Are VEBA's typically set up to fund specific benefits, making it difficult/impossible to alter and use funds to fund a "new" benefit?

As an example, a current VEBA is set up to fund Group LTD premiums - could funds later be used to fund Exec. Life premiums as well?

While VEBAs are generally set up to fund one or more named benefits, there is no anti-cutback rule. Therefore an employer may terminate a plan inside the VEBA and reallocate the funds left over to fund another benefit or benefits.

Would you need to file a new Form 1024 if you were to provide a new benefit?

The prior response is technically correct, but failed to note that executive deferred compensation would not be permitted inside a VEBA, because a VEBA is limited to welfare benefits and subject to nondiscrimination requirements.