Common use of PAYMENT TO TEACHERS’ RETIREMENT SYSTEM Clause in Contracts

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.

PAYMENT TO TEACHERS’ RETIREMENT SYSTEM. A. The Board shall remit for each teacher all of the required amount teacher’s compensation due for each teacher, such teacher pursuant to and from the Salary Compensation Schedules of this Agreement, Agreement to the State of Illinois Teachers' ’ Retirement System. It is System to be applied for the intent retirement account of the parties by this Agreement to qualify these payments as employer payments under Section 414(h) of the Internal Revenue Codesuch teachers. The teachers have no right or claim to the fund monies so remitted except as they such monies may subsequently become available upon retirement or resignation from the State of Illinois Teachers' ’ Retirement System.

PAYMENT TO TEACHERS’ RETIREMENT SYSTEM. 31.1 The Board shall remit for each teacher nine percent (9%) of the required amount due for each teacher, pursuant to and from the Salary Schedules of this Agreement, Compensation Schedule herein to the Illinois Teachers' ’ Retirement SystemSystem 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.