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 Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • RETIREMENT INCOME PLAN 18.01 The Nursing Homes and Related Industries Pension Plan

  • Retirement Retirement" shall mean voluntary termination by the Executive in accordance with the Employers' retirement policies, including early retirement, generally applicable to their salaried employees.

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • – DISABILITY INCOME PROTECTION PLAN i) The Disability Income Protection Plan of the designated employer will be in accordance with the collective agreement. ii) There will be no break in coverage and/or waiting period prior to being able to receive the Disability Income Protection Plan so long as the waiting period has already been served.

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