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Termination of VEBA Trust

Guest SHM

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Are there any formal filing requirements associated with the termination of a VEBA trust, such as an analogue to the Form 1024 in the termination context, or something other than a final 990?

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Guest AnneKimb

I have the same question. Also, are there issues if the trust is terminated and the plan sponsor now has a plan paying out of general assets?

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Guest b2kates

Having consulted on the transition from VEBA trust to no trust and paid from Corp assets

1. We documented temination of VEBA trust by minutes and amendment terminated trust under the terms of the trusts document

2. We notified all participants that the trust was being terminated having exhausted all of the trust assets

3. We filed final 990

4. We noted going forward on the 5500 that the plan was funded from general assets of employer.

No we did not do a separate filing notifying IRS of termination of VEBA

We found that be eliminating the VEBA we had a resulting savings to the employer of approximately 10,000 since the plan was now unfunded, had no assets held for investment and therefore needed no audit

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