Common use of Unallocated Account Clause in Contracts

Unallocated Account. The Board will place $150,000 of the pension bond proceeds into an unallocated account (Fund 62) for administrators and support staff. Administrators who are at least fifty-five (55) years old by December 31, 2005, who retire at or before the end of the 2004-05 school year, and who give written notice of their intent to retire to the Superintendent no later than June 30, 2004, and who retire prior to reaching age 58 will receive the difference between what they would have received under the retirement severance pay benefits in the previous contract and the amount deposited by the Board into their Section 401(a) account, plus the assumed interest rates, at the time of their assumed retirement at age 58; provided, however, that this provision shall remain in effect only until such time as the bond proceeds deposited into Fund 62 have been exhausted. Using the above assumptions and the other assumptions contained on the attached Buy Out Spread Sheet, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ shall prepare the present value calculations for each administrator and the contributions described hereinafter will be made.