Common use of Amendment of Plan Clause in Contracts

Amendment of Plan. Employer may amend the Plan at any time, by action of its Board of Education or by the written approval of an officer or committee to whom Employer’s Board of Education has delegated the authority to amend the Plan. Any amendment shall be subject to the following: (a) No amendment shall be effective unless the Plan, as amended, shall be for the exclusive benefit of Participants. (b) No amendment shall reduce or eliminate a Participant’s right to have his premium under the Health Benefits Plan paid in accordance with the provisions of the Plan to the extent a Participant has used Compensation Reductions to pay the premiums. (c) No amendment shall be inconsistent with any applicable collective bargaining agreement. Any amendment may be made retroactively effective to the extent permitted by the Code.