Common use of Reallocation of Forfeitures Clause in Contracts

Reallocation of Forfeitures. The ETA President shall receive a list of those teachers whose accounts have been terminated pursuant to this Appendix, which shall list the teacher’s name and the total value of the terminated accounts. The ETA President will receive this list on or before September 15. Eighty percent (80%) of the forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA II accounts. Reallocation of forfeitures will be applied on an actuarially sound basis that is consistent with the model previously developed for the distribution of forfeited amounts (i.e. where allocation results are based upon age and number of years until projected retirement date for each teacher) and deposited in teacher accounts on or before October 15th. Twenty percent (20%) of the forfeited amounts shall revert to the Employer. VEBA II accounts of teachers who have attained the age of fifty-nine (59) but who have not terminated employment may share in the reallocated forfeiture, but on a reduced actuarial basis.  Teachers Prevented from Participation in Reallocation of Forfeitures: the VEBA II accounts of the following teachers will not share in the reallocation of a forfeiture of a VEBA account. o Teachers who forfeited their VEBA II accounts in the same year, o Teachers who previously forfeited their VEBA II accounts; and o Teachers who have attained the age of fifty-nine (59) and terminated employment in or before the year of the reallocated forfeiture. Teachers Hired Subsequent to March 31, 2016 shall be assigned to VEBA IV The VEBA Plan for teachers hired subsequent to March 31, 2016 (VEBA IV) includes the following terms and conditions:  Vesting: A teacher must have served in the Elkhart Community Schools fifteen

Reallocation of Forfeitures. The ETA President shall receive a list of those teachers whose accounts have been terminated pursuant to this Appendix, which shall list the teacher’s name and the total value of the terminated accounts. The ETA President will receive this list on or before September 15. Eighty percent (80%) All of the forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA II I accounts. Reallocation of forfeitures will be applied on an actuarially sound basis that is consistent with the model previously developed for the distribution of forfeited amounts (i.e. where allocation results are based upon age and number of years until projected retirement date for each teacher) and deposited in teacher accounts on or before October 15th. Twenty percent (20%) of the forfeited amounts shall revert to the Employer. VEBA II I accounts of teachers who have attained the age of fifty-nine (59) but who have not terminated employment may share in the reallocated forfeiture, but on a reduced actuarial basis.  Teachers Prevented from Participation in Reallocation of Forfeitures: the VEBA II I accounts of the following teachers will not share in the reallocation of a forfeiture of a VEBA I account. o Teachers who forfeited their VEBA II I accounts in the same year, o Teachers who previously forfeited their VEBA II I accounts; and o Teachers who have attained the age of fifty-nine (59) and terminated employment in or before the year of the reallocated forfeiture. Teachers Hired Subsequent to between January 2, 2006 and March 31, 2016 shall be assigned to VEBA IV II The VEBA Plan for teachers hired subsequent to by Elkhart Community Schools between the dates of January 2, 2006 and March 31, 2016 (VEBA IVII) includes the following terms and conditions:  Vesting: A teacher must have served in the Elkhart Community Schools fifteen

Reallocation of Forfeitures. The ETA President shall receive a list of those teachers whose accounts have been terminated pursuant to this Appendix, which shall list the teacher’s name and the total value of the terminated accounts. The ETA President will receive this list on or before September 15. Eighty percent (80%) of the forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA II accounts. Reallocation of forfeitures will be applied on an actuarially sound basis that is consistent with the model previously developed for the distribution of forfeited amounts (i.e. where allocation results are based upon age and number of years until projected retirement date for each teacher) and deposited in teacher accounts on or before October 15th. Twenty percent (20%) of the forfeited amounts shall revert to the Employer. VEBA II accounts of teachers who have attained the age of fifty-nine (59) but who have not terminated employment may share in the reallocated forfeiture, but on a reduced actuarial basis.  • Teachers Prevented from Participation in Reallocation of Forfeitures: the VEBA II accounts of the following teachers will not share in the reallocation of a forfeiture of a VEBA account. o Teachers who forfeited their VEBA II accounts in the same year, o Teachers who previously forfeited their VEBA II accounts; and o Teachers who have attained the age of fifty-nine (59) and terminated employment in or before the year of the reallocated forfeiture. Teachers Hired Subsequent to March 31, 2016 shall be assigned to VEBA IV The VEBA Plan for teachers hired subsequent to March 31, 2016 (VEBA IV) includes the following terms and conditions:  • Vesting: A teacher must have served in the Elkhart Community Schools fifteen

Reallocation of Forfeitures. The ETA President shall receive a list of those teachers whose accounts have been terminated pursuant to this Appendix, which shall list the teacher’s name and the total value of the terminated accounts. The ETA President will receive this list on or before September 15. Eighty percent (80%) All of the forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA II I accounts. Reallocation of forfeitures will be applied on an actuarially sound basis that is consistent with the model previously developed for the distribution of forfeited amounts (i.e. where allocation results are based upon age and number of years until projected retirement date for each teacher) and deposited in teacher accounts on or before October 15th. Twenty percent (20%) of the forfeited amounts shall revert to the Employer. VEBA II I accounts of teachers who have attained the age of fifty-nine (59) but who have not terminated employment may share in the reallocated forfeiture, but on a reduced actuarial basis.  • Teachers Prevented from Participation in Reallocation of Forfeitures: the VEBA II I accounts of the following teachers will not share in the reallocation of a forfeiture of a VEBA I account. o Teachers who forfeited their VEBA II I accounts in the same year, o Teachers who previously forfeited their VEBA II I accounts; and o Teachers who have attained the age of fifty-nine (59) and terminated employment in or before the year of the reallocated forfeiture. Teachers Hired Subsequent to between January 2, 2006 and March 31, 2016 shall be assigned to VEBA IV II The VEBA Plan for teachers hired subsequent to by Elkhart Community Schools between the dates of January 2, 2006 and March 31, 2016 (VEBA IVII) includes the following terms and conditions:  • Vesting: A teacher must have served in the Elkhart Community Schools fifteen