INDIANA PUBLIC LAW 199 AND SECTION 457 SOLUTION Sample Clauses

INDIANA PUBLIC LAW 199 AND SECTION 457 SOLUTION. Because of Indiana Public Law 253-2001 which requires schools to solve their unfunded liabilities and to pre-fund any increase in benefits after June 30, 2001, the School Corporation and the Association have agreed to revise the Early Retirement Incentive Program under Article XII and Retirement Severance Program under Article XIII under the Contract in effect as of June 30, 2001 and restate the same as set forth in this Article XII with respect to teachers who are employed by the School Corporation and who remain continuously so employed until eligible for benefits. Retirement Benefits hereunder shall be provided by an eligible deferred compensation plan under Section 401(a) or the Internal Revenue Code (401(a) Plan) to be created by the School Corporation to fund these benefits. Funding for the 401(a) Plan will be from bonds to be issued by the School Corporation in accordance with the requirements and limits of P.L. 253-2001.
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Related to INDIANA PUBLIC LAW 199 AND SECTION 457 SOLUTION

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  • Captions; Articles and Sections The captions contained in this Agreement are for reference purposes only and are not part of this Agreement. Unless otherwise indicated, all references to particular Articles or Sections shall mean and refer to the referenced Articles and Sections of this Agreement.

  • References to Statutes, Public Acts, Regulations, Codes and Executive Orders All references in this Contract to any statute, public act, regulation, code or executive order shall mean such statute, public act, regulation, code or executive order, respectively, as it has been amended, replaced or superseded at any time. Notwithstanding any language in this Contract that relates to such statute, public act, regulation, code or executive order, and notwithstanding a lack of a formal amendment to this Contract, this Contract shall always be read and interpreted as if it contained the most current and applicable wording and requirements of such statute, public act, regulation, code or executive order as if their most current language had been used in and requirements incorporated into this Contract at the time of its execution.

  • Article and Section References All article and section references used in this Agreement, unless otherwise provided, are to articles and sections in this Agreement.

  • Limitations Applicable to Section 16 Persons Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Option and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

  • Headings and Section References The section and subsection headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Section references are to this Agreement unless otherwise specified.

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