Employee Retirement Contribution. From the salary schedule amounts, listed in Appendices A and B, the Board shall “pick up” and pay the required employee contribution to the Teacher 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 414(h)(2), 81-35 and 81-36. Should such shelter be subsequently declared illegal by a court of competent jurisdiction or superseded by a later tax ruling, such payment shall become gross income to the employee.
Appears in 5 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
