Teacher Retirement a. In addition to the salary paid according to the salary schedule and the extra-duty schedule, the Board will pick up and pay the employee’s contributions in accordance with IRS Ruling 81-36 to the Illinois Teachers’ Retirement System up to a 2% increase over the current TRS additive factor (9.8901%). The Board will also pay the full employee’s contribution to the Teachers’ Health Insurance Fund up to a total of 1%.
Teacher Retirement. A. Teachers will participate in the Michigan Public School Employees Retirement System (MPSERS), as mandated by current law.
Teacher Retirement. Contributions to Indiana Public Retirement System shall be proportionate to the salary earned.
Teacher Retirement. If a Teacher meets all of the eligibility requirements contained in Paragraph A of this Section, the Teacher shall be paid a retirement benefit in accordance with Paragraph B of this Section.
Teacher Retirement. The Board will pay the full amount of Teacher’s Retirement (both the teacher’s and the Board’s share) and tax shelter the full amount.
Teacher Retirement. A. In addition to the base salary set forth on the attached salary schedule(s) and the co-curricular salary schedule(s), the Board shall pay up to an additional 9.4 percent (9.4%) of the base salary directly to the Teachers’ Retirement System on behalf of teachers in contractual service. The purpose of such contribution is to shelter such payment from federal income tax consistent with tax rulings 414H(2), 81-35 and 81-36. Should such shelter be subsequently declared illegal by a court of competent jurisdiction or superseded by a later tax ruling, such payment shall become gross income to the teacher.
Teacher Retirement. Teachers planning on retiring from Northfield Public Schools shall notify the District by April 1 of the year in which they plan on retiring.
Teacher Retirement. The Board will shelter out of each teacher’s salary the required TRS and THIS employee contributions based upon the teacher’s gross creditable earnings as specified by Teachers' Retirement system (TRS) and by Teacher’s Health Insurance Security Fund (THIS). These employee contributions shall be made through payroll deduction at each pay period. As allowed by law, only the non-sheltered portion of the teacher’s salary will be reported as taxable income.
Teacher Retirement. The employer shall pay on behalf of the employee to his entire annual contribution to the Indiana Teacher’s Retirement Fund and the required employer contribution to that fund.
Teacher Retirement. 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 out of the salary schedule the current employee contribution rate according to TRS (at the time of this contract the rate was nine percent - 9%) of each employee’s gross salary to the Teacher Retirement System on behalf of each teacher as a tax- sheltered direct contribution. Should any of the above be declared improper by an IRS ruling or opinion or by a court of competent jurisdiction, the clause or portion thereof shall be deleted to the extent that it violates the ruling or opinion.
