Overview
What is Timkensteel Corp Voluntary Employees Beneficiary Assn?
Timkensteel Corp Voluntary Employees Beneficiary Assn is a nonprofit organization primarily dedicated to providing health and other benefits to eligible retired employees from TimkenSteel Corporation's bargaining unit. Through participant contributions based on monthly premiums, the association funds post-retirement benefits. The costs of these benefits are shared between TimkenSteel Corporation and the retirees, with the corporation contributing as needed to cover claims on a pay-as-you-go basis. The organization operates from its address in Canton, Ohio.
Is Timkensteel Corp Voluntary Employees Beneficiary Assn legitimate?
Timkensteel Corp Voluntary Employees Beneficiary Assn is a legitimate nonprofit organization registered as a 501(c)(9) entity. Timkensteel Corp Voluntary Employees Beneficiary Assn 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: $36,755
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Timkensteel Corp Voluntary Employees Beneficiary Assn?
The Timkensteel Corp Voluntary Employees Beneficiary Assn's mission is centered around providing health and other benefits to eligible retirees from the bargaining unit of Timkensteel Corp. This organization aims to support the retirees post-employment, ensuring they have access to necessary benefits. The costs of these benefits are shared between Timkensteel Corp and the retirees, varying from plan to plan. The Timkensteel Corp Voluntary Employees Beneficiary Assn contributes to the trust as needed, funding claims on a pay-as-you-go basis.
Who is the CEO of Timkensteel Corp Voluntary Employees Beneficiary Assn?
Nicholas Yacobozzi is the Trustee of Timkensteel Corp Voluntary Employees Beneficiary Assn.
What is the revenue of Timkensteel Corp Voluntary Employees Beneficiary Assn?
Timkensteel Corp Voluntary Employees Beneficiary Assn's revenue in 2022 was $3,724,362.
Who are the executives of Timkensteel Corp Voluntary Employees Beneficiary Assn and what are their salaries?
There is 1 key member and their salary:
- Compensation: $36,755
- Related: $0
- Other: $0
Where can I find the form 990 for Timkensteel Corp Voluntary Employees Beneficiary Assn?
Timkensteel Corp Voluntary Employees Beneficiary Assn's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Timkensteel Corp Voluntary Employees Beneficiary Assn
Timkensteel Corp Voluntary Employees Beneficiary Assn, in its mission, aims to provide health and other benefits to eligible retirees who were part of the bargaining unit of Timkensteel Corp. This non-profit organization is committed to supporting its beneficiaries post-retirement, ensuring they have access to necessary benefits that cater to their needs. The costs of these post-retirement benefits are shared between Timkensteel Corporation and the retirees, varying from one plan to another. The ongoing operations of the trust allow retirees to contribute specified amounts based on their chosen benefit elections and applicable monthly premiums. Timkensteel Corporation makes necessary contributions to the trust on a pay-as-you-go basis to fund claims. In essence, Timkensteel Corp Voluntary Employees Beneficiary Assn serves as a safety net for eligible retirees, providing them with necessary health and other benefits, ensuring they maintain a comfortable post-retirement life.
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Impact
October, 2024
Timkensteel Corp Voluntary Employees Beneficiary Association plays a crucial role in supporting the health and welfare of eligible bargaining unit retirees of Timkensteel Corporation. By providing access to health and other benefits, it ensures that retirees can maintain a level of financial security and well-being after leaving the workforce.
Participants contribute specified amounts for their benefit elections, facilitating a structured approach to health coverage that reflects individual needs. The partnership between Timkensteel Corporation and retirees in sharing the costs of post-retirement benefits promotes a sustainable model for funding healthcare. Contributions to the trust are made on a pay-as-you-go basis, which helps manage resources effectively while addressing the immediate needs of retirees.
Overall, the association serves as a vital safeguard for retired employees, enhancing their quality of life and demonstrating a commitment to their long-term health and financial stability. This impact is particularly significant in a manufacturing community such as Canton, Ohio, where the association supports a legacy of employee care and mutual benefit.
This information is meant to be a general summary of Timkensteel Corp Voluntary Employees Beneficiary Assn. 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: $1,188,366
- Program Service Revenue: $2,535,996
- Gross Receipts: $34,770,754
Assets and Liabilities:
- Total Assets: $59,447,256
- Total Liabilities: $403,894
- Net Assets: $59,043,362
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PARTICIPANT CONTRIBUTIONS
Revenue
$2,535,996
Organization Details
Founding Year
2014
Phone
(330) 471-7000Principal Officer
Nicholas Yacobozzi
Main Address
1835 DUEBER AVE SW, CANTON, OH, 447062798
NTEE Category
Code: Y43 - Mutual benefit
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