Common use of Program Duration Clause in Contracts

Program Duration. Regardless of the participation experience and the implementation of this agreement, in no event shall this agreement create an expectancy of a property interest among staff members beyond June 30, 2026, nor shall the same be regarded as a policy, custom, practice or contractual agreement between the parties beyond such date, except as noted above. Nothing in this agreement, however, shall be deemed to prohibit the parties from mutually agreeing to amend this agreement or to continue this agreement after June 30, 2026. In the event that IMRF reduces the annual increase allowed without an employer excess salary payment or penalty (currently up to 6%), the parties agree to modify this retirement incentive program benefit to reflect the new IMRF-approved salary enhancement limitation.

Program Duration. Regardless of the participation experience and the implementation of this agreement, in no event shall this agreement create an expectancy of a property interest among staff members beyond June 30, 2026, nor shall the same be regarded as a policy, custom, practice or contractual agreement between the parties beyond such date, except as noted above. Nothing in this agreement, however, shall be deemed to prohibit the parties from mutually agreeing to amend this agreement or to continue this agreement after June 30, 2026. In the event that IMRF reduces the annual increase allowed without an employer excess salary payment or penalty (currently up to 6%), the parties agree to modify this retirement incentive program benefit to reflect the new IMRF-approved salary enhancement limitation. .