Retirement Restructuring Lump Sum Contribution Clause Samples
The Retirement Restructuring Lump Sum Contribution clause establishes the obligation for an employer or plan sponsor to make a one-time payment into a retirement plan as part of a restructuring process. Typically, this clause specifies the amount, timing, and conditions under which the lump sum must be contributed, often in connection with changes to the retirement plan's structure or funding status. Its core function is to ensure the retirement plan remains adequately funded during organizational changes, thereby protecting the interests of plan participants and complying with regulatory requirements.
Retirement Restructuring Lump Sum Contribution. In response to both the mandate and opportunity provided by Public Law 253 (Acts of 2001) commonly known as Senate Enrolled Act 199 the Association and the School District engaged in a retirement restructuring review for several years culminating in an agreement in 2008. As a result of this restructuring, teachers (1) who do not elect the transition option benefits of Article XIII, Section B or who (2) do not qualify for retirement benefits pursuant to Article XII, Section D, will receive a one-time lump sum buy-out contribution. A teacher’s eligibility and the data for determining the amount of the lump sum data will be frozen as of the 2007-2008 school year. The amount of the buy-out contribution was actuarially determined and the amount of the buy-out contribution is set forth in a “Retirement Restructuring Buyout of Medicare Bridge Benefit Program Memorandum of Agreement” by and between the School District and the Association. The amount of the buy-out specified in the Memorandum of Agreement is enforceable through the grievance procedure of the Agreement. These contributions will be deposited on or before November 15, 2008. The lump sum buyout will be deposited into a separate account for each eligible teacher in the Retirement 501(c)(9) Trust (“Retirement VEBA”) with the exception of the following contribution: Teachers who would be eligible for a buy-out above in paragraph one (1) but are in dental only, vision only, or dental/vision, will receive a prorated buy-out to the equivalent of a buy-out toward a health insurance program as to those teacher’s current respect premiums (dental only, vision only, dental/vision). These amounts will not be deposited in the Retirement VEBA but will be deposited in the teacher’s 401(a) account. If there are any fees charged by the VEBA vendor for the active teachers prior to their retirement, the School District will reimburse for the first four (4) years following the deposit date any fees charged by depositing an amount equal to the fee or fees charged to the account. After the third year (November 2011) a joint committee of up to three (3) Association members and up to three (3) administrators will review the current VEBA vendor with the purpose of determining whether the vendor should be changed for the Retirement VEBA Plan. Since this Retirement Restructuring Program is a replacement for the benefits provided for in Article XIII, Section C, that contribution to eligible teachers will not vest until the teache...
Retirement Restructuring Lump Sum Contribution. In response to both the mandates and opportunity provided by Public Law 253 (Acts of 2001) commonly known as Senate Enrolled Act 199 the Association and the School District engaged in a retirement restructuring review during 2006. As a result of this restructuring, eligible teachers pursuant to Section A above, will receive a one-time lump sum buy-out contribution for their right to receive Service Years at Retirement (Article VIII, Section 2) and Retirement Benefits (Article IX, Section 1). The amount of the buy-out contribution was actuarially determined and the amount of the buy-out contribution is set forth in a “Retirement Restructuring Buyout Memorandum of Agreement” by and between the School Corporation and the Association. The amount of the buy-out specified in the Memorandum of Agreement is enforceable through the grievance procedure of the Agreement.
Retirement Restructuring Lump Sum Contribution. In response to both the mandates and opportunity provided by Senate Enrolled Act 199 (Acts of 2001) the Association and the School District engaged in a retirement restructuring review for several months in 2004. As a result of this restructuring, teachers who meet the qualifications in Section 3(A)* above: The amount of the buy-out contribution was actuarially determined and the amount of the buy-out contribution is set forth in a Memorandum of Agreement dated May 16, 2005 by and between the School District and the Association. The amount of the buy-out specified in the Memorandum of Agreement is enforceable through the grievance procedure of the Agreement. These contributions will be deposited as soon as possible following the teacher's enrollment.