Illinois Teachers' Retirement System Sample Clauses

Illinois Teachers' Retirement System. A. Requirements to Qualify -- To be eligible for this benefit a teacher must comply with all of the following requirements and limitations.
Sample 1Sample 2
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Illinois Teachers' Retirement System. The Board shall remit for each TRS eligible employee a sum equal to nine percent (9%) of the amount due such employee as set forth on the compensation schedule for the State of Illinois Teachers' Retirement System to be applied for the account of such employee. The amount of gross wages due a teacher in the form of salary shall be the sum specified on the compensation schedule less the nine percent (9%) payment by the Board, paid in installments as otherwise provided herein, provided the Board shall deduct there from all sums as required by law or as authorized by the employee pursuant to Section 414(h) of the Internal Revenue Code of 1954, as amended. The employee 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. The Board does not warrant that the deductions made in the amounts as listed on the compensation schedule by the Board for the employees as set forth in paragraph one (1) above are deemed excludable from the employees' gross wages, and as such, the Union and each individual employee shall and does hereby indemnify and hold harmless the Board of Education, its members, its agents, and its employees from any and all claims, demands, actions, complaints, suits, assessments and deficiencies or other liability by reason of the payments of contributions to the Teachers' Retirement System pursuant to the provisions of this Section.
Sample 1
Illinois Teachers' Retirement System. From each teacher’s salary reflected on the Salary Schedule or off-schedule, as may apply, the Board shall deduct and remit the required amount to the Illinois Teachers’ Retirement System. To the extent permitted by law, it is the intention of the parties to qualify such deduction and payments to TRS as picked up and paid by the Board, on the teachers’ behalf, as employer payments pursuant to Section 414(h) of the Internal Revenue Code. The Board does not warrant that the deduction made from teachers’ salaries pursuant to this Section are excludable from teachers’ gross wages.
Sample 1

Related to Illinois Teachers' Retirement System

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • Post Retirement Health Care Benefit Employees who separate from State service and who, at the time of separation are insurance eligible and entitled to immediately receive an annuity under a State retirement program, shall be entitled to a contribution of two hundred fifty dollars ($250) to the Minnesota State Retirement System’s (MSRS) Health Care Savings Plan. Employees who have a HCSP waiver on file shall receive a two hundred fifty dollars ($250) cash payment. If the employee separates due to death, the two hundred fifty dollars ($250) is paid in cash, not to the HCSP. An employee who becomes totally and permanently disabled on or after January 1, 2008, who receives a State disability benefit, and is eligible for a deferred annuity under a State retirement program is also eligible for the two hundred fifty dollar ($250) contribution to the MSRS Health Care Savings Plan. Employees are eligible for this benefit only once.

  • Pre-Retirement Leave An employee scheduled to retire and to receive a superannuation allowance under the applicable Superannuation Act(s), or who has reached the mandatory retiring age, shall be entitled to:

  • 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.

  • 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.

  • Retired Teachers The BOARD may employ and assign retired teachers as day-to-day substi- tutes for no more than one hundred school days during the school year and shall pay such teachers the rate paid to day-to-day substitutes. The BOARD shall compensate such retired teachers in accor- dance with Appendix A-1L. Such retired teachers shall not be eligible for any other benefits provided to bargaining unit employees under this Agreement. The BOARD agrees that the employment and as- signment of retired teachers shall not result in the displacement of any appointed or assigned teacher.

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