Unified Fire Authority
How are the VEBA funds invested?
The VEBA Board of Trustees has contracted with Wells Fargo Bank Advisors, which handles the investment of the VEBA funds under the direction of the UFA VEBA Board of Trustees. The VEBA Trustees determine the Investment Policy Statement.
All funds / contributions are pooled together for investment purposes but are allocated as individual accounts for tracking and personal distributions. Any investment gains or losses in the plan are tracked at an individual account level and are treated as withdrawals or deposits to your account. These transactions are posted quarterly and reflected with an“ Earnings” transaction code on your online statement.
Who sits on the VEBA Board of Trustees? The VEBA Board of Trustees is comprised of the UFA Chief Financial Officer, Human Resources Director, Chief Legal Officer, two fulltime sworn UFA employees designated by the President of IAFF Local 1696. In addition, one UFA retired employee, one full-time UFA civilian employee, and two Chief Officers of UFA are designated by the UFA Fire Chief to serve as Trustees.
The current Trustees are: Trustee Board Chair – Wade Russell Trustee Board Vice-Chair – Jeremy Robertson Trustee Board Secretary – Chief Financial Officer Tony Hill Human Resource Director – Kiley Day Chief Legal Officer – Brian Roberts Union Representative – Sean Brass Retiree Representative – William Brass Civilian Representative-- Sylvia Cardenas Chief Officer Representative- Assistant Chief Zach Robinson
What happens to my account if I die and still have money in my account? Your Spouse or other tax dependents ** may continue to use the VEBA account for tax-free reimbursement in the same manner as you were able to
If you pass away and you have no spouse or other eligible tax dependents **, the money will revert back to the VEBA trust for redistribution to the plan’ s existing participants
** A tax dependent is a child or relative whose characteristics and relationship to you allow you to claim them under IRS regulations.
A VEBA can’ t be willed or given to anyone under IRS regulations; the funds can only be reimbursed to eligible survivors for eligible expenses as described above.
45