Common use of Retirement Restructuring Lump Sum Contribution Clause in Contracts

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.