Retirement Plan Buyout Sample Clauses

Retirement Plan Buyout. The Program, attached hereto as Appendix A, was used to determine each teacher's buyout amount. The buyout amount was placed into separate post- retirement accounts in accordance with the IRS for the purpose of providing qualified retirement benefits and tax free welfare benefits to the teachers. The selection of accounts will be determined by a committee as described in section 3 below. The vesting period for the buyout will be five (5) consecutive years teaching for KCSC. If a teacher terminates employment prior to meeting the vesting period, the account balances of that teacher shall be forfeited. Any forfeiture of the buyout portion (including interest earned) of a teacher's accounts will be redistributed equally among the current teachers' accounts at the time of the forfeiture. The buyout amount for health care for each teacher was placed into a tax free welfare benefit account for said teacher by no later than September 5, 2006. The buyout amount for years of service and sick leave days over 100 was placed into a qualified retirement account for said teacher by no later than September 5, 2006. Until such time that an employee has retired and satisfied the eligibility requirements set forth in the Article, the employee shall have no access to the assets held in his/her separate accounts. At no time may the accounts make loans to an employee, his/her spouse, or his/her dependents. In the event that a teacher dies, or becomes disabled, he or she will automatically be vested and his or her accounts would go into his or her estate. A teacher is considered disabled if he or she is collecting Social Security disability benefits.