Common use of Entitlement to Retirement Benefits and Vesting Requirements Clause in Contracts

Entitlement to Retirement Benefits and Vesting Requirements. Upon retirement from the Corporation, a teacher shall be fully vested in the retirement benefits described in this Article if the retiring teacher has satisfied the following requirements: 1. The retiring teacher has reached the age of fifty-five (55); and 2. Immediately prior to retirement, the teacher must have completed not less than ten (10) full years of service as a professional educator with the Corporation and fifteen (15) years of public school teaching experience. 3. There must be evidence that the teacher is planning permanent retirement from teaching in public education in Indiana. Permanent retirement will be indicated by either a signed application for retirement benefits from the Indiana State Teachers Retirement Fund or a notarized statement offered to the School Employer stating that the requesting teacher will not teach elsewhere in public education in Indiana and will apply for retirement benefits from the Indiana State Teacher Retirement Fund at a later date; provided , however, part- time teaching with an Indiana public school corporation following retirement shall not disqualify a teacher for early retirement benefits if the earnings from such part time teaching do not exceed the maximum allowable Indiana public school earnings limit established by Indiana law or the regulations of the Indiana Teachers Retirement Fund. 4. In the event an active plan participant dies prior to satisfying the vesting requirements set forth in this Article, they will become 100% vested immediately for the buyout retirement plan benefit. The deceased Employee’s 401(a) buyout plan account shall be distributable to the decedent’s designated beneficiary or to his/her estate if no beneficiary designation has been made.

Entitlement to Retirement Benefits and Vesting Requirements. Upon retirement from the Corporation, a teacher shall be fully vested in the retirement benefits described in this Article if the retiring teacher has satisfied the following requirements: 1. The retiring teacher has reached the age of fifty-five (55); and 2. Immediately prior to retirement, the teacher must have completed not less than ten (10) full years of service as a professional educator with the Corporation and fifteen (15) years of public school teaching experience. 3. There must be evidence that the teacher is planning permanent retirement from teaching in public education in Indiana. Permanent retirement will be indicated by either a signed application for retirement benefits from the Indiana State Teachers Retirement Fund or a notarized statement offered to the School Employer stating that the requesting teacher will not teach elsewhere in public education in Indiana and will apply for retirement benefits from the Indiana State Teacher Retirement Fund at a later date; provided , however, part- time teaching with an Indiana public school corporation following retirement shall not disqualify a teacher for early retirement benefits if the earnings from such part time teaching do not exceed the maximum allowable Indiana public school earnings limit established by Indiana law or the regulations of the Indiana Teachers Retirement Fund. 4. In the event an active plan participant dies prior to satisfying the vesting requirements set forth in this Article, they will become 100% vested immediately for the buyout retirement plan benefit. The deceased Employee’s 401(a) buyout plan account shall be distributable to the decedent’s designated beneficiary or to his/her estate if no beneficiary designation has been made.