Overview
What is Power Engineers Inc Employee Benefit Plan?
Power Engineers Inc Employee Benefit Plan is a trust that offers medical, vision, and dental benefits to full-time, part-time, and temporary employees of Power Engineers, Inc., and their dependents, who are 18 years of age or older. Established as a VEBA (Voluntary Employees' Benefit Association) trust, it serves a community of over 2,600 active and 28 separated participants. The trust covers claims for eligible employees and their dependents, ensuring access to essential healthcare services.
Is Power Engineers Inc Employee Benefit Plan legitimate?
Power Engineers Inc Employee Benefit Plan is a legitimate nonprofit organization registered as a 501(c)(9) entity. Power Engineers Inc Employee Benefit Plan 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: $5,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Power Engineers Inc Employee Benefit Plan?
The Power Engineers Inc Employee Benefit Plan serves to offer medical, vision, and dental benefits to all full-time, part-time, and temporary employees of Power Engineers, Inc., who are 18 years and above, as well as their dependents. The trust, which pays for eligible employees' and dependents' medical, vision, and dental claims, had a total of 2,660 active and separated participants as of the end of 2021. The primary objective of this plan is to ensure that eligible employees and their dependents receive essential healthcare benefits. By doing so, the plan helps in promoting the overall wellbeing and productivity of the workforce. The benefits provided through the VEBA Trust contribute significantly to enhancing the quality of life for the employees and their families.
What is the revenue of Power Engineers Inc Employee Benefit Plan?
Power Engineers Inc Employee Benefit Plan's revenue in 2023 was $54,914,357.
Who are the executives of Power Engineers Inc Employee Benefit Plan and what are their salaries?
There is 1 key member and their salary:
- Compensation: $5,000
- Related: $0
- Other: $0
Where can I find the form 990 for Power Engineers Inc Employee Benefit Plan?
Power Engineers Inc Employee Benefit Plan's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Power Engineers Inc Employee Benefit Plan
Power Engineers Inc Employee Benefit Plan, a trust dedicated to providing essential benefits, ensures the well-being of all full-time, part-time, and temporary employees of Power Engineers, Inc., aged 18 and above, and their dependents. The trust's primary focus lies in offering medical, vision, and dental benefits to its eligible members.
By assuming the financial responsibility for these benefits, the Power Engineers Inc Employee Benefit Plan plays a crucial role in safeguarding the health and wellness of Power Engineers, Inc.'s workforce. The trust covers medical, vision, and dental claims for qualified employees and their dependents. As of the end of 2021, the trust served a total of 2,642 active participants and 28 separated participants, demonstrating its extensive reach and commitment to serving those who are an integral part of Power Engineers, Inc.
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Impact
October, 2024
Power Engineers Inc Employee Benefit Plan significantly enhances the well-being of its workforce by providing crucial medical, vision, and dental benefits to all eligible employees, including full-time, part-time, and temporary staff, as well as their dependents. This comprehensive support through the VEBA Trust ensures that employees have access to necessary healthcare services, which can greatly reduce financial stress related to medical expenses.
As of December 31, 2021, the plan supported 2,642 active participants and an additional 28 separated participants, reflecting its wide-reaching impact within the organization. By facilitating access to essential health benefits, the plan not only contributes to the overall health of employees but also fosters a more satisfied and productive workforce. This focus on employee wellness promotes loyalty and can enhance recruitment efforts, as potential candidates are more likely to be drawn to employers that prioritize the health and well-being of their staff. Additionally, providing such benefits can lead to lower turnover rates, which ultimately contributes to a more stable and experienced workforce.
This information is meant to be a general summary of Power Engineers Inc Employee Benefit Plan. 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: $85,694
- Program Service Revenue: $54,828,663
- Gross Receipts: $54,914,357
Assets and Liabilities:
- Total Assets: $4,634,170
- Total Liabilities: $0
- Net Assets: $4,634,170
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Employer Contributions
Revenue
$45,215,923
Participant Contributions
Revenue
$9,228,940
COBRA Contributions
Revenue
$383,800
Organization Details
Founding Year
2007
Principal Officer
Lora Dahle
NTEE Category
Code: Y20 - Mutual benefit
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