Overview
What is Piedmont Federal Savings Bank Retiree Welfare Benefit Plan And Trust Agreement?
Piedmont Federal Savings Bank has established a Retiree Welfare Benefit Plan and Trust Agreement, following the guidelines of IRC Section 501C(9). This nonprofit organization's primary objective is to offer medical benefits to eligible retirees of Piedmont Federal Savings Bank. The plan was established exclusively for this purpose, aiming to provide essential healthcare services to the bank's retired workforce. The plan is based in Winston-Salem, North Carolina, with the specific address provided in the information array.
Is Piedmont Federal Savings Bank Retiree Welfare Benefit Plan And Trust Agreement legitimate?
Piedmont Federal Savings Bank Retiree Welfare Benefit Plan And Trust Agreement is a legitimate nonprofit organization registered as a 501(c)(9) entity. Piedmont Federal Savings Bank Retiree Welfare Benefit Plan And Trust Agreement 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:
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What is the mission statement of Piedmont Federal Savings Bank Retiree Welfare Benefit Plan And Trust Agreement?
The Piedmont Federal Savings Bank Retiree Welfare Benefit Plan and Trust Agreement was established with the sole objective of providing medical benefits to eligible retirees of Piedmont Federal Savings Bank. This was achieved through the formation of a Voluntary Employers' Benefit Association (VEBA) under IRC Section 501(c)(9). The plan's primary goal is to ensure the retired employees of Piedmont Federal Savings Bank have access to necessary medical care during their post-employment years. The Retiree Welfare Benefit Plan and Trust Agreement serve as a testament to Piedmont Federal Savings Bank's commitment to the well-being of its retired workforce.
What is the revenue of Piedmont Federal Savings Bank Retiree Welfare Benefit Plan And Trust Agreement?
Piedmont Federal Savings Bank Retiree Welfare Benefit Plan And Trust Agreement's revenue in 2023 was $131,349.
Who are the executives of Piedmont Federal Savings Bank Retiree Welfare Benefit Plan And Trust Agreement and what are their salaries?
There 11 volunteers at Piedmont Federal Savings Bank Retiree Welfare Benefit Plan And Trust Agreement.
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Where can I find the form 990 for Piedmont Federal Savings Bank Retiree Welfare Benefit Plan And Trust Agreement?
Piedmont Federal Savings Bank Retiree Welfare Benefit Plan And Trust Agreement's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Piedmont Federal Savings Bank Retiree Welfare Benefit Plan And Trust Agreement
Piedmont Federal Savings Bank Retiree Welfare Benefit Plan and Trust Agreement was established with a singular focus: to provide medical benefits to the eligible retirees of Piedmont Federal Savings Bank. This nonprofit organization, functioning under IRC Section 501C(9), serves as a vehicle for offering essential healthcare services to those who have dedicated their professional lives to Piedmont Federal Savings Bank. By establishing this VEBA (Voluntary Employees' Beneficiary Association), the bank demonstrates its commitment to the well-being of its retired employees, ensuring they can maintain their health and quality of life post-retirement.
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Impact
October, 2024
The Piedmont Federal Savings Bank Retiree Welfare Benefit Plan and Trust Agreement is designed to offer significant medical benefits tailored specifically for eligible retirees of Piedmont Federal Savings Bank. By establishing a Voluntary Employees' Beneficiary Association (VEBA) under IRC Section 501(c)(9), the plan ensures that retirees have access to necessary healthcare coverage, which directly impacts their quality of life in retirement.
This initiative not only supports the health and well-being of former employees but also fosters a sense of security and stability during their retirement years. By creating a structured, reliable source of medical benefits, the plan helps alleviate financial burdens associated with healthcare costs, allowing retirees to focus on their post-employment life.
Additionally, this benefit program enhances the bank's appeal as an employer, demonstrating a commitment to the long-term welfare of its workforce. Overall, the Piedmont Federal Savings Bank Retiree Welfare Benefit Plan and Trust Agreement plays a crucial role in promoting mutual benefit and safeguarding the health interests of its retirees.
This information is meant to be a general summary of Piedmont Federal Savings Bank Retiree Welfare Benefit Plan And Trust Agreement. 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: $101,315
- Gross Receipts: $402,622
Assets and Liabilities:
- Total Assets: $3,859,139
- Total Liabilities: $3,502,469
- Net Assets: $356,670
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Organization Details
Founding Year
2019
Principal Officer
Mike Shelton
NTEE Category
Code: Y43 - Mutual benefit
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