Common use of IMRF Contributions Clause in Contracts

IMRF Contributions. In addition to the annual salary stated in paragraph A.1 of this contract, the Board shall make an employer contribution to the Illinois Municipal Retirement Fund (IMRF) based on the rate set by IMRF. (Rate subject to change annually on a calendar year.) The Specialist is responsible for the payment of the Member Contributions. Contribution rates are set by IMRF. (Rate subject to change annually on a calendar year.) The Specialist does not have any right or claim to said amounts except as they may become available at the time of retirement or resignation from the Illinois Municipal Retirement Fund system. Both parties acknowledge that the Specialist did not have the option of choosing to receive the contributed amounts directly, instead of having such contributions paid by the Board to the Illinois Municipal Retirement Fund, and that such contributions are made as a condition of employment to secure the Specialist’s future services, knowledge and experience.

IMRF Contributions. In addition to the annual salary stated in paragraph A.1 of this contract, the Board shall make an employer contribution to the Illinois Municipal Retirement Fund (IMRF) based on the rate set by IMRF. (Rate subject to change annually on a calendar year.) The Specialist Director is responsible for the payment of the Member Contributions. Contribution rates are set by IMRF. (Rate subject to change annually on a calendar year.) The Specialist Director does not have any right or claim to said amounts except as they may become available at the time of retirement or resignation from the Illinois Municipal Retirement Fund system. Both parties acknowledge that the Specialist 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 Illinois Municipal Retirement Fund, and that such contributions are made as a condition of employment to secure the SpecialistDirector’s future services, knowledge and experience.