PAYMENT TO TEACHERS' RETIREMENT SYSTEM Sample Clauses

PAYMENT TO TEACHERS' RETIREMENT SYSTEM. X. Xxxxxxxx to the Contribution Rate Schedule of the State of Illinois Teachers’ Retirement System, the BOARD shall deduct and remit for each TEACHER the sum equal to the TEACHER’S salary times the Member TRS retirement contribution rate for that year times the TEACHER’S salary to be applied for the retirement account of such TEACHER (rather than the survivors’ annuity account) and the sum equal to the TEACHER’S salary times the Member THIS (insurance) contribution rate for that year times the TEACHER’S salary for the insurance contribution for the Teachers Retirement System Insurance Plan. In addition, the BOARD will deduct the Member TRS retirement contribution rate from any payments made to TEACHERS pursuant to ARTICLE XV and XVI to be applied to the retirement account of such TEACHER and the Member THIS (insurance) contribution rate for the insurance contribution to the Teachers’ Retirement System Insurance Plan. It is the intent of the parties by this Agreement to qualify these payments under Section 414(h) of the Internal Revenue Code. The TEACHERS have no right or claim to the fund so remitted except as they may subsequently become available upon retirement or resignation from the State of Illinois Teachers’ Retirement System. B. The balance of the amount due each TEACHER pursuant to such Compensation Schedule shall be payable to the TEACHER as salary in installments as otherwise provided herein, provided the BOARD shall deduct all money as required by law or as authorized by the BOARD. Such withholding shall include any and all additional amounts required to be paid to the State of Illinois Teachers’ Retirement System for the account of such TEACHERS. X. XXXXX and each TEACHER shall indemnify and hold harmless the BOARD, its members, its agents, and its employees from any and all claims, demands, actions, complaints, suits, or other liability by reason of faithful payments of contribution to the State of Illinois Teachers’ Retirement System under the provisions of this section.
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PAYMENT TO TEACHERS' RETIREMENT SYSTEM. For the duration of this agreement, the Board shall pay the entire amount of the staff member’s contribution to the Teachers' Retirement System (TRS) for all TRS reportable income, provided that contribution amount does not exceed 9.0% of the staff member’s annual compensation. Any amount above 9.0% of the staff member’s annual compensation shall be paid by the employee. It is the intent of the parties by this Agreement to qualify these payments under Section 414 (h) of the Internal Revenue Code. The staff members have no right or claim to the fund so remitted except as they may subsequently become available upon retirement or resignation from TRS. The balance of the amount due each staff member pursuant to such Compensation Schedule shall be payable to the staff member as salary in installments as otherwise provided herein, provided the Board shall deduct there from all monies as required by law or as authorized by the staff member pursuant to this agreement, or as otherwise authorized by the Board. Such withholding shall include any and all additional amounts required to be paid to TRS or the account of such staff member. If the Internal Revenue Service or a court of competent jurisdiction shall determine that such Board payments are not tax sheltered in whole or in part, the Board shall immediately include such payments in the gross income of the staff member for income taxation purposes.
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PAYMENT TO TEACHERS' RETIREMENT SYSTEM. The Board shall remit for each teacher the required amount due for each teacher, pursuant to and from the Salary Schedules of this Agreement, to the Illinois Teachers' Retirement System. It is the intent of the parties by this Agreement to qualify these payments as employer payments under Section 414(h) of the Internal Revenue Code. The teachers have no right or claim to the fund so remitted except as they may subsequently become available from the Illinois Teachers' Retirement System.
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PAYMENT TO TEACHERS' RETIREMENT SYSTEM. Commencing with this agreement, the employee TRS contributions are the responsibility of the staff member. A staff member must have completed at least ten (10) years of full-time employment in District 21 immediately preceding retirement and must attain fifty-five (55) years of age on or before their last day of service, provided that their retirement date is on or before June 30th of the retirement year. A staff member may elect either Retirement Incentive Option #1 (Section 209.2), Retirement Incentive Option #2 (Section 209.3) or Retirement Incentive Option #3 (Section 209.4), but may not elect multiple options.
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PAYMENT TO TEACHERS' RETIREMENT SYSTEM. In addition to the annual compensation paid to teachers, the Board shall contribute and remit to the Teachers’ Retirement System the full amount required by TRS 9.0% of creditable earnings, which equates to a factor of 9.8901% of the individuals salary plus any other TRS eligible earnings. Any legislative increase beyond 9.0% of creditable earnings will be paid 50% by the Board and 50% by the individual. Additionally, the Board of Education will contribute 1.12% to the State of Illinois Department of Central Management for each teacher’s contribution to the Illinois Teacher Health Insurance Security Fund (“THIS”). Any legislated increase beyond 1.12% for 2016-2017 will be paid 50% by the Board and 50% by the individual. The Teachers shall have all vested rights to the funds so remitted as they may subsequently become available from the State of Illinois Teachers’ Retirement System. No teacher shall have the option of choosing to receive the amounts contributed by the Board directly, and the assumption and payment of the teachers’ required contribution to the Illinois Teachers’ Retirement System is a condition of employment made in order to serve the teachers’ future services, knowledge, and experience.
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PAYMENT TO TEACHERS' RETIREMENT SYSTEM. A. The Board shall remit for each teacher all of the teacher’s compensation due such teacher pursuant to the Compensation Schedules of this Agreement to the State of Illinois Teachers’ Retirement System to be applied for the retirement account of such teachers. The teachers have no right or claim to monies so B. The balance of the amount due each teacher under such Compensation schedule shall be payable to the teacher as salary in installments as otherwise set forth herein, provided the Board shall deduct therefrom all monies as requested by law or as authorized by the teacher pursuant to this Agreement. Such withholding shall include any and all additional amounts requested to be paid to the State of Illinois Teachers’ Retirement System for the account of such teacher.
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PAYMENT TO TEACHERS' RETIREMENT SYSTEM. The Board shall remit for each teacher the required contribution of his/her compensation to the Illinois Teachers' Retirement System to be applied for the retirement account of such teacher. It is the intent of the parties by this Agreement to qualify these payments as employer payments under Section 414(h) of the Internal Revenue Code. A teacher has no right or claim to said amount except as it may become available at the time of retirement or resignation from the Teachers' Retirement System. The Board and teachers acknowledge that the teachers do not have the option of choosing to receive the contributed amount directly instead of having such contributions paid by the Board to the Teachers' Retirement System.
Sample 1
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PAYMENT TO TEACHERS' RETIREMENT SYSTEM. 31.1 The Board shall remit for each teacher nine percent (9%) of the Compensation Schedule herein to the Illinois Teachers’ Retirement System to be applied for the account of such teacher. The total remittance shall be made over the first twenty (20) periods of the contract year. It is the intent of the parties by this Agreement to qualify these payments as employer payments under Section 414(h) of the Internal Revenue Code. The teachers have no right or claim to the fund so remitted except as they may subsequently become available upon retirement or resignation from the Illinois Teachers’ Retirement System. 31.2 The balance of the amount due each teacher pursuant to such Compensation Schedule shall be payable to the teacher as salary installments as otherwise provided herein, provided the Board shall deduct there from all monies as required by law or as authorized by the teacher pursuant to this Agreement. 31.3 No teacher shall have the option of choosing to receive the amounts contributed by the Board directly, and the assumption and payment of teachers’ required contribution to the Illinois Teachers’ Retirement system is a condition of employment made in order to secure the teacher’s future service, knowledge, and experience.
Sample 1
PAYMENT TO TEACHERS' RETIREMENT SYSTEM. In addition to the annual compensation paid to the teachers, the Board shall also pay for each teacher full retirement up to 10% (ten percent) (factored) to the Teachers Retirement System. The Board will also pay each teacher's Teacher Health Security Fund contribution up to 1.5% (one & one half percent).
Sample 1

Related to PAYMENT TO TEACHERS' RETIREMENT SYSTEM

  • 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.

  • Public Employees Retirement System “PERS”) Members.

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement. 24.2 Transition to retirement arrangements may be proposed and, where agreed, implemented as: (a) a flexible working arrangement (see clause 16 (Flexible Working Arrangements)); (b) in writing between the parties; or (c) any combination of the above. 24.3 A transition to retirement arrangement may include but is not limited to: (a) a reduction in their EFT; (b) a job share arrangement; or (c) working in a position at a lower classification or rate of pay. 24.4 The Employer will consider, and not unreasonably refuse, a request by an Employee who wishes to transition to retirement: (a) to use accrued Long Service Leave (LSL) or Annual Leave for the purpose of reducing the number of days worked per week while retaining their previous employment status; or (b) to be appointed to a role which that has a lower hourly rate of pay or hours (post transition role), in which case: (i) the Employer will preserve the accrual of LSL at the time of reduction in salary or hours; and (ii) where LSL is taken or paid out in lieu on termination, the Employee will be paid LSL hours at the applicable classification and grade, and at the preserved hours, prior to the post transition role until the preserved LSL hours are exhausted.

  • 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.

  • 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.

  • Payment of Benefits All or part of the contract benefits may be paid under one or more of the following: - a variable payment plan; - a fixed payment plan; or - in cash. The provisions and rate for variable and fixed payment plans are described in Section 11. Contract benefits may not be placed under a payment plan unless the plan would provide to each beneficiary a monthly income the initial amount of which is at least the minimum payment amount shown on page 4. A Withdrawal Charge will be deducted from contract benefits before their payment under certain conditions described in Section 7.3.

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

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