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 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.

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 ’s enrollment.