VEBA Trust

What VEBA Trust does

VEBA Trust is a Seattle-based non-profit voluntary employees' beneficiary association (VEBA) founded in 1984 and authorized under Section 501(c)(9) of the Internal Revenue Code. The organization administers funded health reimbursement arrangement (HRA) plans that enable public employees and retirees in Washington State to pay for qualified out-of-pocket medical expenses and retiree insurance premiums on a triple-tax-advantaged basis (no federal income tax or FICA on contributions, investment earnings, or reimbursements). The core products consist of the VEBA Plan, serving K-12 school districts, educational service districts, and community and technical colleges, and the VEBA Medical Expense Plan (MEP), serving state agencies and higher education institutions.

VEBA Trust's technology stack is built and maintained by OneBridge Benefits and includes an online participant portal, the HRAgo mobile application (iOS and Android), the OneBridge Visa Benefits Card issued by The Bancorp Bank for instant payment of qualified expenses, and a participant-directed investment platform offering pre-mixed portfolios (Income, Conservative, Moderate, Growth) plus self-directed individual fund options. The VEBA Stable Value Fund is managed exclusively for the trust by Goldman Sachs Asset Management. Fiduciary Consulting Group (a Morgan Stanley business) advises the Board of Trustees on investment oversight, and Katten Muchin Rosenman LLP provides specialized legal counsel on federal tax compliance.

The trust serves more than 100,000 participants from over 400 Washington State public employers and is governed by a six-member Board of Trustees appointed by three founding associations: the Association of Washington School Principals (AWSP), Washington Association of School Administrators (WASA), and Washington Association of School Business Officials (WASBO). Revenue is generated through monthly administrative fees charged to participant accounts ($1.50 for claims-eligible and $0.75 for non-claims-eligible participants, waived when balances exceed $5,000) and annualized asset-based fees averaging approximately 1% of account balances. Plan adoption occurs through collective bargaining agreements or employer policy, with Gallagher Benefit Services providing field sales, customer care (Spokane), compliance support, and adoption assistance.

Name

VEBA Trust

Legal name

VEBA Trust

Website

https://veba.org

Company type

Private

Founded year

1984

Operating status

Operating

Short description

VEBA Trust is a Seattle-based non-profit 501(c)(9) VEBA administering tax-advantaged health reimbursement arrangement plans for over 100,000 Washington State public employees and retirees across 400+ school districts, state agencies, and higher education institutions.

Ownership category

akta.pro rank

Product category

Healthcare Benefits Administration (Health Reimbursement Arrangements)

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Accident & Health Insurance (6321)

akta.pro primary industry

Employer Health Reimbursement Arrangements (HRA/ICHRA/QSEHRA) Administration (HLAEAAAG)

akta.pro secondary industry

Flexible Benefits Administration (FSA/HSA/HRA) (HLAEALAK)

Keywords

• Health reimbursement arrangements
• Retiree healthcare benefits
• Tax-advantaged medical savings
• Public employee benefits
• VEBA trust administration

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Administrative Fees: VEBA Trust operates as a non-profit 501(c)(9) VEBA. Revenue comes from monthly administrative fees and annualized asset-based fees charged to participant accounts to cover claims processing, customer service, account administration, printing, postage, legal, consulting, and auditing costs.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

VEBA Trust funds and administers health reimbursement arrangement (HRA) plans for public employers in Washington State, providing tax-advantaged accounts that reimburse qualified medical expenses and retiree insurance premiums for public employees and retirees. It serves over 100,000 participants from 400+ employers through the VEBA Plan (K-12 schools) and VEBA Medical Expense Plan (MEP) (state agencies and higher education), supported by an online portal, mobile app, and benefits debit card.

Product overview

VEBA Trust offers a unified health reimbursement arrangement (HRA) platform for public employees in Washington state. The core offering consists of the VEBA Plan for K-12 employers and the VEBA Medical Expense Plan (MEP) for state agencies and higher education. Participants access their accounts through the Online Participant Portal and HRAgo mobile app, with a OneBridge Visa Benefits Card for instant payments. The platform includes participant-directed investment options through pre-mixed portfolios (Income, Conservative, Moderate, Growth) and individual funds. Claims processing and automatic premium reimbursement services are available for claim submission and ongoing premium payments.

Differentiator

Problem solved

Functional benefit

Brands

• HRAgo®: Mobile application for managing HRA accounts on the go

Products and services

• VEBA Plan A funded health reimbursement arrangement (HRA) program for K-12 school districts, educational service districts, and community and technical colleges in Washington state, providing tax-free accounts for out-of-pocket healthcare expenses and retiree insurance premiums to public employees and retirees.
• VEBA Medical Expense Plan (MEP) A health reimbursement arrangement specifically for Washington state agencies and higher education institutions, with the sole funding source being sick leave cash out at retirement, available only after separating from service or retiring.
• HRAgo Mobile App

Quantifiable outcome

• Employees save up to 30% or more on healthcare expenses through triple tax savings (federal income tax and FICA taxes avoided)
• +1 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Partnerships

Six partnerships are on record, tiered core and supporting.

• Gallagher Benefit Services, Inc.coreImplementation/ SI/ Consulting PartnerManages VEBA Plan's Customer Care Center in Spokane. Gallagher's field team provides onsite and virtual service to employers including compliance support, plan adoption/renewal assistance, group presentations, and webinars. Provides specialized consulting services to the VEBA Board of Trustees and coordinates all VEBA Trust activities including services provided by other third-party vendors.
• OneBridge BenefitscoreTechnology or IntegrationBuilt and maintains the HRA system software and platform used by the VEBA Plan. Handles daily claims processing, administration, recordkeeping, and outbound mail fulfillment. Specializes in HRA and flexible spending account (FSA) administration.
• Fiduciary Consulting Group (formerly Hyas Group)coreImplementation/ SI/ Consulting PartnerIndependent investment consulting firm, a business of Morgan Stanley. Assists VEBA Board of Trustees with selection, review, and monitoring of custom pre-mixed asset allocation portfolios and individual investment fund options. Located in Portland, Oregon.
• Katten Muchin Rosenman LLPsupportingImplementation/ SI/ Consulting PartnerLaw firm providing legal expertise on health and welfare employee benefits plans and multiple employer health plan arrangements, including VEBA trusts. Ensures VEBA Trust and Plan comply with complex federal tax regulations. Led by partner Kate Ulrich Saracene.
• The Bancorp Bank, N.A.supportingTechnology or IntegrationIssues the OneBridge Visa Benefits Card pursuant to a license from Visa U.S.A. Inc. Card is accepted wherever Visa debit cards are accepted for qualified medical expenses.
• Goldman Sachs Asset ManagementsupportingTechnology or IntegrationManages the VEBA Stable Value Fund, a custom separate account portfolio exclusively for VEBA Trust. Unlike a mutual fund, it is not publicly traded and available only to VEBA Plan participants.

Scale indicators3 records

Recent moves6 records

Expansion highlights2 records

Emerging players

• Zenefits: HR and benefits platform including consumer-directed account administration for SMB employers. Comparable as an adjacent benefits administration competitor but serving smaller employers and broader benefit categories.
• Lively, Inc. Modern HSA/HRA/LPFSA administration platform with strong consumer UX and digital-first onboarding. Comparable as an HRA-administration competitor with comparable digital capabilities (mobile app, debit card) and a tech-forward product experience.
• PlanSource Benefits Platform: Cloud benefits administration and decision-support platform with HRA/FSA/HSA account features. Comparable as a competing administration platform for HRA/consumer-directed accounts, particularly with employers.

Direct peers

• Benefest / Employee Benefits Corporation: Benefits administration firm specializing in consumer-directed accounts (HRA, FSA, HSA, COBRA, commuter). Comparable as a direct competitor offering the same HRA/TPA product set to employers.
• Further (TASC): National employee benefits administrator offering HRAs, FSAs, HSAs, COBRA, and commuter benefits with payroll integration. Comparable because it sells into public and private employers with similar consumer-directed account products.

Others

• Gallagher Benefit Services: Gallagher manages VEBA Trust's distribution, customer service, and employer consulting. As one of the largest U.S. benefits brokerages, Gallagher is comparable only as a partner/distributor rather than a direct competing administration provider.
• OneBridge Benefits: VEBA Trust's core technology partner that built the HRA platform and processes claims. Comparable as the underlying HRA/FSA administration vendor whose product powers VEBA Trust's offering.

Broad incumbents

• HealthEquity, Inc. National leader in consumer-directed benefit account administration (HSA, FSA, HRA, COBRA). Comparable because HealthEquity administers HRA programs at scale across employers, mirroring VEBA Trust's core administrative function but with a national commercial footprint rather than single-state public sector focus.
• Optum Financial (UnitedHealth Group): Optum Financial administers HSAs, HRAs, and benefit accounts for large employer populations. Comparable because it provides TPA-style administration of HRA/consumer-directed benefits, albeit embedded within a much larger payer/provider services ecosystem.
• WageWorks (HealthEquity-acquired): Long-standing HRA, FSA, and commuter benefit administrator, now part of HealthEquity. Comparable as a comparable set of consumer-directed benefit account administration capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about VEBA Trust