Inc Retiree Welfare Trust legitimate?
Wec Energy Group Inc Retiree Welfare Trust is a legitimate nonprofit organization registered as a 501(c)(9) entity. Wec Energy Group Inc Retiree Welfare 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
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What is the mission statement of Wec Energy Group Inc Retiree Welfare Trust?
The Wec Energy Group Inc Retiree Welfare Trust, as a Section 501(c)(9) VEBA, has a mission to fulfill member claims under its retirement welfare plan. This trust is primarily responsible for receiving contributions, disbursing payments, and addressing claims from the beneficiaries of the WEC Energy Group Inc's retirement welfare plans. The trust's primary objective is to ensure the satisfaction of its members' claims, providing financial support and security in their retirement years.
Who is the CEO of Wec Energy Group Inc Retiree Welfare Trust?
David Hughes is the Trustee of Wec Energy Group Inc Retiree Welfare Trust.
What is the revenue of Wec Energy Group Inc Retiree Welfare Trust?
Wec Energy Group Inc Retiree Welfare Trust's revenue in 2022 was $5,538,334.
Who are the executives of Wec Energy Group Inc Retiree Welfare Trust and what are their salaries?
There is 1 key member and their salary:
- Compensation: $17,718
- Related: $0
- Other: $0
Where can I find the form 990 for Wec Energy Group Inc Retiree Welfare Trust?
Wec Energy Group Inc Retiree Welfare Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Wec Energy Group Inc Retiree Welfare Trust
The Wec Energy Group Inc Retiree Welfare Trust is a trust established with a mission to support the Section 501(c)(9) plans of WEC Energy Group, Inc. Its primary objective is to receive contributions, disburse payments, and fulfill member claims under these plans. In simpler terms, the trust's role is to ensure the financial well-being of its members by honoring their claims as per the provisions of the WEC Energy Group, Inc. Retiree Welfare Trust Section 501(c)(9) VEBA. The trust operates with the ultimate goal of providing financial security and peace of mind to its members in their retirement years.
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Impact
October, 2024
WEC Energy Group Inc Retiree Welfare Trust plays a crucial role in ensuring that the welfare needs of retirees are met through its dedicated trust structure. By facilitating contributions and disbursements, it effectively manages resources to satisfy member claims under the WEC Energy Group, Inc. Sec 501(c)(9) plans. This ensures retirees receive the necessary support and benefits, contributing to their overall well-being and financial security. Operating in Chicago, Illinois, the trust serves as a vital financial safety net for retired employees, reinforcing the importance of mutual benefit among its members.
This information is meant to be a general summary of Wec Energy Group Inc Retiree Welfare 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: $636,188
- Program Service Revenue: $4,890,951
- Gross Receipts: $68,506,396
Assets and Liabilities:
- Total Assets: $235,568,666
- Total Liabilities: $0
- Net Assets: $235,568,666
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PARTICIPANT CONTRIBUTIONS
Revenue
$4,890,951
Organization Details
Founding Year
1990
Phone
(414) 221-2997Principal Officer
David Hughes
Main Address
C/O Northern Trust Co 50 S Lasal, Chicago, IL, 60675
NTEE Category
Code: Y40 - Mutual benefit
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