Common use of Pension Reform Clause in Contracts

Pension Reform. In the event that there are any changes in Illinois law which increase the financial obligation of the Board to implement the foregoing retirement benefit, including but not limited to a cost-shift of pensions to local school districts, the Board and the NSSEA shall reopen negotiations regarding the retirement benefit and modify the retirement benefit to avoid the increase in cost to the Board. Pending the conclusion of such negotiations, the Board shall not be obligated to implement a retirement benefit for which Board costs have increased due to changes in Illinois law. The Board and the NSSEA may agree to postpone the negotiations if litigation is filed which challenges the relevant change(s) in Illinois law that increase the cost to the Board. However, if the parties negotiate an alternative benefit and a court decision later declares that the change in Illinois law is invalid, the original benefit shall be reinstated for the remainder of this Agreement, and the alternative negotiated benefit rescinded, as best as practicable and in a manner that is cost-neutral to the Board. (i.e., “cost-neutral” means that the Board’s aggregate cost to implement a negotiated alternative benefit and the return to the original benefit will not exceed the cost of the original benefit).

Pension Reform. In the event that there are any changes in Illinois law which increase the financial obligation of the Board to implement the foregoing retirement benefit, including but not limited to a cost-shift of pensions to local school districts, the Board and the NSSEA shall reopen negotiations regarding the retirement benefit and modify the retirement benefit to avoid the increase in cost to the Board. Pending the conclusion of such negotiations, the Board shall not be obligated to implement a retirement benefit for which Board costs have increased due to changes in Illinois law. The Board and the NSSEA may agree to postpone the negotiations if of litigation is filed which challenges the relevant change(schanges(s) in Illinois law that increase the cost to the Board. However, if the parties negotiate an alternative benefit and a court decision later declares that the change in Illinois law is invalid, the original benefit shall be reinstated for the remainder of this Agreement, and the alternative negotiated benefit rescinded, as best as practicable and in a manner that is cost-neutral to the Board. (i.e., “cost-neutral” means that the Board’s aggregate cost to implement a negotiated alternative benefit and the return to the original benefit will not exceed the cost of the original benefit).

Pension Reform. In the event that there are any changes in Illinois law which increase the financial obligation of the Board to implement the foregoing retirement benefit, including but not limited to a cost-shift of pensions to local school districts, the Board and the NSSEA NSSEA-ESP shall reopen negotiations regarding the retirement benefit and modify the retirement benefit to avoid the increase in cost to the Board. Pending the conclusion of such negotiations, the Board shall not be obligated to implement a retirement benefit for which Board costs have increased due to changes in Illinois law. The Board and the NSSEA NSSEA-ESP may agree to postpone the negotiations if of litigation is filed which challenges the relevant change(schanges(s) in Illinois law that increase the cost to the Board. However, if the parties negotiate an alternative benefit and a court decision later declares that the change in Illinois law is invalid, the original benefit shall be reinstated for the remainder of this Agreement, and the alternative negotiated benefit rescinded, as best as practicable and in a manner that is cost-neutral to the Board. (i.e., “cost-neutral” means that the Board’s aggregate cost to implement a negotiated alternative benefit and the return to the original benefit will not exceed the cost of the original benefit).