Sheltering Teacher Retirement Contribution. A. Teacher Retirement System (“TRS”) member contributions, and member contributions required in respect to so-called “2.2 upgrades,” although designated as employee contributions, shall be “picked up” by the employer from the gross salary of the employee in accordance with the authority granted by Section 414(h)(2) of the Internal Revenue Code, as amended. The members of the bargaining unit shall not have the option to choose to receive the contributed amounts directly instead of having those amounts paid by the employer to TRS.
Sheltering Teacher Retirement Contribution. A. According to authority granted by the Pension Reform Act of 1974, Section 414 (h)(2) of the Internal Revenue Code, the Board agrees to pay in addition to the established compensation schedule to the Teacher Retirement System, on behalf of each teacher, 10.3753% of the teacher's respective gross earnings and shelter said amount for tax purposes. The Board agrees to pay 0.8% of the teacher’s gross earnings to the Teachers Health Insurance System and shelter said amount. Should any of the above be declared improper by an IRS ruling or opinion, that clause or portion thereof shall be deleted from this Agreement to the extent that it violates the ruling or opinion.
Sheltering Teacher Retirement Contribution. According to authority granted by the Pension Reform Act of 1974, Section 414(h)(2) of the Internal Revenue Code, the Board of Education agrees to pay to the Teacher’s Retirement System on behalf of each teacher, from the established compensation schedule, the required contribution of each teacher which currently is nine and four tenths percent (9.4%) of each teacher’s earnings. The Board will continue to pay to TRS from future established salary schedules, on behalf of each teacher, the required percentage of the teacher’s respective gross scheduled earnings. Should any of the above be declared improper by an IRS ruling or opinion, that clause or portion thereof shall be deleted from this Agreement to the extent that it violates the ruling or opinion, and the Board and its officers shall be held harmless for claims by the IRS related to tax monies due. For example: $20,000 - Gross Wages as per Appendices A and B 1,880 - Board Payment to TRS (currently 9.4%) $18,120 - Net Taxable Income
Sheltering Teacher Retirement Contribution. In addition to the annual salary set forth on the salary schedule attached hereto as Appendix I, the Board shall pay the teacher’s mandatory TRS contribution of 9.0% (9.8901% as calculated with TRS add-on factor) of the salary schedule amount to TRS for TRS retirement benefits purposes. In addition, the Board shall pay the teacher's mandatory TRS contribution to TRS for Teacher Retirees' Health Insurance (THIS). The TRS contributions shall be excluded from the gross income of the teacher for income tax purposes and in compliance with IRS rules and regulations.
Sheltering Teacher Retirement Contribution. According to authority granted by the Pension Reform Act of 1974, Section 414 (h)
Sheltering Teacher Retirement Contribution. According to authority granted by the Pension Reform Act of 1974, Section 414(h)(2) of the Internal Revenue Code, the Board of Education agrees to pay to the Teacher Retirement System on behalf of each teacher, from the established compensation schedule, the required percentage of earnings reflected for each teacher remaining due after the Board’s payment of an amount equal to the full TRS payment by a teacher located in the initial level of column BS+8 Step C. In the event that the Board payment exceeds the required TRS contribution on behalf of a teacher, said additional monies shall become salary. Any additional monies due to TRS by the teacher will be withheld and sheltered by the Board of Education. The Board shall continue to pay to TRS from future established compensation schedules, on behalf of each teacher, the required percentage of the teacher’s respective gross scheduled earnings. Should any of the above be declared improper by an IRS ruling or opinion, that clause or portion thereof shall be deleted from this Agreement to the extent that it violates the ruling or opinion.
Sheltering Teacher Retirement Contribution. According to authority granted by the Pension Reform Act of 1974, Section 414(h)(2) of the Internal Revenue Code, the Board of Education agrees to pay to the Teacher Retirement System on behalf of each teacher, from the established compensation schedule, the required percentage of earnings reflected for each teacher.
Sheltering Teacher Retirement Contribution. According to authority granted to the Board of Education, the Board of Education agrees to pay to the Teacher Retirement System on behalf of each teacher, a factor of up to 1.098901 of earnings reflected for each teacher and the 1.40% of creditable earnings of each teacher for TRS Medical Insurance on all compensation. The Board will continue to pay the above factors to TRS from future established compensation schedules. Should any of the above be declared improper by an IRS ruling or opinion, that clause or portion thereof shall be deleted from this agreement to the extent that it violates the ruling or opinion. In the event the General Assembly enacts legislation during the term of this Agreement requiring the Board to pay all or a part of the employer’s contribution to TRS (“cost shift”), either party may reopen this Section to bargain the impact of such cost shift. No other section of this Agreement may be reopened without the mutual agreement of both parties. In the event that an agreement cannot be reached by both parties, the existing language will remain in place.
