Board Payment to Teachers’ Retirement System Sample Clauses

Board Payment to Teachers’ Retirement System. From the Compensation Schedule, other than the Board-paid contribution, the Board shall deduct and remit for each teacher a sum equal to the amount due such teacher pursuant to the Compensation Schedules to the State of Illinois Teachers’ Retirement System to be applied for the retirement account of such teacher. It is the intent of the parties of this Agreement to qualify these payments as “picked-up” contributions within the meaning of Section 414(h)(2) of the Internal Revenue Code so as to be excludable from the gross income of all teachers. The teachers shall have no right or claim to the funds so remitted except as they may subsequently become available upon retirement or resignation from the State of Illinois Teachers’ Retirement System. No teacher shall have the option of choosing to receive the amount contributed by the Board directly. The assumption and payment of the teacher’s required contribution to the Illinois Teachers’ Retirement System is a condition of employment made in order to secure the teacher’s future services, knowledge, and experience. The balance of the amount due each teacher pursuant to such Compensation Schedule shall be payable to the teacher as salary installments as otherwise provided herein, provided the Board shall deduct there from all monies as required by law or as authorized by the teacher pursuant to this Agreement. Such withholding shall include any and all additional amounts required to be paid to the State of Illinois Teachers’ Retirement System for the account of such teacher. Internal Revenue Service Revenue Rulings indicate that the amounts paid the State of Illinois Teachers’ Retirement System are properly excludable from the gross income of the teacher for income taxation purposes, and the District will not withhold Federal and State income taxes on funds remitted to the State of Illinois Teachers’ Retirement System on behalf of teachers.
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Board Payment to Teachers’ Retirement System. From the salary described in the attached salary schedule, the Board shall pay the percentage required by TRS directly to the Teachers’ Retirement System on behalf of each teacher as a Board-paid teacher retirement contribution. The purpose of such contribution shall be to shelter such payment from federal income tax consistent with tax rulings 414H (2), 81-35 and 81-36.
Sample 1
Board Payment to Teachers’ Retirement System. From a teacher’s salary, the Board shall deduct and remit a sum equal to nine percent (9.0%) of the amount due such teacher, to the State of Illinois Teachers’ Retirement System. It is the intent of the parties by this Agreement to qualify these payments as “picked-up” contributions within the meaning of Section 414(h)(2) of the Internal Revenue Code so as to be excludable from the gross income of all teachers. The teachers shall have no right or claim to the funds so remitted, except as they may subsequently become available upon retirement or resignation from the State of Illinois 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 teacher’s required contribution to the State of Illinois Teachers’ Retirement System as a condition of employment made in order to secure the teacher’s future services, knowledge, and experience. The balance of the amount due each teacher pursuant to such salary shall be payable as salary installments as otherwise provided herein, provided the Board shall deduct all monies as required by law or as authorized by the teacher pursuant to this Agreement, or as otherwise authorized by the Board. Such withholding shall include any and all additional amounts required to be paid to the State of Illinois Teachers’ Retirement System for the account of such teacher. Internal Revenue Service Revenue Rulings indicate that the amounts paid the State of Illinois Teachers’ Retirement System are properly excludable from the gross income of the teacher for income taxation purposes, and the District will not withhold Federal and State income taxes on funds remitted to the State of Illinois Teachers’ Retirement System on behalf of teachers.
Sample 1

Related to Board Payment to Teachers’ Retirement System

  • Non-Vested Retirement Gratuity for Teachers 1. The minimum years of service for retirement gratuity shall be defined as the lesser of the contractual minimal service requirement in the 2008-2012 collective agreement, or ten (10) years.

  • Public Employees Retirement System “PERS”) Members. For purposes of this Section 1, “employee” means an employee who is employed by the State on August 28, 2003 and who is eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Retirement System The withdrawal of employee contributions made on or after January 1, 2014 may also be withdrawn but only on an actuarially neutral basis. The actuarial present value of the pension reduction shall be equal to the amount of accumulated member contributions withdrawn. The actuarial present value shall computed using the interest rate used in the annual actuarial valuation and the mortality table used in the annual actuarial valuation with a 50% unisex blend.

  • EMPLOYMENT OF RETIRED TEACHERS A. For purposes of salary schedule placement, a retired Teacher will be granted a maximum of ten (10) years’ service credit and their educational attainment. A retired Teacher may not advance beyond Level 10 on the salary schedule.

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement.

  • Non-Retirement Savings Accounts An account maintained in the Cayman Islands (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of the Cayman Islands.

  • Group Registered Retirement Savings Plan 9.9.1 The College agrees to implement a group Registered Retirement Savings Plan for participation by employees. For regular employees who wish to participate in the Plan, the College agrees to contribute the total amount of the annual contribution by the fifteenth of the first month of the Benefit Year. The employee shall repay that contribution through payroll deduction in equal instalments throughout the Benefit Year.

  • Coverage Selection Prior to Retirement An employee who retires and is eligible to continue insurance coverage as a retiree may change his/her health or dental plan during the sixty (60) calendar day period immediately preceding the date of retirement. The employee may not add dependent coverage during this period. The change takes effect on the first day of the month following the date of retirement.

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