Sheltering Teacher Retirement Contribution Sample Clauses

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.
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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. B. The intent of this provision is to shelter TRS member contributions from current income taxation to the greatest extent permitted by law, and also to limit the Board's expenditure obligation to no more than the amounts agreed to by the parties in other sections of this Agreement.
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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 9.4% (10.3753% 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.
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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 $18,120 - Net Taxable Income
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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.
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Sheltering Teacher Retirement Contribution. According to authority granted by the Pension Reform Act of 1974, Section 414 (h)
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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.
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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.
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Related to Sheltering Teacher Retirement Contribution

  • 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.

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who: (i) fails to satisfy the eligibility requirement specified in subparagraph 17.05(a)(ii) solely because a concurrent entitlement to benefits under the Disability Insurance (DI) Plan, the Long-term Disability (LTD) Insurance portion of the Public Service Management Insurance Plan (PSMIP) or via the Government Employees Compensation Act prevents the employee from receiving Employment Insurance or Québec Parental Insurance Plan benefits, and (ii) has satisfied all of the other eligibility criteria specified in paragraph 17.05(a), other than those specified in sections (A) and (B) of subparagraph 17.05(a)(iii), shall be paid, in respect of each week of benefits under the parental allowance not received for the reason described in subparagraph (i), the difference between ninety-three per cent (93%) of the employee's rate of pay and the gross amount of his or her weekly disability benefit under the DI Plan, the LTD Plan or via the Government Employees Compensation Act. (b) An employee shall be paid an allowance under this clause and under clause 17.05 for a combined period of no more than the number of weeks during which the employee would have been eligible for parental, paternity or adoption benefits under the Employment Insurance or Québec Parental Insurance Plan, had the employee not been disqualified from Employment Insurance or Québec Parental Insurance Plan benefits for the reasons described in subparagraph (a)(i).

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Retirement Gratuity Those employees who, on August 31, 2012, were eligible for a retirement gratuity shall have their accumulated sick days vested as of that date, up to the maximum eligible under the retirement gratuity plan.

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