TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2019
Open to Public
Inspection
Inspection
Name of the organization
TUFTS UNIVERSITY EMPLOYEE BENEFIT TRUST
Employer identification number
04-3236078
04-3236078
| Return Reference | Explanation |
|---|---|
| Form 990, Part III, Line 2 New program services | The retiree health insurance plan was amended, effective January 1, 2018, to include the establishment of a Health Reimbursement Arrangement ("HRA"). For retired eligible participants who are over the age of 65, the plan sponsor will make an annual contribution to the HRA to be used to purchase an individual Medicare Advantage or Supplement Insurance ("Medigap") plan offered through OneExchange, a private exchange offering a wide variety of national and local Medigap and Part D prescription drug insurance plans. |
| Form 990, Part III, Line 3 Significant changes in program services | The Plan is funded by contributions from the plan sponsor and from plan participant contributions. Amounts needed to pay premiums and benefits may be funded through the Tufts University Employee Benefits Trust. Effective January 1, 2018, for retirees over age 65, concurrent with the implementation of the HRA, the University transitioned from employer-sponsored plans to a range of Medicare Advantage, Medigap, and Prescription Drug Plans which are offered through a private health insurance exchange. For retirees under the age of 65, who have access to the University's active employee health plans, the employee/employer cost sharing formula was adjusted. These plan changes resulted in a reduction of approximately $14,500,000 in the related accumulated postretirement benefit obligation ("APBO") in fiscal year 2018. Additionally, in accordance with the trust agreement, the excess of the plan net assets over the benefit obligations ($17,022,593) was transferred to the Sponsor to be available to pay welfare benefits for active employees. |
| Form 990, Part VI, Line 15 PROCESS USED TO DETERMINE COMPENSATION | THE ORGANIZATION DOES NOT HAVE ANY PAID EMPLOYEES. THE ORGANIZATION HAS THREE TRUSTEES WHO MAINTAIN AND MONITOR ALL ACTIVITIES. ALL OF THE TRUSTEES OF THE ORGANIZATION ARE ALSO PAID EMPLOYEES OF THE PLAN SPONSOR, TRUSTEES OF TUFTS COLLEGE. |
| Form 990, Part VI, Line 4 Significant changes to organizational documents | As permissible under the Tufts University Employee Benefits Trust (TRUST), the Trustees signed an amendment on August 31,2017, to update the TRUST to establish separate funded accounts for the different plan participant groups. This allowed for payments of welfare benefits for pre-July 1, 1993 retirees and post-July 1, 1993 retirees as well as a separate account available to pay welfare benefits for active employees. Additionally, amendments were made to the TRUST-Schedule A, to update the name for the Retiree Health Plan and to add the Tufts University Health Reimbursement Arrangement (HRA) and the Tufts University Health Benefits Plan, effective January 1, 2018. |
| Form 990, Part VI, Line 11b Review of form 990 by governing body | A COMPREHENSIVE DRAFT FORM 990 IS PREPARED IN-HOUSE BY THE ACCOUNTING OFFICE USING THE CURRENT YEAR AUDITED FINANCIAL STATEMENTS. IT IS THEREAFTER REVIEWED BY THE TAX DIRECTOR. THE RETURN IS THEN PROVIDED TO THE FULL GOVERNING BODY FOR REVIEW PRIOR TO FILING WITH THE IRS. |
| Form 990, Part VI, Line 12c Conflict of interest policy | POLICIES RELATING TO CONFLICT OF INTEREST, WHISTLEBLOWER, BUSINESS CONDUCT AND RECORDS RETENTION ARE MAINTAINED AND PROMULGATED BY THE SPONSOR ORGANIZATION, TRUSTEES OF TUFTS COLLEGE (TUFTS). ALL TUFTS EMPLOYEES WORKING ON VEBA BUSINESS ARE REQUIRED TO ADHERE TO THESE POLICIES. ALSO, FOR ANNUAL MONITORING PURPOSES, TUFTS UNIVERSITY EMPLOYEE BENEFIT TRUST (THE TRUST), BEING A RELATED ORGANIZATION OF TUFTS, ADHERES TO THE SAME COMPLIANCE POLICY FOR DISCLOSURES REGARDING CONFLICTS OF INTEREST. WITH REGARD TO THE GOVERNING BODY OF THE TRUST, ONE OF THE THREE TRUSTEES, THOMAS S MCGURTY, IS AN OFFICER OF TRUSTEES OF TUFTS COLLEGE AND HAS BEEN PROVIDED WITH AN ANNUAL DISCLOSURE FORM WHICH IS USED TO REVEAL CONFLICTS OF INTEREST(COI) FOR OFFICERS, HIGHLY COMPENSATED EMPLOYEES, KEY EMPLOYEES AND GOVERNING BOARD MEMBERS. THE COI DISCLOSURE FORM IS SENT OUT AFTER YEAR-END. UPON READING THE COI POLICY, EACH TRUSTEE IS REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS WITH THE ORGANIZATION OR RELATED ORGANIZATIONS IN A STATEMENT THAT IS SIGNED AND DATED. ADDITIONALLY, FOR THE TWO REMAINING TRUSTEES OF THE TRUST, AN ELECTRONIC REQUEST TO REVEAL CONFLICTS OF INTEREST DISCLOSURES WAS COMPLETED AND RETURNED TO THE GENERAL ACCOUNTING/ TAX OFFICE PRIOR TO THE FILING OF THE FORM 990; AND WITH THE EXCEPTION OF BEING PAID EMPLOYEES OF TUFTS, REVEALED NO OTHER CONFLICTS OF INTEREST DISCLOSURES FOR THE CURRENT REPORTED YEAR. |
| Form 990, Part VI, Line 19 Required documents available to the public | THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. ALL ARE AVAILABLE UPON REQUEST. |
| Form 990, Part XI, Line 9 Other changes in net assets or fund balances | Plan Transfers to Sponsor to be available to pay welfare benefits to active employees. - -17022593; |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2019
Additional Data
| Software ID: | 17005876 |
| Software Version: | 2017v2.2 |