Board Paid Retirement. Retroactive to October 1, 1976, the Board will pay the employees' five percent (5%) contributions on wages earned and paid starting with October 1, 1976 to the Michigan Public School Employee Retirement Fund in accordance with Act 244, P.A. 1974 of the Laws of Michigan. This provision will be implemented by reimbursing the employees for their five percent (5%) contribution from October 1, 1976 to the date on which the Board assumes the employees' five percent (5%) contribution, which will be no later than three (3) weeks from the date of Board ratification.
Board Paid Retirement. The Board will pay the entire percentage on wages earned and paid to the Michigan Public School Employee’s Retirement Fund in accordance with PA30, 1980 as amended by the Laws of Michigan. These contributions are not to be construed to include the employee’s share of MIP contributions.
Board Paid Retirement. The Board agrees to pick up the normal, additional and survivors insurance contributions required by the Illinois Pension Code. The contributions so picked up shall be treated as employer contributions in determining tax treatment under the United States Internal Revenue Code. In accordance with the Illinois Pension Code, the Board will pick up these contributions by a reduction in the contract salary as shown in Appendices B, B-1, B-2, B-3, B-4, and B-5 for the term of this Agreement. Should any court of competent jurisdiction rule, or the Internal Revenue Service or the State Universities Retirement System rule that said contributions picked up by the Board are taxable and/or prohibited, then any money due, including interest and penalties, should be the responsibility of the individual employee and/or Xxxx X. Xxxxx IEA Association and/or the IEA Association.
Board Paid Retirement. The Employer agrees to continue to pay the employer contribution five percent (5%) to the non-contributory plan of the Michigan Public school Employees Retirement System.
Board Paid Retirement. The Board agrees to pay 10.3753 per cent of the employee's salary to the Illinois Teacher Retirement System as described by the rules and regulation of the Illinois Downstate Teacher Retirement System and the laws of the State of Illinois. In the event there is an increase in the required contribution to the Illinois Teacher Retirement System during the duration of this contract, the parties mutually agree to reopen Article IX, C. and bargain the increase. If bargaining has not concluded (ratification by both parties) within one hundred twenty (120) calendar days from the initial bargaining session, the Collective Bargaining Agreement shall be declared expired as of that date.
Board Paid Retirement. The Board shall pay 10.35% of Board Paid retirement for teachers subject to salary and extra duty and .84% Teacher Health Insurance Security Fund.
Board Paid Retirement. The teachers’ normal required annual contributions to the Illinois Teachers’ Retirement System (TRS) for salary paid under Section 4.4 and Section 5.4 are included in those salaries. For extra-duty stipends, in addition to any extra-duty stipends, the Board will pick up and pay employees’ normal required annual contributions to TRS, up to a maximum of 9.0% of the employee’s TRS-creditable earnings, in accordance with Section 4.14 (h) of the Internal Revenue Code, as amended.
Board Paid Retirement. In addition to the scheduled salary, the board will shelter to the extent allowed by law partial payments that bargaining unit members must make to the State of Illinois Teachers’ Retirement System (hereinafter “TRS”), as well as to the Illinois Teacher Health Insurance Security Fund (hereinafter “THIS”). The board will contribute on behalf of each bargaining unit member both the actual TRS contribution not to exceed 9.0% of the teachers’ creditable compensation to TRS and 1.22% of the creditable compensation to THIS. These contributions will be paid directly by the board to TRS and THIS on each bargaining unit member’s behalf and will be paid in lieu of and in satisfaction of each bargaining unit member’s required contributions to TRS and THIS pursuant to Section 414(h)(2) of the Internal Revenue Code, 26 U.S.C.A. §414(h)(2). The parties acknowledge that bargaining unit members do not have the option of choosing to receive the contributed amounts directly, except as they might become available from TRS upon retirement or resignation, and that such contributions are made as a condition of employment to secure the bargaining unit members’ future services, knowledge, and experience.
Board Paid Retirement. For the life of this Agreement, the Board shall pick up and pay the entire contribution due, including any amount from duties listed on Appendix B, on behalf of each said teacher to the Illinois Teacher Retirement System (TRS) as a Board-paid contribution. Said amount shall be paid on behalf of the teacher to TRS for the purpose of providing the teacher with a tax-sheltered pension contribution consistent with IRS tax rulings 414-H(2), 81-35, and 81-36. The teachers individually and/or collectively, at the Board's discretion, shall indemnify the District and hold it harmless against any tax liability or penalty arising out of a subsequent opinion or action by a body of competent jurisdiction, which finds the above, improper. In such case, the amount of said retirement benefit paid by the Board shall become gross income to the teacher.
Board Paid Retirement. A. The Board shall remit for each teacher his/her contribution to the Illinois Teachers' Retirement System. The teachers have no right to claim to monies so remitted except as it may subsequently become available upon retirement or resignation from the Illinois Teachers' Retirement System.
B. The balance of the amount due each teacher shall be payable to the teacher as salary in installments as otherwise provided herein, provided the Board shall deduct there from all monies as requested by law or as authorized by the teacher pursuant to this Agreement. Such withholding shall include any and all additional amounts requested to be paid to the Illinois Teachers' Retirement System for the account of such teacher.
C. In the event a court or the Internal Revenue Service shall conclude such amounts paid by the Board are not excludable from gross income, the Board shall treat such payment as taxable income.
D. The Association and each teacher will defend, indemnify and hold harmless the Board of Education, its members, its agents and its employees from any and all claims, demands, actions, complaints, suits or other liabilities by reason of faithful payment of the contribution to the Illinois Teachers' Retirement System pursuant to the provision of this section. No such claim, demand, action, complaint or other suit may be settled or compromised by the Association or any teacher without written consent of the Board if such claim, demand, action, complaint or suit adversely affects the Board of Education, its members, its agents and/or its employees.
