Retirement Benefits for Teachers Hired After July 1, 2002 Clause Samples

This clause establishes the specific retirement benefits applicable to teachers who were hired after July 1, 2002. It outlines the eligibility requirements, benefit calculation methods, and any differences in contribution rates or vesting periods compared to teachers hired before that date. For example, it may specify a different pension formula or retirement age for these employees. The core function of this clause is to clearly define and differentiate the retirement entitlements for newer hires, ensuring both compliance with policy changes and transparency for affected teachers.
Retirement Benefits for Teachers Hired After July 1, 2002. All teachers hired after July 1, 2002 shall have seven hundred fifty dollars ($750.00) deposited annually. in ten (10) equal payments by the employer into an employer approved 403(b) account. Investment options shall be at the choice of the teacher affected. One year of service is defined as a year of service under a regular teacher's contract with the Duneland School Corporation, which otherwise is a year of creditable service with the Indiana State Teachers Retirement Fund. The plan participants shall be vested as follows: 1 20% 2 40% 3 60% 4 80% 5 100%
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