Fund logistics

Fund Logistics

What is the Fund?

The VTA Benefit Fund is a legal entity separate and distinct from the Valhalla Teachers’ Association (VTA) and was established as a result of collective bargaining between the VTA and the Valhalla School District. Contributions to the Fund are predicated on amounts stipulated in the collective bargaining agreements of the groups of employees covered by the Fund, and by certain other written agreements between the VTA and the school district.

How Does the Fund Obtain Money to Operate Its Plan of Benefits? How do I Receive Benefits?

As indicated above, the source of contributions to the Fund on behalf of active employees is the employer, the Board of Education of the Valhalla Public Schools. In addition, contributions to the Fund may be made by eligible individuals who are retired or on leaves of absence. There is no requirement that active employees contribute to the Fund in order to be eligible for the benefits it provides.

What Can the Fund Do With the Money it Receives?

In accordance with the Agreement and Declaration of Trust and various governing agreements, the contributions to the VTA Benefit Fund are used to provide benefits for covered employees and their eligible dependents and to finance the cost of administration.

What Expenses Does the Fund Have?

The major expense of the Fund is the payment of benefits to members and dependents. This accounts for approximately 95% of expenses. Administrative expenses account for the remainder of Fund expenses and include: money for reserve, clerical costs, equipment and supplies, legal counsel, accountant expenses, and consultant expenses. The trustees serve the Fund with renumeration.

Who is Responsible for the Fund’s Operation?

The Fund is governed by seven (7) trustees, all of whom are designated by the Valhalla Teachers’ Association in accordance with the Agreement and Declaration of Trust by which the Fund was created. The current members of the Board of Trustees are listed on this website and may be contacted via e-mail. The Administrator is responsible for the daily functioning of the Fund. This website describes how claims should be presented for benefits and the eligibility requirements for those benefits. Each benefit category is treated in a separate section of this website. If you have questions concerning benefits after reading this website, please feel free to contact the Benefit Fund Administrator. 

Is Financial Review of the Fund Available?

The VTA Benefit Fund is subject to an annual audit by an independent outside auditor. The annual audit is available for inspection by contacting  the Benefit Fund Administrator. The fiscal year of the Fund is July 1 – June 30.

What Laws Govern the Fund?

In addition to the Agreement and Declaration of Trust and other Agreements governing the operation of the Fund, the Fund is also subject to a large body of statutory law designed to protect the beneficiaries of the Fund. Under this body of law and under various agreements, the Fund is responsible to submit its books to audit by certified public accountants.

The Fund Employer Identification Number is: 13-7051713.