Common use of Modification of Prior Agreement’s Severance/Retirement Benefit Clause in Contracts

Modification of Prior Agreement’s Severance/Retirement 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 the Association immediately before this amendment’s effective date, and the severance/retirement benefit described in Article VII entitled “Severance/Retirement Pay” shall not apply to any teacher retiring or severing employment with the school corporation on or after this amendment’s effective date, except as otherwise specifically provided in Article XIII of this contract. 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.

Modification of Prior Agreement’s Severance/Retirement 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 the Association immediately before this amendment’s effective date, and the severance/retirement benefit described in Article VII entitled “Severance/Retirement Pay” shall not apply to any teacher retiring or severing employment with the school corporation on or after this amendment’s effective date, except as otherwise specifically provided in Article XIII of this contract. 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.

Modification of Prior Agreement’s Severance/Retirement 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 the Association immediately before this amendment’s effective date, and the severance/retirement benefit described in Article VII XIII entitled “SeveranceASeverance/Retirement Pay” Pay@ shall not apply to any teacher retiring or severing employment with the school corporation on or after this amendment’s effective date, except as otherwise specifically provided in Article XIII of this contract. 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.