Additional Retirement Contributions. In addition to any contributions made pursuant to Article III(F) below, the Board will pay annually the total amount of $25,400 per year towards a tax sheltered retirement plan(s) and/or account(s) of the Division Superintendent’s choice. The Division Superintendent may, at his timely election and as otherwise consistent with Virginia Retirement System (VRS) requirements, direct the Board to pay all or any portion of the above sum on behalf of the Division Superintendent toward the cost of the purchase of prior service credit from VRS. The contribution(s) provided by this paragraph will be disbursed in a lump sum(s) on or within five days after July 1 following the conclusion of one year of service under this Agreement, with the first such contribution due as of July 1, 2015, and the last such contribution due as of July 1, 2018. Provided, however, that in order to be entitled to receive such contribution(s), the Division Superintendent must continue to be employed in good standing by the Board, or, in the case of the contribution due as of July 1, 2018, must have been employed in good standing by the Board as of June 30, 2018; the Division Superintendent shall have no right to any proration of these contributions. These contributions will be reported to the Virginia Retirement System as a part of the compensation to be counted towards retirement, to the extent permitted, and with any deductions or contributions required, by law.
Additional Retirement Contributions. In addition to any contributions made pursuant to Article III(F) below, the Board will pay annually the total amount of $40,000 per year towards a tax-sheltered retirement plan(s) and/or account(s) of the Division Superintendent’s choice. For the term of this Second Agreement, the contribution(s) provided by this paragraph will be disbursed in a lump sum(s) on or within five days after July 1st, with the first such contribution due as of July 1, 2024, and the last such contribution due as of July 1, 2028. Provided, however, that in order to be entitled to receive such contribution(s), the Division Superintendent must continue to be employed in good standing by the Board, or, in the case of the contribution due as of July 1, 2028, must have been employed in good standing by the Board as of June 30, 2028; the Division Superintendent shall have no right to any proration of these contributions. These contributions will be reported to the Virginia Retirement System as a part of the compensation to be counted towards retirement, to the extent permitted, and with any deductions or contributions required, by law.
Additional Retirement Contributions. In addition to any contributions made pursuant to Article III(F) below, the Board will pay annually the total amount of: (a) $25,400 per year towards a tax sheltered retirement plan(s) and/or account(s) of the Division Superintendent’s choice on or about July 1, 2015; (b) $31,100 per year towards a tax sheltered retirement plan(s) and/or account(s) of the Division Superintendent’s choice on or about July 1, 2016; and (c) $31,877.50 per year towards a tax sheltered retirement plan(s) and/or account(s) of the Division Superintendent’s choice on or about July 1, 2017 and July 1, 2018. The Division Superintendent may, at his timely election and as otherwise consistent with Virginia Retirement System (VRS) requirements, direct the Board to pay all or any portion of the above sum on behalf of the Division Superintendent toward the cost of the purchase of prior service credit from VRS. The contribution(s) provided by this paragraph will be disbursed in a lump sum(s) on or within five days after July 1 following the conclusion of one year of service under this Agreement, with the first such contribution due as of July 1, 2015, and the last such contribution due as of July 1, 2018. Provided, however, that in order to be entitled to receive such contribution(s), the Division Superintendent must continue to be employed in good standing by the Board, or, in the case of the contribution due as of July 1, 2018, must have been employed in good standing by the Board as of June 30, 2018; the Division Superintendent shall have no right to any proration of these contributions. These contributions will be reported to the Virginia Retirement System as a part of the compensation to be counted towards retirement, to the extent permitted, and with any deductions or contributions required, by law. IT IS FURTHER AGREED AND UNDERSTOOD by the parties hereto that all other provisions of the Agreement remain unchanged and continue in full force and effect, and that this First Amendment does not in any way alter the duration of that Agreement. ALEXANDRIA CITY SCHOOL BOARD By: _ Xxxxx X. Xxxx, Chairman XX. XXXXX X. CRAWLEY Attest:
Additional Retirement Contributions. In addition to any contributions made pursuant to Article III(F) below, the Board will pay annually the total amount of $27,000 per year towards a tax sheltered retirement plan(s) and/or account(s) of the Division Superintendent’s choice. With respect only to the payment due as of July 1, 2019, the Division Superintendent, by election on or before June 15, 2019, may elect to receive the payment as ordinary non-tax sheltered taxable income, rather than as a tax-sheltered retirement contribution. This election shall not be applicable to later years. The Division Superintendent may, at his timely election and as otherwise consistent with Virginia Retirement System (VRS) requirements, direct the Board to pay all or any portion of the above sum on behalf of the Division Superintendent toward the cost of the purchase of prior service credit from VRS. The contribution(s) provided by this paragraph will be disbursed in a lump sum(s) on or within five days after July 1 following the conclusion of one year of service under this Agreement, with the first such contribution due as of July 1, 2019, and the last such contribution due as of July 1, 2022. Provided, however, that in order to be entitled to receive such contribution(s), the Division Superintendent must continue to be employed in good standing by the Board, or, in the case of the contribution due as of July 1, 2022, must have been employed in good standing by the Board as of June 30, 2022; the Division Superintendent shall have no right to any proration of these contributions. These contributions will be reported to the Virginia Retirement System as a part of the compensation to be counted towards retirement, to the extent permitted, and with any deductions or contributions required, by law.
Additional Retirement Contributions
