2021-05-17T14:28:51-05:00 2020-06-30 KPMG LLP 60 South Street Boston MA 02111 990 2019-07-01 451556038 University of Vermont And State Agricultural COLLEGE FOUNDATION INC % Charles Feeney UNIV 8026568600 411 Main Street Burlington VT 05401 CHARLES FEENEY VP & CFO 8026568600 2021-05-17 true SMITA BALIGA P01643271 6179881000 2019 2022-09-23 18:48:47Z Shane Jacobson PresCEO 411 Main Street Burlington VT 05401 47427049 false X www.uvmfoundation.org X 2011 VT The mission of the UVM Foundation is to secure and manage private support for the benefit of the University of Vermont 29 28 165 6472 175167 40996621 32095043 9915431 9598758 2315472 2003011 58755 55720 53286279 43752532 34614465 25213604 0 0 8987122 8827635 65512 0 6722833 3187615 2552617 46854714 36593856 6431565 7158676 196994255 198276012 13958269 11312016 183035986 186963996 THE MISSION OF THE UVM FOUNDATION IS TO SECURE AND MANAGE PRIVATE SUPPORT FOR THE BENEFIT OF THE UNIVERSITY OF VERMONT. false false 25213604 25213604 9224461 THE FOUNDATION'S PRIMARY FUNCTION IS TO RAISE, RECEIVE, AND MANAGE FUNDS FOR SCHOLARSHIPS, PROFESSORSHIPS, AND FACILITIES AND OTHER SUPPORT FOR THE BENEFIT OF THE UNIVERSITY OF VERMONT AND STATE AGRICULTURAL COLLEGE AND BY OTHERWISE PERFORMING SUPPORT FUNCTIONS THAT CARRY OUT ITS CHARITABLE, SCIENTIFIC, EDUCATIONAL, OR OTHER EXEMPT PURPOSES. 2118961 374297 ALUMNI ARE OFFERED OPPORTUNITIES TO ATTEND SOCIAL AND EDUCATIONAL EVENTS FOR AN ADMISSION FEE THAT COVERS, AT THE MOST, DIRECT EXPENSES, BUT NEVER COVERS ALL EXPENSES. EVENTS INCLUDE ALUMNI REUNIONS, HOMECOMINGS, BASEBALL GAMES, TENNIS MATCHES, DANCES, ETC. 27332565 true true false false false false false false false true true true false false true true true false false false false false false false false false false true false true false false false false false false false false true true false false true true true true true false true 33 0 true 165 true true true false false false false true true false false false false false false X 29 28 false false false false false false false true true false false true true true true true true true true false CA KY MD MA MI MN NH NJ NY OR SC UT WI X X Charles Feeney 8026568600 411 Main Street Burlington VT 05401 Shane Jacobson Director/Ex Officio/Fndn Pres 43.0 0.0 X X 384828 0 50077 Kathleen Kelleher VP for Principal Gifts 40.0 0.0 X 228421 0 43481 Charles Feeney VP & CFO 40.0 0.0 X 225730 0 44861 Alan Ryea Exec Dir Leadership Engagement 40.0 0.0 X 193839 0 44521 Clarence Davis VP for Development 40.0 0.0 X 171051 0 20263 Kathleen DesJardins VP & Chief Information Officer 40.0 0.0 X 149256 0 35602 Amy Palmer-Ellis ASST VP Gift Planning (E 6/20) 40.0 0.0 X 129993 0 38813 Mark Dorgan E 72519 VP for Development 40.0 0.0 X 138432 0 27964 Mark Metivier Assistant VP and Controller 40.0 0.0 X 120533 0 24365 Rebecca Trotsky E 83019 Director of Major Gifts 40.0 0.0 X 113951 0 19139 Scott Danis Dir Info Sys Programmer 40.0 0.0 X 110942 0 21549 Kathy Battistoni Director 1.0 0.0 X 0 0 0 James Betts Director 1.0 0.0 X 0 0 0 Frank Bolden Director 1.0 0.0 X 0 0 0 Robert P Brennan Jr Director 1.0 0.0 X 0 0 0 William Cimonetti Director 1.0 0.0 X 0 0 0 David Daigle E 3120 Director/Ex Officio 1.0 0.0 X 0 0 0 Philip Daniels Director/Ex Officio 1.0 0.0 X 0 0 0 Barbara Fiddler Director 1.0 0.0 X 0 0 0 David Godkin Director 1.0 0.0 X 0 0 0 Meg Guzewicz E 63020 Director 1.0 0.0 X 0 0 0 David Haas E 32920 Director 1.0 0.0 X 0 0 0 James Hebert Director 1.0 0.0 X 0 0 0 Eugene W Kalkin E 63020 Director 1.0 0.0 X 0 0 0 James R Keller Director/Chair 3.0 0.0 X X 0 0 0 Deborah McAneny Director 1.0 0.0 X 0 0 0 Donald H McCree III Director/Treasurer 2.0 0.0 X X 0 0 0 Susan Marchand Higgins Director 1.0 0.0 X 0 0 0 David Reines Director 1.0 0.0 X 0 0 0 Diane L Seder Director/Vice-Chair 2.0 0.0 X X 0 0 0 Scott S Segal Director/Secretary 2.0 0.0 X X 0 0 0 Claudia Serwer Director 1.0 0.0 X 0 0 0 William Shean Director 1.0 0.0 X 0 0 0 Whit Wagner Director 1.0 0.0 X 0 0 0 Afi Ahmadi Beg 7119 Director/Ex Officio 1.0 0.0 X 0 0 0 Michele Cohen Beg 7119 Director 1.0 0.0 X 0 0 0 Suresh Garimella Beg 7119 Director/Ex Officio/Univ Pres 2.0 0.0 X 0 0 0 Vito Imbasciani Beg 7119 Director 1.0 0.0 X 0 0 0 Ron Lumbra Beg 3120 Director/Ex Officio 1.0 0.0 X 0 0 0 Cyma Zarghami Beg 7119 Director 1.0 0.0 X 0 0 0 Ray Roberts Beg 5120 Director 1.0 0.0 X 0 0 0 1966976 0 370635 15 false true false University of Vermont 85 South Prospect Burlington VT 05405 Print,Tuition,Repair 522280 The University of Vermont Medical C PO Box 1902 Burlington VT 05402 Leased Employees 193570 Marketing Communication Resource I 4800 E 345th Street Willoughby OH 44094 Print & Mail Service 126078 KPMG LLP 60 South Street Boston MA 02111 Audit & Tax 120975 4 32095043 3596941 32095043 Service Agreement - University Support 900099 9224461 9224461 Alumni Activities 900099 374297 254850 119447 9598758 2033379 2033379 0 55720 55720 0 0 0 3290225 353924 3304021 370496 -13796 -16572 -30368 -30368 0 0 0 0 0 0 0 0 0 0 43752532 9479311 175167 2003011 25213604 25213604 0 0 0 1579915 260733 531798 787384 0 5082818 800502 859162 3423154 462084 67448 81732 312904 1236628 166692 227347 842589 466190 76238 95599 294353 129186 1181 125755 2250 47761 41761 6000 59480 59480 0 0 10020 10020 0 49816 23513 9704 16599 799331 119215 158507 521609 316883 49473 68594 198816 0 72846 47956 4545 20345 212480 21999 41461 149020 0 331218 256681 23259 51278 0 0 340992 223650 21040 96302 178694 178694 Miscellaneous Expense 3910 3680 230 36593856 27332565 2538458 6722833 1465588 196950 37915532 39414974 24430379 19124034 1301613 443551 0 0 0 0 0 0 0 0 385177 415161 29824214 1363498 29801707 28460716 2468547 2522817 99225712 107697809 0 0 0 0 0 0 196994255 198276012 8305768 6346390 0 0 42416 18649 0 0 0 0 0 0 2437500 2187500 0 0 3172585 2759477 13958269 11312016 X 11338116 11514510 171697870 175449486 183035986 186963996 196994255 198276012 X 7158676 -1822310 -1408356 X false true X true false X 56323351 44740207 46240100 40996621 32095043 220395322 0 0 56323351 44740207 46240100 40996621 32095043 220395322 25472312 194923010 770341 1335517 1796367 2363545 2033379 8299149 0 -1274 0 0 2547 0 1273 228695744 48575942 0.85232 0.84560 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 116530968 12464796 -303252 1125536 4066728 509401 122990847 103915814 13561072 4145818 953371 3590516 547849 116530968 88789512 12161632 7202999 709495 3178281 350553 103915814 68728077 17214082 6453578 585917 2603739 416569 88789512 33500789 37260950 158808 494654 1277805 420011 68728077 0.05896 0.91309 0.02794 true true true 20300000 20300000 9187992 1138239 8049753 282102 171139 110963 54120 54120 28460716 INVESTMENTS IN UVM POOL 84516451 F APPRECIATION UVM POOL 13655716 F PARTNERSHIPS 8200000 F PARTNERSHIPS 50 C BENEFICIAL INT HELD BY OTHERS 1325592 F 107697809 0 LONG-TERM DEBT W/ RELATED PARTY 2700000 OTHER LIABILITIES 59477 2759477 X 40495125 -1822310 -1320775 -3143085 43638210 114322 114322 43752532 36567115 36567115 26741 26741 36593856 PART V, LINE 2 THE FOUNDATION HAS ADOPTED FASB ASU 2016-14, PRESENTATION OF THE OF THE FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ENTITIES, AND THE JUNE 30, 2020 AUDITED FINANCIAL STATEMENTS CLASSIFY NET ASSETS AS EITHER NET ASSETS WITHOUT DONOR RESTRICTIONS OR NET ASSETS WITH DONOR RESTRICTIONS. FOR PURPOSES OF PART V, LINE 2, THE FOUNDATION HAS REPORTED ITS YEAR END ENDOWMENT BALANCE WITHOUT DONOR RESTRICTIONS AS QUASI-ENDOWMENT AND ITS YEAR END BALANCE WITH DONOR RESTRICTIONS AS PERMANENT ENDOWMENT AND TERM ENDOWMENT. PART V, LINE 4 THE FOUNDATION'S ENDOWMENT IS A CONSOLIDATED POOL OF ENDOWMENTS BENEFITTING THE UNIVERSITY OF VERMONT BASED ON DONOR RESTRICTIONS OR BOARD DESIGNATIONS. EACH ENDOWMENT SUPPORTS A PURPOSE AT UVM, SUCH AS SCHOLARSHIPS (21%), PROFESSORSHIPS (40%) OR OTHER ACADEMIC AND CAMPUS PROGRAMS (39%). THE BOARD-APPROVED SPENDING POLICY PROVIDES A STABLE AND UNIFORM FUNDING STREAM FOR THESE PURPOSES. THE BOARD MONITORS INVESTMENT PERFORMANCE AND INFLATION TO MAXIMIZE ANNUAL SPENDING DISTRIBUTIONS TO UVM WHILE PRESERVING PURCHASING POWER IN PERPETUITY IN ACCORDANCE WITH DONOR AGREEMENTS AND BOARD RESOLUTIONS. SCHEDULE D, PART X, LINE 2 UVM FOUNDATION GENERALLY DOES NOT PROVIDE FOR INCOME TAXES BECAUSE IT IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)3 OF THE INTERNAL REVENUE CODE. ASC 740, INCOME TAXES, PERMITS AN ENTITY TO RECOGNIZE THE BENEFIT AND REQUIRES ACCRUAL OF AN UNCERTAIN TAX POSITION ONLY WHEN THE POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED IN THE EVENT OF EXAMINATION BY TAX AUTHORITIES. IN EVALUATING WHETHER A TAX POSITION HAS MET THE RECOGNITION THRESHOLD, UVM FOUNDATION MUST PRESUME THAT THE POSITION WILL BE EXAMINED BY THE APPROPRIATE TAXING AUTHORITY THAT HAS FULL KNOWLEDGE OF ALL RELEVANT INFORMATION. ASC 740 ALSO PROVIDES GUIDANCE ON THE RECOGNITION, MEASUREMENT, AND CLASSIFICATION OF INCOME TAX UNCERTAINTIES, ALONG WITH ANY RELATED INTEREST OR PENALTIES. TAX POSITIONS DEEMED TO MEET THE MORE LIKELY THAN NOT THRESHOLD ARE RECORDED AS A TAX EXPENSE IN THE CURRENT YEAR. UVM FOUNDATION HAS ANALYZED ALL OPEN TAX YEARS, DEFINED BY THE STATUTES OF LIMITATIONS FOR ALL MAJOR JURISDICTIONS. OPEN TAX YEARS ARE THOSE THAT ARE OPEN FOR EXAM BY TAXING AUTHORITIES. MAJOR JURISDICTIONS FOR UVM FOUNDATION INCLUDE FEDERAL AND THE STATE OF VERMONT. AS OF JUNE 30, 2020, OPEN FEDERAL AND VERMONT TAX YEARS FOR UVM FOUNDATION INCLUDE TAX YEARS ENDED JUNE 30, 2017, 2018, AND 2019. UVM FOUNDATION HAS NO EXAMINATIONS IN PROGRESS. UVM FOUNDATION BELIEVES THAT IT HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS. PART XI, LINE 2D EQUITY TRANSFER TO UVM $ (1,398,503) EQUITY TRANSFER FROM UVM $104,469 INVESTMENT ACCOUNTING $ (11,700) INVESTMENT MANAGEMENT FEES $ (10,020) INVESTMENT INSURANCE $ (1,474) INVESTMENT LEGAL $ (3,547) ---------------- TOTAL $ (1,320,775) PART XI, LINE 4B UNCOLLECTIBLE PLEDGES $ 114,322 PART XII, LINE 4B INVESTMENT ACCOUNTING $ 11,700 INVESTMENT MANAGEMENT FEES $ 10,020 INVESTMENT INSURANCE $ 1,474 INVESTMENT LEGAL $ 3,547 -------------- TOTAL $ 26,741 true University of Vermont & State Agricultural College 85 South Prospect Street Burlington VT 05401 030179440 501(c)(3) 24130462 FMV See Part IV University of Vermont & State Agricultural College 85 South Prospect Street Burlington VT 05401 030179440 501(c)(3) 555042 FMV See Part IV SEE PART IV See Part IV Hillel at the University of Vermont 80 Colchester Avenue UNIVERSITY OF VERMONT CAMPUS Burlington VT 05401 810554021 501(c)(3) 528100 FMV SEE PART IV 2 PART I, LINE 2 THE FOUNDATION OPERATES ON A REIMBURSABLE BASIS AND REQUIRES A REPORT OF EXPENSES ON A QUARTERLY BASIS FOR REVIEW BY THE CONTROLLER FOR APPROPRIATENESS PRIOR TO DISTRIBUTION OF FUNDS. PART II, LINE 2G NONCASH ASSISTANCE INCLUDES CONTRIBUTIONS OF VARIOUS SMALL GIFTS OF INSTRUMENTS, ART, BOOKS, AND COLLECTIBLES. PART II, LINE 1H AND 2H PURPOSES OF THE GRANTS AND ASSISTANCE INCLUDE: UNIVERSITY EDUCATIONAL DEPARTMENT USE; SCHOLARSHIPS, FELLOWSHIPS, AND AWARDS; PROFESSORSHIPS, RESEARCH, AND FACULTY SUPPORT; CAPITAL CONSTRUCTION; AND, OTHER ACADEMIC AND STUDENT SUPPORT. PART II, LINE 3H THE PURPOSE OF THE GRANTS AND ASSISTANCE IS TO PROVIDE PROGRAMMING AND SERVICES TO ENRICH THE LIVES OF THE UNIVERSITY COMMUNITY AT LARGE INCLUDING BUT NOT LIMITED TO JEWISH UNDERGRADUATE AND GRADUATE STUDENTS. X X true true X X true false false false false false false true false Shane Jacobson Director/Ex Officio/Fndn Pres 378787 0 0 6041 0 28000 0 22077 0 434905 0 0 0 Kathleen Kelleher VP for Principal Gifts 228421 0 0 0 25753 0 17728 0 271902 0 0 0 Charles Feeney VP & CFO 206828 0 0 18902 0 20131 0 24730 0 270591 0 0 0 Alan Ryea Exec Dir Leadership Engagement 167275 0 0 26564 0 19791 0 24730 0 238360 0 0 0 Clarence Davis VP for Development 168965 0 0 2086 0 16809 0 3454 0 191314 0 0 0 Kathleen DesJardins VP & Chief Information Officer 149256 0 0 0 17836 0 17766 0 184858 0 0 0 Amy Palmer-Ellis ASST VP Gift Planning (E 6/20) 129993 0 0 0 14083 0 24730 0 168806 0 0 0 Mark Dorgan E 72519 VP for Development 129943 0 0 8489 0 13538 0 14426 0 166396 0 0 0 PART I, LINE 1A The Foundation pays for one officer's membership to a golf club for bonafide business reasons. The expense is a taxable benefit to the officer. AS DESCRIBED FOR PART I, LINE 7 BELOW, CEO RECEIVED A PAYMENT PER THE TERMS OF HIS EMPLOYMENT CONTRACT WHICH WAS GROSSED UP FOR RELATED TAX AMOUNTS. PART I, LINE 4A Pursuant to an agreement, Rebecca Trotsky received a one-time payment of $37,153. The payment amount is included in Form 990, Part VII, Section A, Column (D). PART I, LINE 7 CEO RECEIVED A PAYMENT OF $8,900 (THEN GROSSED UP) PER THE TERMS OF HIS EMPLOYMENT CONTRACT. X 11 218200 FMV X 295804 FMV X 143 3013819 FMV X Volunteer Travel 12 25551 FMV X Equipment and misc 11 43567 FMV 6 false true false PART I, COLUMN B PART I, COLUMN B IS REPORTING THE NUMBER OF CONTRIBUTIONS. PART VI, SECTION B, QUESTION 11B THE FORM 990 HAS BEEN REVIEWED BY THE OFFICERS OF THE FOUNDATION AND A COMPLETE COPY OF THE FEDERAL 990 HAS BEEN PROVIDED TO EACH MEMBER OF THE BOARD OF DIRECTORS BEFORE FILING WITH THE INTERNAL REVENUE SERVICE. PART VI, SECTION B, QUESTION 12C THE BOARD OF DIRECTORS APPROVED A CONFLICT OF INTEREST POLICY AND THE OVERVIEW ADDRESSES THE QUESTIONS IN PART VI: THE GOALS OF THE POLICY ARE TO IDENTIFY WHEN AND HOW CONFLICTS MAY ARISE, PROMOTE A PROCESS FOR EACH DIRECTOR TO DISCLOSE CONFLICTS, AND ELABORATE HOW THE BOARD CAN MANAGE CONFLICTS OF INTEREST. THERE IS NOTHING INHERENTLY WRONG WITH A CONFLICT SO LONG AS THE CONFLICT IS DISCLOSED AND MANAGED APPROPRIATELY. - A CONFLICT EXISTS WHEN THERE IS AN APPARENT OR ACTUAL DIVERGENCE BETWEEN A DIRECTOR'S PRIVATE INTERESTS AND HIS/HER FIDUCIARY DUTY. THIS INCLUDES TIMES WHEN RELEVANT MATERIAL FACTS AFFECT A DIRECTOR, A MEMBER OF HIS/HER FAMILY, OR AN AFFILIATE. - IT IS NOT A CONFLICT TO SERVE IN LEADERSHIP CAPACITIES FOR OTHER NONPROFIT ORGANIZATIONS, UNIVERSITY/COLLEGE FOUNDATIONS, OR INSTITUTIONS OF HIGHER EDUCATION. - IT IS NOT POSSIBLE FOR OUR POLICY TO INCLUDE AN ALL-INCLUSIVE LIST OF SITUATIONS GIVING RISE TO A CONFLICT OF INTEREST. THE POLICY DOES GIVE EXAMPLES OF SITUATIONS PRESENTING POTENTIAL, ACTUAL OR APPARENT CONFLICTS: (I) COMMERCIAL TRANSACTIONS BETWEEN DIRECTOR AND THE FOUNDATION (II) CONFIDENTIAL, PROPRIETARY OR PRIVILEGED INFORMATION NOT TO BE SHARED WITH THE PUBLIC (III) DIVERTING BUSINESS OPPORTUNITIES AWAY FROM THE FOUNDATION FOR PRIVATE GAIN (IV) DIRECTORS CANNOT HIRE, SUPERVISE OR EVALUATE IMMEDIATE FAMILY MEMBERS OR AFFILIATES (V) DIRECTORS SHALL NOT ACCEPT COMPENSATION, GIFTS OR OTHER ITEMS IN EXCHANGE FOR INFLUENCING FOUNDATION OPERATIONS AND ACTIVITIES (VI) DIRECTORS CAN ACCEPT FROM THE FOUNDATION MODEST VALUE GIFTS OR OTHER ITEMS IN CONNECTION WITH BUSINESS AND SERVICE ON THE BOARD OF DIRECTORS (VII) DIRECTORS CAN EMPLOY FOUNDATION ADMINISTRATION FOR PRIVATE CONSULTING WITH PRIOR APPROVAL - UVM TRUSTEES AND EMPLOYEES WHO SERVE AS DIRECTORS ARE SUBJECT TO THE POLICY. THEY ARE NOT AUTOMATICALLY DISQUALIFIED FROM PARTICIPATING IN FOUNDATION BOARD DISCUSSIONS AND BUSINESS. RARE OCCASIONS MAY EXIST WHEN THEY WILL BE DISQUALIFIED FROM VOTING ON SPECIFIC MATTERS. - PROTOCOL (I) DIRECTORS ANNUALLY FILE CONFLICTS DISCLOSURE FORM BY MAY 30 (II) PRIOR TO COMMITTEE OR FULL BOARD MEETINGS, CONFLICTS MUST BE DISCLOSED AND MANAGED. THEY WILL BE EVALUATED BY PRESIDENT & CEO, COMMITTEE/BOARD CHAIR, AND THE AUDIT COMMITTEE. (III) DEPENDING UPON THE CONFLICT, DIRECTOR MAY OR MAY NOT BE ABLE PARTICIPATE IN THE DISCUSSION AND/OR VOTE ON AGENDA ITEM RELATED TO CONFLICT. (IV) IF NECESSARY, WE CAN REQUEST THE OPINION OF FOUNDATION LEGAL COUNSEL. PART VI, SECTION B, QUESTIONS 15A AND 15B THE EXECUTIVE COMMITTEE SHALL ALSO SERVE AS THE COMPENSATION COMMITTEE, CHARGED WITH PERIODICALLY AND NO LESS THAN ONCE ANNUALLY REVIEWING AND APPROVING, FOLLOWING RECOMMENDATIONS FROM THE PRESIDENT AND CHIEF EXECUTIVE OFFICER, THE COMPENSATION AND BENEFITS THE FOUNDATION WILL PROVIDE TO ITS CORPORATE OFFICERS (WITH THE PRESIDENT AND CHIEF EXECUTIVE OFFICER RECUSING HIM OR HERSELF WITH RESPECT TO ANY DELIBERATIONS OR DECISIONS REGARDING HIS OR HER COMPENSATION). THE BOARD OF DIRECTORS HAS DELEGATED THE HIRING DECISION FOR ALL NON-OFFICERS TO THE PRESIDENT AND CHIEF EXECUTIVE OFFICER. PART VI, SECTION C, QUESTION 19 THE UVM FOUNDATION MAINTAINS A DOCUMENT LIBRARY ON ITS WEBSITE FOR THE PUBLIC TO VIEW GOVERNANCE & POLICIES, GIVING FORMS, FINANCIAL REPORTS, MEETING AGENDAS, AND MEETING MINUTES. WWW.UVMFOUNDATION.ORG PART XI, LINE 9 EQUITY TRANSFER FROM UVM $ 104,469 EQUITY TRANSFER TO UVM $ (1,398,503) UNCOLLECTABLE PLEDGES $ (114,322) --------------- TOTAL $ (1,408,356) UVMF Holdings LLC 411 Main Street Burlington VT 05401 300877053 Invest Hold VT 1018639 29265802 UVM Foundati UVM Foundation Retiree Health Plan Trust 411 Main Street Burlington VT 05401 320443476 Health Benef VT 501(c)(9) UVM Foundati true false false false false false false false false false false false false false false false true false false false UVM Foundation Retiree Health Plan Trust p 64645 FMV PART V THE FOUNDATION USUALLY MAKES A TRANSFER OF CASH FOR EMPLOYER AND EMPLOYEE CONTRIBUTIONS TO THE UVM FOUNDATION RETIREE HEALTH PLAN TRUST TWICE A MONTH FOR COVERED EMPLOYEES FOR HEALTH BENEFITS IN RETIREMENT.