Teacher Retirement Sample Clauses
The Teacher Retirement clause outlines the terms and conditions under which a teacher may retire from their position, including eligibility requirements and the benefits they are entitled to upon retirement. Typically, this clause specifies the minimum years of service or age required for retirement, and details the calculation of pension or retirement benefits. Its core practical function is to provide clear guidelines for both teachers and employers regarding retirement procedures, ensuring predictability and fairness in the transition from active employment to retirement.
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%.
b. Upon the receipt of an irrevocable letter of resignation from a veteran teacher with a minimum of fifteen (15) years within the district by August 1st three (3) school years prior to the year of retirement, the Board shall pay him/her a four percent (4%) retirement incentive, inclusive of any other increases in compensation for each of his/her remaining three years of service. Upon the receipt of an irrevocable letter of resignation from a veteran teacher with a minimum of fifteen (15) years within the district by August 1st two (2) school years prior to the year of retirement, the Board shall pay him/her a four percent (4%) retirement incentive, inclusive of any other increases in compensation for each of his/her remaining two years of service. Upon the receipt of an irrevocable letter of resignation from a veteran teacher with a minimum of fifteen (15) years within the district by August 1st one (1) school year prior to the year of retirement, the Board shall pay him/her a four percent (4%) retirement incentive, inclusive of any other increases in compensation for each of his/her remaining one year of service. Once an employee submits an irrevocable notice of retirement by August 1st that employee shall be removed from all salary schedules contained in the Appendices. All calculations for salary increases will be based on the Teachers Retirement System (TRS) creditable earnings in the year prior to the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the previous year. If after submitting an irrevocable notice of retirement by August 1st the employee resigns from, or is dismissed from activities covered in the Appendices of this Agreement, the retirement incentive for the employee will be recalculated accordingly.
c. The parties agree that the increase in payment of any employee pursuant to this Agreement shall be limited to the portion (if any) which avoids an overall increase in cred...
Teacher Retirement. The employer shall pay on behalf of the employee to their entire annual
Teacher Retirement. Contributions to Indiana Public Retirement System shall be proportionate to the salary earned.
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. 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. A. Teachers will participate in the Michigan Public School Employees Retirement System (MPSERS), as mandated by current law.
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. 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. 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.