PAYMENTS TO TEACHERS’ RETIREMENT SYSTEM (TRS Sample Clauses

PAYMENTS TO TEACHERS’ RETIREMENT SYSTEM (TRS. 1. The Board shall remit for each educator a portion of such educator’s compensation due such educator pursuant to the Compensation Schedule of this Agreement, to the Illinois Teachers’ Retirement System to be applied for the retirement account of such educators (rather than the survivors’ annuity account). The portion shall be equal to the percentage set annually by TRS. The educators have no right or claim to the fund so remitted except as it may subsequently become available upon retirement or resignation from the Illinois Teachers’ Retirement System. 2. The balance of the amount due each educator, pursuant to such Compensation Schedule, shall be payable to the educator as salary in bi-weekly installments, provided the Board shall deduct all monies as required by law or as authorized by the teacher pursuant to this Agreement, or as otherwise submitted by the Board. 3. No educator shall have the option of choosing to receive the amounts contributed by the Board directly. The assumption and payment of educators’ required contribution to the Illinois Teachers’ Retirement System is a condition of employment made in order to secure the educators’ future service, knowledge and experience. 4. The Teachers’ Council and each educator will defend, indemnify, and hold harmless the Board of Education, its members, its agents, and its employees from any and all claims, demands, actions, complaints, suits or other liability by reason of a faithful payment of contributions to the Illinois Teachers’ Retirement System pursuant to the provisions of this Section. No such claim, demand, action, or suit may be settled or compromised by the Teachers’ Council without the written consent of the Board of Education, if such claim, demand, action, or suit adversely affects the Board of Education, its members, its agents, and/or its employees. 5. If the Internal Revenue Service or a court of competent jurisdiction shall indicate that any or all of the monies paid to the Illinois Teachers’ Retirement System are not properly excludable from the gross income of the teacher for taxation purposes, this Section B shall cease to be operative.
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Related to PAYMENTS TO TEACHERS’ RETIREMENT SYSTEM (TRS

  • Retirement System The withdrawal of employee contributions made on or after January 1, 2014 may also be withdrawn but only on an actuarially neutral basis.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.

  • Payments to Specified Employees Notwithstanding any other Section of this Agreement, if the Employee is a Specified Employee at the time of the Employee’s Separation from Service, payments or distribution of property to the Employee provided under this Agreement, to the extent considered amounts deferred under a non-qualified deferred compensation plan (as defined in Code Section 409A) shall be deferred until the six (6) month anniversary of such Separation from Service to the extent required in order to comply with Code Section 409A and Treasury Regulation 1.409A-3(i)(2).

  • 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.

  • 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.

  • Distribution of Benefits Members of this unit with at least one year of the service to the District may apply for a number of days consistent with a one-for-one match of their individual sick leave accumulation as of the end of the previous contract year brought forward to the year of the onset of disability. The combined benefit of accumulated personal sick leave and disability bank leave may not exceed one hundred-eighty days and may carry over from one contract year to another. Employees with less than one full year of service in the District will not be require to contribute one of their individual accumulated sick leave days to the disability bank. The Board reviews the right to request re-application and documentation from anyone requesting more than forty (40) days from the pool. Any benefits will be minus other insurance coverage (i.e. worker’s compensation, social security, etc.).

  • Rollovers of Settlement Payments From Bankrupt Airlines If you are a qualified airline employee who has received a qualified airline settlement payment from a commercial airline carrier under the approval of an order of a federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, you are allowed to roll over any portion of the proceeds into your Xxxx XXX within 180 days after receipt of such amount, or by a later date if extended by federal law. For further detailed information and effective dates you may obtain IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), from the IRS or refer to the IRS website at xxx.xxx.xxx.

  • 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.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

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