Common use of Elimination of Prior Agreement’s Retirement Bridge and Severance Benefit Clause in Contracts

Elimination of Prior Agreement’s Retirement Bridge and Severance Benefit. The Board and Association specifically reserved the authority to revise or terminate the retirement benefits contained in earlier agreements. Exercising this authority, the Board and Association confirm that Article XV, Sections C (Retirement Severance Pay), D (Early Retirement Program), E (Early Retirement Aligned with Social Security), and F (Early Retirement Benefits prior to age 55) found in 2003-2004 collective bargaining agreement (“Prior Agreement”) between the School Corporation and the Classroom Teachers Association of the Metropolitan School District of Martinsville (“Association”) are terminated and shall not apply to any teacher retiring or severing employment with the School Corporation on or after the effective date of these provisions. Those teachers who retired or severed employment before the effective date of these provisions shall only be entitled to the retirement benefits contained in the collective bargaining agreement in effect at the time he or she retired, but as may be otherwise revised from time to time.