VEBA Funding.
San José Municipal Code § 3.57.200
in effect3.57.200 - VEBA Funding.
The VEBA established under this Chapter 3.57 shall have the following sources of funding:
A. Effective March 25, 2018, tier 2 members and new employees shall make mandatory contributions equal to four percent (4.0%) of base salary. To the extent a Tier 2 member made member contributions to the benefit programs provided under Part 14 and Part 15 of Chapter 3.36 of the San José Municipal Code prior to the effective date of this Subsection, an amount determined to be equal to the member's prior retiree healthcare contributions under the terms of Parts 14 and 15 of Chapter 3.36 of Title 3 of the San José Municipal Code, without any interest on such amounts, shall be contributed by the city to the Tier 2 member's account under the VEBA.
B. Effective March 25, 2018, members other than members described in Section 3.57.200.A., shall make mandatory contributions equal to five percent (4.0%) of base pay.
C. There are no required contributions by the City to the VEBA.
D. Effective upon IRS approval of one-time irrevocable election process for Tier 1 members and upon IRS approval of the ability to transfer funds in such manner, including ability to transfer funds from the Police & Fire Plan and the applicable 115 trust to the VEBA and upon completing the irrevocable election process to become covered under the VEBA, an amount determined to equal the member's prior retiree healthcare contributions under the terms of Parts 14 and 15 of Chapter 3.36 of Title 3 of the San José Municipal Code, without any interest on such amounts, shall be contributed by the City to the member's account under the VEBA.
(Ords. 29879, 30044, 30007.)
Source: City of San José, Municipal Code (Municode Library, library.municode.com)URL: https://library.municode.com/ca/san_jose/codes/code_of_ordinances?nodeId=TIT3PE_IIREPL_CH3.57POFIDEVOEMBEAS_PT2VESTPUFU_3.57.200VEFUFetched: 11/1/2026