Buyout of Retirement Benefits Sample Clauses
The Buyout of Retirement Benefits clause establishes the terms under which an employee's future retirement benefits can be settled through a lump-sum payment or alternative arrangement, rather than ongoing periodic payments. Typically, this clause outlines the calculation method for the buyout amount, eligibility criteria, and the process for executing the buyout, such as mutual agreement or triggering events like termination. Its core practical function is to provide both parties with flexibility and certainty by allowing the employer to resolve future retirement obligations upfront, while giving the employee immediate access to their benefits.
Buyout of Retirement Benefits. Elimination of Prior Agreement’s Retirement Benefits - The Board and the Association specifically reserved the authority to revise or terminate the retirement benefits contained in earlier Master Contracts. Exercising this authority, the Board and the Association now confirm that Section “E” entitled “Retirement Benefits”, contained in the Master Contract immediately before this amendment’s effective date are terminated and shall not apply to any teacher retiring from this school corporation on or after July 1, 2006.
Buyout of Retirement Benefits. 1. Elimination of Prior Agreement's Severance Benefits 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 Sections A, B, D, E and F of Article XI, entitled "Severance Pay Plan" contained in the Agreement immediately before this amendment's effective date are terminated and shall not apply to any teacher retiring or severing employment with the school corporation on or after this amendment's effective date.
Buyout of Retirement Benefits. A. ELIMINATION OF PRIOR AGREEMENT’S RETIREMENT BRIDGE AND SEVERANCE BENEFIT. The Board and the Association specifically reserve the authority to revise or terminate the retirement benefits contained in earlier agreements. In all cases, the Board shall continue to pay the retiree Thirty Dollars ($30.00) per accumulated sick leave day upon retirement from the teaching profession. If a teacher leaves for a position with another school, they will be required to transfer accumulated sick leave and are not entitled to this benefit. If a teacher leaves to pursue another profession, this benefit will be forfeited. Such payment will be in a lump sum not later than June 30th of the Teacher’s last year of service. 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.