Limitation on TRS Nonexempt Creditable Compensation Sample Clauses

Limitation on TRS Nonexempt Creditable Compensation. 14.1 When a Teacher has at least thirty (30) years of TRS creditable service and is five (5) or less years from retirement eligibility under Section 13-132 of the Illinois Pension Code, the Teacher’s nonexempt creditable TRS earnings from employment in the School District, irrespective of form and no matter how arising, and whether or not arising under this collective bargaining agreement, shall not exceed the amounts specified hereinafter. No Teacher’s nonexempt creditable TRS earnings from employment in this School District shall increase from one school year to the next by more than six percent (6%) or be otherwise increased so as to create liability on the party of the Board or District for any portion of a Teacher’s retirement annuity, or result in any District or Board-paid penalty or fee to TRS. 14.2 In the event of any legal action against the Association brought in a court or administrative agency because of this Article, the Employer agrees to defend such action, at its own expense and through its own counsel provided: (a) The Association gives immediate notice of such action in writing to the Employer and permits the Employer intervention as a party if it so desires, and (b) The Association gives full and complete cooperation to the Employer and its counsel in securing and giving evidence, obtaining witnesses and making relevant information available at both trial and all appellate levels. The Employer agrees that in any action so defended, it will indemnify and hold harmless the Association from any liability for damages and costs imposed by a final judgment of a court or administrative agency as a direct consequence of this Article.
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Limitation on TRS Nonexempt Creditable Compensation. When a teacher is five (5) or less years from retirement eligibility under Section 16-132 of the Illinois Pension Code, the teacher’s nonexempt creditable TRS earnings from employment in the school district, irrespective of form and no matter how arising, and whether or not arising under this collective bargaining agreement, shall not exceed the amounts specified hereafter. No teacher’s nonexempt creditable TRS earnings from employment in this school district shall increase from one school year to the next by more than six percent (6%) or be otherwise increased so as to create liability on the part of the Board or district for any portion of a teacher’s retirement annuity, or result in any district or Board-paid penalty or fee to TRS.
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Limitation on TRS Nonexempt Creditable Compensation. When an Employee has thirty (30) years of TRS creditable service, the Employee's nonexempt creditable TRS earnings, irrespective of form and no matter how arising, and whether or not arising under this collective bargaining agreement, shall not exceed the amounts specified hereinafter. No Employee's nonexempt creditable TRS earnings shall increase from one school year to the next by more than six percent (6%) or be otherwise increased so as to create liability on the part of the Board or District for any portion of an Employee's retirement annuity, or result in any District or Board-paid penalty or fee to TRS.
Sample 1Sample 2
Limitation on TRS Nonexempt Creditable Compensation. When a teacher is five (5) or less years from retirement eligibility under Section 16-132 of the Illinois Pension Code, the teacher’s nonexempt creditable TRS earnings from employment in the school district, irrespective of form and no matter how arising, and whether or not arising under this collective bargaining agreement, shall not exceed the amounts specified hereafter. No teacher’s nonexempt creditable TRS earnings from employment in this school district shall increase from one school year to the next by more than six percent (6%), or the maximum amount which may be paid without the employer incurring an employer contribution to TRS, whichever is less, or be otherwise increased so as to create liability on the part of the Board or district for any portion of a teacher’s retirement annuity, or result in any district or Board-paid penalty or fee to TRS. Certified staff members at the following ages and years of experience fall under this provision: ● 51 years of age that will have 20 years of experience by the time they are 55 ● 56 years of age that will have between 10 and 20 years of experience by the time they are 60 ● 58 years of age that will have at least five years of experience but less than 10 when they turn 62
Sample 1Sample 2
Limitation on TRS Nonexempt Creditable Compensation. When an Employee has thirty (30) years of TRS creditable service, the Employee’s nonexempt creditable TRS earnings, irrespective of form and no matter how arising, and whether or not arising under this collective bargaining agreement, shall not exceed the amounts specified hereinafter. No Employee’s nonexempt creditable TRS earnings shall increase from one school year to the next by more than six percent (6%) or be otherwise increased so as to create liability on the part of the Board or District for any portion of an Employee’s retirement annuity, or result in any District or Board-paid penalty or fee to TRS. 1 34,500 35,535 36,601 37,699 38,830 39,995 41,195 2 35,190 36,246 37,333 38,453 39,607 40,795 42,019 3 35,894 36,971 38,080 39,222 40,399 41,611 42,859 4 36,612 37,710 38,841 40,007 41,207 42,443 43,716 5 37,344 38,464 39,618 40,807 42,031 43,292 44,591 6 38,091 39,234 40,411 41,623 42,872 44,158 45,482 7 38,853 40,018 41,219 42,455 43,729 45,041 46,392 8 39,630 40,819 42,043 43,304 44,604 45,942 47,320 9 40,422 41,635 42,884 44,170 45,496 46,860 48,266 10 41,231 42,468 43,742 45,054 46,406 47,798 49,232 11 42,055 43,317 44,616 45,955 47,334 48,754 50,216 12 42,896 44,183 45,509 46,874 48,280 49,729 51,221 13 43,754 45,067 46,419 47,812 49,246 50,723 52,245 14 44,629 45,968 47,347 48,768 50,231 51,738 53,290 15 45,522 46,888 48,294 49,743 51,235 52,772 54,356 16 46,432 47,825 49,260 50,738 52,260 53,828 55,443 17 47,361 48,782 50,245 51,753 53,305 54,905 56,552 18 48,308 49,758 51,250 52,788 54,371 56,003 57,683 19 49,274 50,753 52,275 53,844 55,459 57,123 58,836 20 50,260 51,768 53,321 54,920 56,568 58,265 60,013 21 51,265 52,803 54,387 56,019 57,699 59,430 61,213 22 52,290 53,859 55,475 57,139 58,853 60,619 62,438 23 53,336 54,936 56,584 58,282 60,030 61,831 63,686 24 54,403 56,035 57,716 59,448 61,231 63,068 64,960 25 55,491 57,156 58,870 60,637 62,456 64,329 66,259 Longevity 26 56,601 58,299 60,048 61,849 63,705 65,616 67,584 1 35,200 36,256 37,344 38,464 39,618 40,806 42,031 2 35,904 36,981 38,091 39,233 40,410 41,623 42,871 3 36,622 37,721 38,852 40,018 41,218 42,455 43,729 4 37,355 38,475 39,629 40,818 42,043 43,304 44,603 5 38,102 39,245 40,422 41,635 42,884 44,170 45,495 6 38,864 40,030 41,230 42,467 43,741 45,054 46,405 7 39,641 40,830 42,055 43,317 44,616 45,955 47,333 8 40,434 41,647 42,896 44,183 45,509 46,874 48,280 9 41,242 42,480 43,754 45,067 46,419 47,811 49,246 10 42,067 43,329 44,629 45,968 47,347 48,767 50,231 11 42,909 44,196 4...
Sample 1
Limitation on TRS Nonexempt Creditable Compensation. 14.1 When a Teacher has at least thirty (30) years of TRS creditable service and is five (5) or less years from retirement eligibility under Section 13-132 of the Illinois Pension Code, the Teacher’s nonexempt creditable TRS earnings from employment in the School District, irrespective of form and no matter how arising, and whether or not arising under this collective bargaining agreement, shall not exceed the amounts specified hereinafter. 14.2 In the event of any legal action against the Association brought in a court or administrative agency because of this Article, the Employer agrees to defend such action, at its own expense and through its own counsel provided: (a) The Association gives immediate notice of such action in writing to the Employer and permits the Employer intervention as a party if it so desires, and (b) The Association gives full and complete cooperation to the Employer and its counsel in securing and giving evidence, obtaining witnesses and making relevant information available at both trial and all appellate levels. The Employer agrees that in any action so defended, it will indemnify and hold harmless the Association from any liability for damages and costs imposed by a final judgment of a court or administrative agency as a direct consequence of this Article.
Sample 1
Limitation on TRS Nonexempt Creditable Compensation. When an Employee has thirty (30) years of TRS creditable service, the Employee's nonexempt creditable TRS earnings, irrespective of form and no matter how arising, and whether or not arising under this collective bargaining agreement, shall not exceed the amounts specified hereinafter. No Employee's nonexempt creditable TRS earnings shall increase from one school year to the next by more than six percent (6%) or be otherwise increased so as to create liability on the part of the Board or District for any portion of an Employee's retirement annuity, or result in any District or Board-paid penalty or fee to TRS. 7 36,373 37,464 38,588 39,745 40,938 42,166 43,431 Longevity 49,020.31 51,879.42 53,435.80 56,552.45 59,850.87 61,646.40 65,241.92
Sample 1
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Limitation on TRS Nonexempt Creditable Compensation. 14.1 When a Teacher has at least thirty (30) years of TRS creditable service and is five (5) or less years from retirement eligibility under Section 13-132 of the Illinois Pension Code, the Teacher’s 14.2 In the event of any legal action against the Association brought in a court or administrative agency because of this Article, the Employer agrees to defend such action, at its own expense and through its own counsel provided: (a) The Association gives immediate notice of such action in writing to the Employer and permits the Employer intervention as a party if it so desires, and (b) The Association gives full and complete cooperation to the Employer and its counsel in securing and giving evidence, obtaining witnesses and making relevant information available at both trial and all appellate levels. The Employer agrees that in any action so defended, it will indemnify and hold harmless the Association from any liability for damages and costs imposed by a final judgment of a court or administrative agency as a direct consequence of this Article.
Sample 1
Limitation on TRS Nonexempt Creditable Compensation. When an Employee has thirty (30) years of TRS creditable service, the Employee's nonexempt creditable TRS earnings, irrespective of form and no matter how arising, and whether or not arising under this collective bargaining agreement, shall not exceed the amounts specified hereinaGer.
Sample 1

Related to Limitation on TRS Nonexempt Creditable Compensation

  • Limitation on Benefits Notwithstanding anything to the contrary contained in this Agreement, to the extent that any of the payments and benefits provided for under this Agreement or any other agreement or arrangement between the Company and the Executive (collectively, the “Payments”) (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this Section 9(i), would be subject to the excise tax imposed by Section 4999 of the Code, then the Payments shall be payable either (i) in full or (ii) as to such lesser amount which would result in no portion of such Payments being subject to excise tax under Section 4999 of the Code; whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the Executive’s receipt on an after-tax basis, of the greatest amount of benefits under this Agreement, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code. Unless the Executive and the Company otherwise agree in writing, any determination required under this Section shall be made in writing by the Company’s independent public accountants (the “Accountants”), whose determination shall be conclusive and binding upon the Executive and the Company for all purposes. For purposes of making the calculations required by this Section, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely in reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and the Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section. If the limitation set forth in this Section 9(i) is applied to reduce an amount payable to the Executive, and the Internal Revenue Service successfully asserts that, despite the reduction, the Executive has nonetheless received payments which are in excess of the maximum amount that could have been paid to the Executive without being subjected to any excise tax, then, unless it would be unlawful for the Company to make such a loan or similar extension of credit to the Executive, the Executive may repay such excess amount to the Company as though such amount constitutes a loan to the Executive made at the date of payment of such excess amount, bearing interest at 120% of the applicable federal rate (as determined under section 1274(d) of the Code in respect of such loan).

  • Limitation on Payments and Benefits Notwithstanding any provision of this Agreement to the contrary, if any amount or benefit to be paid or provided under this Agreement would be an “Excess Parachute Payment,” within the meaning of Section 280G of the Code, but for the application of this sentence, then the payments and benefits to be paid or provided under this Agreement shall be reduced to the minimum extent necessary (but in no event to less than zero) so that no portion of any such payment or benefit, as so reduced, constitutes an Excess Parachute Payment; provided, however, that the foregoing reduction shall be made only if and to the extent that such reduction would result in an increase in the aggregate payment and benefits to be provided, determined on an after-tax basis (taking into account the excise tax imposed pursuant to Section 4999 of the Code, any tax imposed by any comparable provision of state law, and any applicable federal, state and local income and employment taxes). Whether requested by the Executive or the Company, the determination of whether any reduction in such payments or benefits to be provided under this Agreement or otherwise is required pursuant to the preceding sentence shall be made at the expense of the Company by the Company’s independent accountant. The fact that the Executive’s right to payments or benefits may be reduced by reason of the limitations contained in this Section 9.3 shall not of itself limit or otherwise affect any other rights of the Executive other than pursuant to this Agreement. In the event that any payment or benefit intended to be provided under this Agreement or otherwise is required to be reduced pursuant to this Section 9.3, cash Severance Benefits payable hereunder shall be reduced first, then other cash payments that qualify as Excess Parachute Payments payable to the Executive, then non-cash benefits shall be reduced, as determined by the Company.

  • Compensation on Termination An Employee whose services have been terminated for any cause and who within three (3) months of separation is diagnosed by a physician as having tuberculosis, shall be entitled to the above compensation and the salary rate shall be based on the salary he was receiving at the time his services were terminated. The benefits of this provision may be extended for an additional three (3) months, provided that the former Employee concerned submits a x-ray plate taken within three (3) months after the termination of employment.

  • Distributions Upon Income Inclusion Under Section 409A of the Code Upon the inclusion of any portion of the benefits payable pursuant to this Agreement into the Executive’s income as a result of the failure of this non-qualified deferred compensation plan to comply with the requirements of Section 409A of the Code, to the extent such tax liability can be covered by the Executive’s vested accrued liability, a distribution shall be made as soon as is administratively practicable following the discovery of the plan failure.

  • How Are Contributions to a Xxxx XXX Reported for Federal Tax Purposes You must file Form 5329 with the IRS to report and remit any penalties or excise taxes. In addition, certain contribution and distribution information must be reported to the IRS on Form 8606 (as an attachment to your federal income tax return.)

  • Changes to Compensation Notwithstanding anything contained herein to the contrary, Employee acknowledges that the Company specifically reserves the right to make changes to Employee’s compensation in its sole discretion including, but not limited to, modifying or eliminating a compensation component. The Parties agree that such changes shall be deemed effective immediately and a modification of this Agreement unless, within seven (7) days after receiving notice of such change, Employee exercises his right to terminate this Agreement without cause or for “Good Reason” as provided below in Paragraph No.

  • Compensation Other Than Severance Payments 4.1 If the Executive’s employment shall be terminated for any reason following a Change in Control, the Company shall pay the Executive’s full salary to the Executive through the Date of Termination at the rate in effect immediately prior to the Date of Termination or, if Section 18(n)(ii) is applicable as an event or circumstance constituting Good Reason, the rate in effect immediately prior to such event or circumstance, together with all compensation and benefits payable to the Executive through the Date of Termination under the terms of the Company’s compensation and benefit plans, programs or arrangements as in effect immediately prior to the Date of Termination (or, if more favorable to the Executive, as in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason). In addition, if the Executive’s employment is terminated for any reason following a Change in Control other than (a) by the Company for Cause and (b) by the Executive without Good Reason, then the Company shall pay a pro-rata portion of the Executive’s annual bonus for the performance year in which such termination occurs to the Executive on the later of (x) the date that annual bonuses are generally paid to other senior executives and (y) the date that is the first business day after the date that is six months after the Date of Termination. This pro-rata bonus shall be determined by multiplying the amount the Executive would have received based upon actual financial performance through such termination, as reasonably determined by the Company, by a fraction, the numerator of which is the number of days during such performance year that the Executive is employed by the Company and the denominator of which is 365. 4.2 If the Executive’s employment shall be terminated for any reason following a Change in Control, the Company shall pay to the Executive the Executive’s normal post-termination compensation and benefits as such payments become due. Such post-termination compensation and benefits shall be determined under, and paid in accordance with, the Company’s retirement, insurance and other compensation or benefit plans, programs and arrangements as in effect immediately prior to the Date of Termination or, if more favorable to the Executive, as in effect immediately prior to the occurrence of the first event or circumstance constituting Good Reason.

  • Limitations on Benefits It is the explicit intention of Purchaser and Seller that no person or entity other than Purchaser and Seller and their permitted successors and assigns is or shall be entitled to bring any action to enforce any provision of this Agreement against any of the parties hereto, and the covenants, undertakings and agreements set forth in this Agreement shall be solely for the benefit of, and shall be enforceable only by, Purchaser and Seller or their respective successors and assigns as permitted hereunder. Nothing contained in this Agreement shall under any circumstances whatsoever be deemed or construed, or be interpreted, as making any third party (including, without limitation, Broker or any Tenant) a beneficiary of any term or provision of this Agreement or any instrument or document delivered pursuant hereto, and Purchaser and Seller expressly reject any such intent, construction or interpretation of this Agreement.

  • Long-Term Compensation Including Stock Options, and Benefits, Deferred Compensation, and Expense Reimbursement.

  • Limitation on Payments In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) but for this Section 5, would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s benefits under Section 3 will be either: (a) delivered in full, or (b) delivered as to such lesser extent which would result in no portion of such benefits being subject to excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code. If a reduction in severance and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: (i) reduction of cash payments; (ii) cancellation of awards granted “contingent on a change in ownership or control” (within the meaning of Code Section 280G), (iii) cancellation of accelerated vesting of equity awards; (iv) reduction of employee benefits. In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of Executive’s equity awards. Unless the Company and Executive otherwise agree in writing, any determination required under this Section 5 will be made in writing by the Company’s independent public accountants immediately prior to a Change of Control or such other person or entity to which the parties mutually agree (the “Firm”), whose determination will be conclusive and binding upon Executive and the Company. For purposes of making the calculations required by this Section 5, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Firm such information and documents as the Firm may reasonably request in order to make a determination under this Section. The Company will bear all costs the Firm may incur in connection with any calculations contemplated by this Section 5.

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