CHAPTER EIGHTEENEmployee Benefit Funds


p. 484, first complete paragraph. Insert as seventh sentence:

Where the exempt sponsor is dissolving, the VEBA's assets may be distributed as taxable lump-sum payments among the participants without triggering excise tax.76.1

p. 484, first complete paragraph. Insert as penultimate sentence:

Indeed, a VEBA, without any remaining participants and that has paid all benefits that were due, may terminate by distributing its remaining assets to charitable organizations.77.1

p. 484, last paragraph. Insert as second sentence:

For example, the IRS, having determined that a welfare plan's membership is not voluntary, because the plan excludes certain employees from participation in it, held that the plan cannot qualify as an exempt VEBA because it is discriminatory.79.1

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