IMRF and TRS Pension or Retirement Fund Sample Clauses

IMRF and TRS Pension or Retirement Fund. ‌ 1. All new full-time Paraprofessionals and new full-time non-probationary Supportive Staff Employees are automatically members of the Illinois Municipal Retirement Fund. Monthly contributions are withheld from salaries on a percentage basis. Each Paraprofessional and Supportive Staff Employee receives notice of any change in the amount of deductions at the time such change is determined by the Fund. Further information is available from the District Business Office concerning the operation of and benefits available under the Retirement Fund. The parties agree that if there is new case law, legislation enacted, or administrative rules adopted during the life of this agreement that materially and adversely affects the Board’s obligations or Employee’s rights under any of the benefits set forth in this Article and the parties agree to meet within thirty (30) days of the passage of the legislation to renegotiate the provision and the impact on any and all Employees.
Sample 1
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IMRF and TRS Pension or Retirement Fund. ‌ 1. The retirement policy of the District follows the regulations of FICA, IMRF, and the Illinois Teachers’ Retirement System. 2. Upon retiring from the District, in accordance with the regulations of the appropriate provisions of the Illinois Retirement Act, a full-time Employee shall receive $29.00 per day for all unused accumulated sick leave paid out in their last check so long as the payout does not exceed the current 6% limit by TRS. Part-time Employees will receive a prorated payout based upon their FTE status. If the 6% TRS cap changes, the reduced limit shall apply. 3. Payment for all unused sick leave days is subject to TRS regulations and will not cause the District to incur penalty costs due to increasing the Employee’s pay that are above the 6% TRS limit and shall be made as a post-retirement severance payment within sixty (60) days after the Employee’s last day of service or the Employee’s receipt of their last regular paycheck, whichever occurs later. Employees shall have no actual or constructive right to the receipt of this payment until such time. Withholdings required by law or authorized by the Employee shall be deducted from this payment.
Sample 1
IMRF and TRS Pension or Retirement Fund. ‌ 1. All new full-time ESPs are automatically members of the Illinois Municipal Retirement Fund. Monthly contributions are withheld from salaries on a percentage basis. Each ESP receives notice of any change in the amount of deductions at the time such change is determined by the Fund. Further information is available from the District concerning the operation of and benefits available under the Retirement Fund. The parties agree that if there is new case law, legislation enacted, or administrative rules adopted during the life of this agreement that materially and adversely affects the Board’s obligations or ESP’s rights under any of the benefits set forth in this Article and the parties agree to meet within thirty (30) days of the passage of the legislation to renegotiate the provision and the impact on any and all affected ESPs. 2. The retirement policy of the District follows the regulations of FICA, IMRF, and the Illinois Teachers’ Retirement System. 3. Upon retiring from the District, in accordance with the regulations of the appropriate provisions of the Illinois Retirement Act, a full-time Employee shall receive $29.00 per day for all unused accumulated sick leave paid out in their last check so long as the payout does not exceed the current 6% limit by IMRF. Part-time Employees will receive a prorated payout based upon their FTE status. If the 6% IMRF cap changes, the reduced limit shall apply. 4. Payment for all unused sick leave days is subject to IMRF regulations and will not cause the District to incur penalty costs due to increasing the Employee’s pay that are above the 6% IMRF limit and shall be made as a post-retirement severance payment within sixty (60) days after the Employee’s last day of service or the Employee’s receipt of their last regular paycheck, whichever occurs later. Employees shall have no actual or constructive right to the receipt of this payment until such time. Withholdings required by law or authorized by the Employee shall be deducted from this payment. ARTICLE XI - ALL‌ Conformity to Law‌ A. Conformity to Law-Saving Provision 1. The AFT recognizes that the authority for the administration of the schools is vested in the Superintendent and District/Building Administration by the Board except limited by the provisions of this Agreement. 2. If any provisions of this Agreement are, or shall be at any time, contrary to statutory law or decisions of the courts, or adversely affect the payment of state or federal funds to the...
Sample 1
IMRF and TRS Pension or Retirement Fund. 1. All new full-time ESPs are automatically members of the Illinois Municipal Retirement Fund. Monthly contributions are withheld from salaries on a percentage basis. Each ESP receives notice of any change in the amount of deductions at the time such change is determined by the Fund. Further information is available from the District concerning the operation of and benefits available under the Retirement Fund. The parties agree that if there is new case law, legislation enacted, or administrative rules adopted during the life of this agreement that materially and adversely affects the Board’s obligations or ESP’s rights under any of the benefits set forth in this Article and the parties agree to meet within thirty (30) days of the passage of the legislation to renegotiate the provision and the impact on any and all affected ESPs. 2. The retirement policy of the District follows the regulations of FICA, IMRF, and the Illinois Teachers’ Retirement System. 3. Upon retiring from the District, in accordance with the regulations of the appropriate provisions of the Illinois Retirement Act, a full-time Employee shall receive $29.00 per day for all unused accumulated sick leave paid out in their last check so long as the payout does not exceed the current 6% limit by IMRF or 6% limit by TRS. Part-time Employees will receive a prorated payout based upon their FTE status. If the 6% IMRF cap changes, the reduced limit shall apply.
Sample 1

Related to IMRF and TRS Pension or Retirement Fund

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Deferred Compensation Account The Employer shall maintain on its books and records a Deferred Compensation Account to record its liability for future payments of deferred compensation and interest thereon required to be paid to the Employee or his beneficiary pursuant to this Agreement. However, the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee or his beneficiary. The amount reflected in said Deferred Compensation Account shall be available for the Employer's general corporate purposes and shall be available to the Employer's general creditors. The amount reflected in said Deferred Compensation Account shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Employee or his beneficiary, and any attempt to anticipate, alienate, transfer, assign or attach the same shall be void. Neither the Employee nor his beneficiary may assert any right or claim against any specific assets of the Employer. The Employee or his beneficiary shall have only a contractual right against the Employer for the amount reflected in said Deferred Compensation Account and shall have the status of general unsecured creditors. Notwithstanding the foregoing, in order to pay amounts which may become due under this Agreement, the Employer may establish a grantor trust (hereinafter the "Trust") within the meaning of Section 671 of the Internal Revenue Code of 1986, as amended. The assets in such Trust shall at all times be subject to the claims of the general creditors of the Employer in the event of the Employer's bankruptcy or insolvency, and neither the Employee nor any beneficiary shall have any preferred claim or right, or any beneficial ownership interest in, any such assets of the Trust prior to the time such assets are paid to the Employee or beneficiary pursuant to this Agreement. The Employer shall credit to said Deferred Compensation Account the amount of any salary to which the Employee becomes entitled and which is deferred pursuant to Section 1 hereof, such amount to be credited as of the first business day of each month. The Employer shall also credit to said Deferred Compensation Account an Interest Equivalent in the amount and manner set forth in Section 3 hereof.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • SIMPLE Individual Retirement Custodial Account (Under section 408(p) of the Internal Revenue Code) The participant named above is establishing a savings incentive match plan for employees of small employers individual retirement account (SIMPLE IRA) under sections 408(a) and 408(p) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named above has given the participant the disclosure statement required by Regulations section 1.408-6. The participant and the custodian make the following agreement:

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement. 8.2 Contributions shall be recorded on a remittance form and remitted to the designated recipient of such contributions on or before the fifteenth (15) day of the month following the month for which contributions are to be made. In the event that any Employer is delinquent in his contributions to the above funds for more than thirty (30) days, the Employer and the Association shall be notified of such delinquency. If after five (5) days from such notice such delinquency has not been paid, the Employer shall pay to the applicable funds, as liquidated damages and not as a penalty, an amount equal to ten percent (10%) of the arrears for the month, or part thereof, in which the Employer is in default. Thereafter, interest shall accumulate at the rate of two percent (2%) per month (24% per year compounded monthly) on any unpaid arrears, including liquidated damages. 8.3 The amounts to be designated as wages and/or Employer contributions to the above funds may be varied from time to time by agreement between the Association and the Union. 8.4 The Board of Trustees of the respective Trust Funds shall have authority to promulgate such agreements, plans and/or rules as may be necessary or desirable for the efficient and successful operation and administration of the said Trust Funds, including provisions for audit security, surety and/or liquidated damages to the extent that such may be necessary for the protection of the beneficiaries of such Trust Funds. 8.5 Any and all agreements, plans or rules established by the Boards of Trustees of the respective Trust Funds shall be appended hereto and shall be deemed to be part of and expressly incorporated herein and the Employer and the Union shall be bound by the terms and provisions thereof. 8.6 All employer contributions due and payable to the above funds, except industry promotion funds, shall be deemed and are considered to be Trust Funds. It is expressly understood that training funds and industry promotion funds are not wages or benefits due to an employee and industry promotion funds are dues for services rendered by the Association. 8.7 The Business Representative of the Local Union may inspect, during regular business hours, the Company's record of time worked by employees and contributions to the plan. 8.8 The Employer shall be responsible for the payment of any government sales taxes applicable to any trust fund contributions payable by the Employer.

  • Retirement Credit Retirement credit for such periods of leave without pay shall be governed by the rules and regulations of the Division of Retirement and the provisions of Chapter 121, Florida Statutes.

  • Death or Retirement Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Term. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age sixty-five (65) with at least ten (10) years of service.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Traditional Individual Retirement Custodial Account The following constitutes an agreement establishing an Individual Retirement Account (under Section 408(a) of the Internal Revenue Code) between the depositor and the Custodian.

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