Common use of Illinois Municipal Retirement Fund Clause in Contracts

Illinois Municipal Retirement Fund. In addition to the annual salary stated in paragraph A.1 of this Contract, the Board shall pay the Executive Director’s full-required contribution up to the amount required as of the date of the execution of this Contract to the Illinois Municipal Retirement Fund (“IMRF”). The Executive Director shall not have any right or claim to said amounts contributed by the Board on his behalf, except as they may become available at the time of retirement or resignation from IMRF. Both Parties acknowledge that the Executive Director did not have the option of choosing to receive the contributed amounts directly, instead of having such contributions paid by the Board to the IMRF, and further acknowledge that such contributions are made as a condition of employment to secure the Executive Director’s future services, knowledge and experience.

Illinois Municipal Retirement Fund. In addition to the annual salary stated in paragraph A.1 of this Contract, the Board shall pay the Executive Director’s full-required contribution up to the amount required as of the date of the execution of this Contract to the Illinois Municipal Retirement Fund (“IMRF”). The Executive Director shall not have any right or claim to said amounts contributed by the Board on his behalf, except as they may become available at the time of retirement or resignation from IMRF. Both Parties acknowledge that the Executive Director did not have the option of choosing to receive the contributed amounts directly, instead of having such contributions paid by the Board to the IMRF, and further acknowledge that such contributions are made as a condition of employment to secure the Executive Director’s 's future services, knowledge and experience.

Illinois Municipal Retirement Fund. In addition to the annual salary stated in paragraph A.1 of this Contract, the Board shall pay the Executive Director’s full-required contribution up to the amount required as of the date of the execution of this Contract to the Illinois Municipal Retirement Fund (“IMRF”). The Executive Director shall not have any right or claim to said amounts contributed by the Board on his behalf, except as they may become available at the time of retirement or resignation from IMRF. Both Parties acknowledge that the Executive Director did not have the option of choosing to receive the contributed amounts directly, instead of having such contributions paid by the Board to the IMRF, and further acknowledge that such contributions are made as a condition of employment to secure the Executive Director’s future services, knowledge and experience.