Elimination of Prior Agreement’s Retirement Bridge and Severance Benefit Clause Samples
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Elimination of Prior Agreement’s Retirement Bridge and Severance Benefit. The Board and Association specifically reserved the authority to revise or terminate the retirement benefits contained in earlier agreements. Exercising this authority, the Board and Association confirm that Article XV, Sections C (Retirement Severance Pay), D (Early Retirement Program), E (Early Retirement Aligned with Social Security), and F (Early Retirement Benefits prior to age 55) found in 2003-2004 collective bargaining agreement (“Prior Agreement”) between the School Corporation and the Classroom Teachers Association of the Metropolitan School District of Martinsville (“Association”) are terminated and shall not apply to any teacher retiring or severing employment with the School Corporation on or after the effective date of these provisions. Those teachers who retired or severed employment before the effective date of these provisions shall only be entitled to the retirement benefits contained in the collective bargaining agreement in effect at the time he or she retired, but as may be otherwise revised from time to time.
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 Article VI, 7, “Social Security Bridge Payment” and paragraph 8 in the Agreement immediately before this agreement’s effective date are terminated and shall not apply to any teacher retiring or severing employment with the school corporation on or after this effective date, except as otherwise specifically provided in this Article. 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. Retirement benefits computed under former paragraphs 7 and 8 of Article VI were extinguished and funded by agreement of the parties in a Memorandum of Agreement dated June 15, 2004. A copy of the Memorandum of Agreement which terminated the former retirement plan is attached to this contract as an Appendix. Teachers eligible for a buyout of retirement benefits were those with more than five (5) full years of experience with Decatur County School Corporation on January 1, 2002. The parties subsequently changed this eligibility date to include all teachers with five (5) full years of experience with Decatur County School Corporation on February 1, 2004. Teachers ineligible for buyout were those not meeting that minimum for employment. Employees not eligible for the buyout shall be limited to the 401(a) savings plan and any other accounts established in the future. In addition, such ineligible employees are not entitled to the severance provisions of paragraphs 1 thru 6 above. After the severance amount has been determined in accordance with paragraphs 4 and 5, two thousand dollars ($2,000) shall be deducted and paid in cash to the eligible teacher as part of the eligible teacher’s final pay. The balance of the severance amount shall be deposited into the teacher’s 401(a) and VEBA accounts according to the following proportion: seventy percent (70%) into the teacher’s 401(a) account and thirty percent (30%) into the teacher’s VEBA account.