ISTRF Employee Contribution & Reporting to ISTRF. 1. The School District will pay the Superintendent’s three percent (3%) employee’s share of retirement to the Indiana State Teachers’ Retirement Fund for the period of time covered by the Contract.
ISTRF Employee Contribution & Reporting to ISTRF. In addition to the other compensation for services provided to SUPERINTENDENT by this Agreement, XXXXXXX shall make both the employer and employee contribution to the Indiana State Teachers’ Retirement Fund (ISTRF). All payments to the Superintendent coming within the definition of “annual compensation” as defined in Indiana Code Section 5-10.2-4-3(c) shall be included in the compensation report to the Indiana State Teachers’ Retirement Fund by XXXXXXX. Deferred Compensation: Section 403(b) , 401(a) Contributions. In addition to the other compensation and benefits provided to SUPERINTENDENT by this agreement, XXXXXXX shall provide an annual contribution of 1% of the Superintendent’s annual basic salary for tax-deferred contribution to a 401(a) account. Each year after, until the conclusion of this Agreement, SUPERINTENDENT may receive additional annual contributions toward deferred compensation as determined by the Board. XXXXXXX shall contribute annually and pay to SUPERINTENDENT’s 403(b) deferred compensation plan in an amount equal to four percent (4%) of SUPERINTENDENT’s annual basic salary. Contributions by XXXXXXX shall not be deducted from SUPERINTENDENT’s basic salary but shall be additional compensation. BUSINESS EXPENSES
