Common use of Buy Out of Retirement Benefits Clause in Contracts

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 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 here in 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.