Common use of Retirement Benefits for Teachers Hired After July 1, 2002 Clause in Contracts

Retirement Benefits for Teachers Hired After July 1, 2002. All teachers hired after July 1, 2002 shall have seven hundred fifty dollars ($750.00) deposited annually. in ten (10) equal payments by the employer into an employer approved 403(b) account. Investment options shall be at the choice of the teacher affected. One year of service is defined as a year of service under a regular teacher's contract with the Duneland School Corporation, which otherwise is a year of creditable service with the Indiana State Teachers Retirement Fund. The plan participants shall be vested as follows: 1 20% 2 40% 3 60% 4 80% 5 100%

Retirement Benefits for Teachers Hired After July 1, 2002. All teachers hired after July 1, 2002 shall have seven hundred fifty dollars ($750.00) deposited annually. in ten (10) equal payments by the employer into an employer approved a 403(b) account. Investment options shall be at the choice of the teacher affected. One year of service is defined as a year of service under a regular teacher's contract with the Duneland School Corporation, which otherwise is a year of creditable service with the Indiana State Teachers Retirement Fund. The plan participants shall be vested as follows: 1 20% 2 40% 3 60% 4 80% 11 I Page 5 100%% Year Vested

Retirement Benefits for Teachers Hired After July 1, 2002. All teachers hired after July 1, 2002 shall have seven hundred fifty dollars ($750.00) deposited annually. annually in ten (10) equal payments by the employer into an employer approved 403(ba 401(a) account. Investment options shall be at the choice of the teacher affected. One year of service is defined as a year of service under a regular teacher's contract with the Duneland School Corporation, which otherwise is a year of creditable service with the Indiana State Teachers Retirement Fund. The plan participants shall be vested as follows: 1 20% 2 40% 3 60% 4 80% 5 100%