Board Paid TRS/THIS Sample Clauses

Board Paid TRS/THIS. The Salary Matrices contained in Appendices to this Agreement include the Board’s payment to the State of Illinois Teacher Retirement System (TRS) of the certified staff member’s required contribution to TRS. Accordingly, from such schedules, the Board shall deduct and remit for each certified staff member a sum equal to nine percent (9.0%) of such certified staff member's compensation due such certified staff member pursuant to the schedules to the State of Illinois Teachers' Retirement System to be applied for the retirement account of such certified staff member. In the event that the state legislature increases the required TRS contribution levels for either the certified staff members or employer both parties agree to reopen this portion of the contract for non-binding discussion. Additionally, the Board shall pay the required health insurance contribution to the Teachers’ Health Insurance Security Fund (THIS) for such certified staff members. It is the intent of the parties by this Agreement to qualify these mandatory payments as employer payments under Section 414(h) of the Internal Revenue Code. The certified staff members have no right or claim to monies so remitted, except as it may subsequently become available upon retirement or resignation from the Teachers' Retirement System. No certified staff member shall have the option of choosing to receive the amounts contributed by the Board directly and the assumption and payment of the certified staff member’s required contribution to the TRS and THIS is a condition of employment made in order to secure the certified staff member's future services, knowledge and experience.
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Board Paid TRS/THIS. The Salary Statements contained in Appendices to this Agreement include the Board of Education's payment to the State of Illinois Teacher Retirement System (TRS) of the teacher's required contribution to TRS. Accordingly, from such schedules, the Board shall deduct and remit for each teacher a sum equal to nine percent (9.0%) of such teacher's compensation due such teacher pursuant to the schedules to the State of Illinois Teachers' Retirement System to be applied for the retirement account of such teachers. In the event that the state legislature increases the required TRS contribution levels for either the employees or employer both parties agree to reopen this portion of the contract for non-binding discussion. Additionally, the Board shall pay the required health insurance contribution to the Teachers’ Health Insurance Security Fund (THIS) for such teachers. It is the intent of the parties by this Agreement to qualify these mandatory payments as employer payments under Section 414(h) of the Internal Revenue Code. The teachers have no right or claim to monies so remitted, except as it may subsequently become available upon retirement or resignation from the Teachers' Retirement System. No teacher shall have the option of choosing to receive the amounts contributed by the Board directly and the assumption and payment of the teachers' required contribution to the TRS and THIS is a condition of employment made in order to secure the teacher's future services, knowledge and experience.
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