Common use of CHANGES IN STATE LAW REGARDING PENSIONS Clause in Contracts

CHANGES IN STATE LAW REGARDING PENSIONS. The parties acknowledge the ongoing uncertainty with respect to the State of Illinois and its public employee pension systems, including possible legislative changes that may impact the parties such as a cost shift from the State to local community colleges of the normal cost of SURS pension contributions. The parties further acknowledge that a cost shift from the State to local community colleges of the normal cost of SURS pension contributions could result in a significant and materially adverse impact to the College’s finances. In light of these factors, in the event of a legislative or regulatory change that results in increased pension contribution costs to the College during the term of this Agreement, including a cost shift from the State to local community colleges of the normal SURS pension contribution, the college and Union will meet to have a good faith discussion of possible courses of action to respond to the legislative or regulatory changes.

CHANGES IN STATE LAW REGARDING PENSIONS. The parties acknowledge the ongoing uncertainty with respect to the State of Illinois and its public employee pension systems, including possible legislative changes that may impact the parties such as a cost shift from the State to local community colleges of the normal cost of SURS pension contributions. The parties further acknowledge that a cost shift from the State to local community colleges of the normal cost of SURS pension contributions could result in a significant and materially adverse impact to the College’s finances. In light of these factors, in the event of a legislative or regulatory change that results in increased pension contribution costs to the College during the term of this Agreement, including a cost shift from the State to local community colleges of the normal SURS pension contribution, the college College and Union will meet to have a good faith discussion of possible courses of action to respond to the legislative or regulatory changes.

CHANGES IN STATE LAW REGARDING PENSIONS. The parties acknowledge the ongoing uncertainty with respect to the State of Illinois and its public employee pension systems, including possible legislative changes that may impact the parties such as a cost shift from the State state to local community colleges of the normal cost of SURS pension contributions. The parties further acknowledge that a cost shift from the State state to local community colleges of the normal cost of SURS pension contributions could result in a significant and materially adverse impact to the College’s finances. In light of these factors, in the event of a legislative or regulatory change that results in increased pension contribution costs to the College during the term of this Agreement, including a cost shift from the State state to local community colleges of the normal SURS pension contribution, the college College and Union will meet to have a good good-faith discussion of modification of possible courses of action to respond to the legislative or regulatory changeschange.

CHANGES IN STATE LAW REGARDING PENSIONS. The parties acknowledge the ongoing uncertainty with respect to the State of Illinois and its public employee pension systems, including possible legislative changes that may impact the parties such as a cost shift from the State to local community colleges of the normal cost of SURS pension contributions. The parties further acknowledge that a cost shift from the State to local community colleges of the normal cost of SURS pension contributions could result in a significant and materially adverse impact to the College’s finances. In light of these factors, in the event of a legislative or regulatory change that results in increased pension contribution costs to the College during the term of this Agreement, including a cost shift from the State to local community colleges of the normal SURS pension contribution, the college and Union will meet to have a good faith discussion of modification of possible courses of action to respond to the legislative or regulatory changeschange.