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

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.

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 9.09.4% of the staff member’s annual compensation. Any amount above 9.09.4% 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.