Buy Out of Retirement Benefits. A. Elimination of Prior Agreement’s Retirement Bridge and Severance Benefit The Board and the Association specifically reserved the authority to revise or terminate the retirement benefits contained in earlier agreements. Exercising this authority, the Board and the Association now confirm that in Article VI, entitled Compensation in the Agreement immediately before this amendment’s effective date, the Early Retirement Pay benefit described in Article VI, Sections F, G and H of the prior agreement are terminated and shall not apply to any teacher retiring from the school corporation on or after this amendment’s effective date, except that any teacher who meets the retirement eligibility contained herein by June 30, 2006 may choose to retire under the provisions of the previous agreement provided that they have given the Corporation an irrevocable notice of such election no later than October 1, 2004. Those teachers who retired before the effective date shall only be entitled to the retirement benefits contained in the prior agreement as of the time of his or her retirement.
Buy Out of Retirement Benefits. A. Elimination of Prior Agreement’s Retirement Bridge and Severance Benefit
Buy Out of Retirement Benefits. (Prior to 2004 hire date) Elimination of Prior Agreement’s Retirement and Severance Pay Plan The Board and the Association specifically reserves the authority to revise or terminate the retirement benefits contained in earlier agreements. Exercising this authority, the Board and the Association now confirm that Article VIII, Section F, entitled Retirement Benefit, in the Agreement immediately before this amendment’s effective date, is terminated and shall not apply to any teacher retiring or severing employment with the school corporation on or after this amendment’s effective date, except that those teachers who are eligible to retire prior to the start of the 2006-07 school year may elect to retire under the provision of this section or the retirement provisions contained in the prior agreement. To exercise such option, the eligible teachers must submit a one-time irrevocable letter to the Superintendent indicating their choice no later than October 11, 2004. (For those teachers submitting a letter to retire at the end of the 2005-06 school year, such retirement date may be moved up by one year, upon mutual agreement between the Board and the teacher.) Those teachers who retired or severed employment before the effective date shall only be entitled to the retirement benefits contained in the prior agreement as of the time of his or her retirement, but as may be otherwise revised from time to time. Entitlement to Retirement Benefits and Vesting Requirements A teacher shall be fully vested in the Retirement Benefits described in this article if the retiring teacher has satisfied the following requirements: The teacher has reached the age of fifty (50); and The teacher must have completed not less than fifteen (15) full years as a professional educator; and The teacher has at least 10 continuous years of service with the Corporation. The teacher must notify the Board in writing through the Superintendent of his/her intent to retire by January 1 of the year of retirement. In the event a teacher must retire for his/her own health, the notice shall be waived by Board action. Actuarial Determination of Value of the Current Retirement and Severance Pay Plan The Educational Services Corporation has been selected to determine the present value of the unfunded severance benefits described in the prior agreement. In making this present value determination, the Educational Services Corporation shall use the following assumptions: The assumed interest rate for the pur...
Buy Out of Retirement Benefits
