Retirement Shelter Sample Clauses

Retirement Shelter. A teacher’s total TRS wages or creditable earnings equal the sum of the teacher’s salary plus the TRS paid contribution. The TRS paid contribution = .09 x (TRS wages / .91) The Board shall pick up and pay, on behalf of each teacher, the following TRS/THIS contributions (based on TRS wages or creditable earnings):  100% of the Teacher Retirement System (TRS) contribution (currently 9.8901%)  100% of the THIS (Teachers' Health Insurance Security fund) (currently 1.18%)  100% of Federal TRS (currently 10.1%)  100% of Employer Contribution for Member Benefit Increase (NEC TRS) (currently 0.58%)  100% of Employer THIS (ETHIS) (currently 0.88%) TRS wages + TRS + THIS + Federal TRS + NEC TRS + ETHIS = total wages and TRS/THIS benefits for each teacher
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Retirement Shelter. From and out of each teacher' s gross salary as listed on the salary schedule, plus such extra duties as the teacher may be paid for, the Board shall pay on behalf of the teacher directly to the Teacher Retirement System as a Board-paid and sheltered pension contribution. Such payment shall be made consistent w ith Internal Revenue Service ruling 1414H-2 and tax opinions 81-35 and 81-36.
Sample 1
Retirement Shelter. The Board shall pay to TRS for and on behalf of each Teacher the Teacher’s retirement contribution equal to nine and four‐tenths percent (9.4%) of the teacher’s total creditable earnings (base pay and extra duty pay/coaching stipend). Example: Salary schedule and extra‐duty/coaching stipend amount $10,000.00 Add on factor x 1.103753 Creditable earnings $11,037.53 9.4% contribution x .094 Contribution amount to be remitted to TRS $1,037.53 Contribution to be paid by the Board $1,037.53
Sample 1

Related to Retirement Shelter

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • Retirement Payment Employees with 25 or more total years of service in the program, who give two months’ notice of intent to retire, shall be provided the equivalent of 16% of annual salary, or $16,000, whichever is greater, at date of termination. The payment shall not exceed $20,000.

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