Additional Retirement Contributions Sample Clauses

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. 1. In addition to any contributions made pursuant to Article III(F) below, the Board will pay annually the total amount of $32,000 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. 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 1, with the first such contribution due as of July 1, 2022, and the last such contribution due as of July 1, 2025. 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, 2025, must have been employed in good standing by the Board as of June 30, 2025; 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. 2. In addition to the foregoing retirement contribution referenced in subparagraph 1, the Board shall within five days of July 1, 2023 make on behalf of the Superintendent a lump sum contribution for the purchase from VRS of two years of prior service credit for his service in Ohio pursuant to Va. Code 51.1-142.3, in an amount not to exceed $50,000, provided that the Superintendent: (a) has continuously since July 1, 2021, and is still as of July 1, 2023, employed by the Board and in good standing; and (b) is in compliance with all other applicable VRS requirements, including the liquidation of his Ohio retirement balance. Provided further that in the event the Superintendent, subsequent to the date of such purchase, does not continue serving as Superintendent of ACPS for least the number of years purchased, and VRS reduces the Superintendent’s creditable service in accordance with Va. Code 51.1-142.3(C), and refunds that amount to the Superintendent, the Superintendent shall immediately pay that amount to the Board.

Additional Retirement Contributions. The City will contribute annually to Employee’s Section 457(b) plan the maximum amount established by the Internal Revenue Service for the annual elective deferral limit and catch-up employee contributions (e.g., in 2024, $23,000 elective deferral limit and $7,500 catch-up contribution). In the 2024 calendar year, City will contribute the difference between $30,500 and the amount Employee contributed prior to assuming the position of City Manager. In addition, the City will establish and contribute annually to Employee’s Section 401(a) defined contribution plan the amount established by the Internal Revenue Service for the annual elective deferral limit for 401(k) plan employee contributions (e.g., $23,000 for 2024).

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)

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