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ID S1068
Bill
Status
2/10/2023
Primary Sponsor
Commerce and Human Resources Committee
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AI Summary
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Establishes a Voluntary Employees' Beneficiary Association (VEBA) trust for Idaho state employees' sick leave funds to provide tax-exempt treatment under federal law 26 U.S.C. 501(c)(9).
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Requires the governor to select an existing tax-exempt VEBA trust with a favorable IRS determination letter dated no later than July 1, 2023, and merge Idaho's sick leave funds with that trust.
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Modifies the sick leave account structure to allow excess balances to be invested through the VEBA trust board, with earnings accruing to the VEBA trust sick leave account after administrative expenses are deducted.
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Permits members to access VEBA trust account funds for qualified health care expenses including dental, vision, long-term care, prescription drug, and life insurance programs consistent with 26 U.S.C. 501(c)(9).
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Requires the VEBA trust board to incorporate additional board members from the Idaho sick leave system and work with the public employee retirement system to manage the merged funds and determine investment options.
Legislative Description
Amends and adds to existing law to establish provisions regarding a voluntary employees' beneficiary association plan for Idaho state employees.
VOLUNTARY EMPLOYEES' BENEFICIARY ASSOCIATION PLAN
Last Action
Reported Printed; referred to Commerce & Human Resources
2/13/2023