Illinois Teachers’ Retirement Contribution. The Board shall pay on behalf of the employee out of the salary agreement listed in this contract the required contribution to the Teachers’ Retirement System of the State of Illinois in the form of an employer-paid pension contribution pursuant to 40 ILCS 5/16-152 et seq., the intent of which shall be to shelter the contribution from federal income taxation pursuant to Section 414(h)(2) of the Internal Revenue Code and tax rulings 81-35 and 81-36.
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