Overview
What is City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust?
The City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust is a nonprofit entity established in 2001, primarily located in Spokane, Washington. Its primary role is to manage a health reimbursement arrangement plan, often referred to as an HRA, for the City of Santa Clara's Voluntary Employees' Beneficiary Association (VEBA). This plan serves as a tax-free account, available to retirees, allowing them to cover post-retirement medical expenses not covered by Medicare or other medical insurance plans. The plan aims to reimburse qualified health and welfare benefits, ensuring that participants and their dependents have adequate healthcare coverage after their retirement.
Is City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust legitimate?
City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust is a legitimate nonprofit organization registered as a 501(c)(9) entity. City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan 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 City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust?
The City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust's mission is to offer post-retirement medical benefits to its participants and their dependents. These benefits are intended to supplement those not covered by Medicare or other medical insurance plans. The trust, through a health reimbursement arrangement (HRA), allows participants to set aside funds tax-free to cover eligible medical expenses not covered by other insurance contracts or deductible under the Internal Revenue Code. The plan is designed to help participants manage their healthcare costs in retirement.
Who is the CEO of City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust?
Steven R Sherman is the Trustee of City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust.
What is the revenue of City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust?
City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust's revenue in 2022 was $2,194,589.
Who are the executives of City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust and what are their salaries?
There is 1 key member and their salary:
- Compensation: $0
- Related: $14,742
- Other: $0
Where can I find the form 990 for City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust?
City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust
The City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust is dedicated to supplying qualifying health and welfare benefits through a Health Reimbursement Arrangement (HRA). This organization's mission is to offer post-retirement medical benefits to participants and their dependents, which are not covered by Medicare or any other medical insurance contract or plan. By establishing a tax-free account, the Trust enables participants to cover medical expenses that are not covered by other insurance plans or deductibles. It is essential to note that the reimbursements or payments made through this Trust cannot be used for expenses covered by any other insurance contract or plan. The City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan Trust aims to provide financial assistance to its participants during their retirement years, ensuring they have access to necessary medical care that may not be covered by other insurance plans or Medicare.
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Impact
October, 2024
The City of Santa Clara VEBA Postretirement Medical Reimbursement Account Plan Trust plays a significant role in supporting the health and welfare of retired employees by providing a structured way to address medical expenses that are not covered by Medicare or other insurance plans. Established in 2001 and amended in 2017, this trust facilitates a health reimbursement arrangement (HRA) that allows participants—including retirees and their dependents—to access funds tax-free for qualified post-retirement medical costs.
Through this arrangement, participants can reimburse themselves for expenses related to healthcare that may arise after retirement, ensuring that they have financial support for necessary medical treatments, prescriptions, and other health-related expenses that would otherwise burden them financially. By offering this benefit, the trust significantly enhances the financial security of retirees, allowing them to maintain better health outcomes and reduce the stress associated with unexpected medical expenses.
Moreover, the structure of the plan helps in managing healthcare costs, as it encourages participants to utilize funds exclusively for medical expenses that are not reimbursable by other means. Thus, the trust not only serves the immediate needs of its participants but also contributes to a more sustainable approach to post-retirement healthcare by encouraging responsible use of medical funds. Overall, the impact of the City of Santa Clara VEBA Trust is profound, providing essential support and peace of mind to retirees navigating the complexities of post-retirement health expenditures.
This information is meant to be a general summary of City Of Santa Clara Veba Postretirement Medical Reimbursement Account Plan 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.
- Program Service Revenue: $2,194,589
- Gross Receipts: $2,194,589
Assets and Liabilities:
- Total Assets: $34,148,874
- Total Liabilities: $209,563
- Net Assets: $33,939,311
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Plan contributions
Revenue
$2,194,589
Organization Details
Founding Year
2001
Phone
(509) 838-5571Principal Officer
Steven R Sherman
Main Address
221 N Wall St 201, Spokane, WA, 99201
NTEE Category
Code: Y44 - Mutual benefit
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