Common use of Buyout Clause in Contracts

Buyout. The amount due in this calculation shall be reduced by the amount of the principal contributed to the teacher’s 403(b) account by the Board as determined on June 30, 2004, and deposited in the 401(a) Buyout account. Bargaining unit members will become vested in this program upon attaining the age of 55 and qualifying for retirement, including reduced benefits, under the rules of the Indiana State Teachers Retirement Fund. Until such time of becoming vested all monies contributed by the Board shall not be available to the employee and upon termination of employment for any reason, including death, other than total disability, the Board contributions shall be retained by the fund as provided for within the plan. In the event of termination due to total disability, the affected employee will be considered as vested. The reallocation will be done in the same manner in which the original deposit was made. Health Insurance Benefits: VEBA Buyout The amount due in this calculation shall be deposited in the Voluntary Employee Benefit Association (VEBA) Buyout. Bargaining unit members will become vested in this program upon attaining the age of 55 and qualifying for retirement, including reduced benefits, under the rules of the Indiana State Teachers Retirement Fund. Until such time of becoming vested all monies contributed by the Board shall not be available to the employee and upon termination of employment for any reason, including death, other than total disability, the Board contributions shall be retained by the fund as provided for within the plan. In the event of termination due to total disability, the affected employee will be considered as vested. The reallocation will be done in the same manner in which the original deposit was made.