Teacher Retirement Contribution Sample Clauses

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 agrees to shelter and send to the Teacher Retirement System, on behalf of each teacher, an amount equal to full employee TRS contribution. Should any of the above be declared improper by an IRS, TRS, Illinois School Code ruling or opinion, that clause or portion thereof shall be deleted from this Agreement to the extent that it violates the ruling or opinion.
Sample 1
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Teacher Retirement Contribution. The Board shall pay the following TRS Contribution on behalf of the employee: All compensation stated in Appendix A shall include the Board’s contribution to the Illinois Teachers’ Retirement System (TRS). Accordingly, from such compensation, the Board shall deduct and remit to TRS for each teacher a sum, as required by TRS, to be applied to the retirement account of such teacher in the areas of TRS-NEC and THIS. No employee shall have the option of choosing to receive the amounts contributed by the Board directly and the assumption and payment of the employee’s required contribution is a condition of employment made in order to secure the employee’s future services, knowledge, and experience.
Sample 1
Teacher Retirement Contribution. According to authority granted by the Pension Reform Act of 1974, Section 414(h) of the Internal Revenue Code, the Board of Education agrees to pay to the Teacher Retirement System, on behalf of each teacher, 9.4% to be deducted from his/her salary as set forth in the current Salary Schedule in Appendix A, other duty schedule in Appendix B, and any other TRS creditable earnings. Should the above be declared improper by an IRS ruling or opinion, this clause shall be deleted from this Agreement to the extent that it violates the ruling or opinion.
Sample 1
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 will, as a benefit to the teachers, withhold said teacher’s contribution to the Teacher’s Retirement System of the State of Illinois from his/her regular paycheck and will shelter said contribution from the teacher’s taxable income as reported to the Internal Revenue Service and the Illinois Department of Revenue.
Sample 1
Teacher Retirement Contribution. As a deduction from earnings, the Board will pay the entire employee contribution to the Teachers' Retirement System, as determined by state law for that contract year, which is currently 9.0%.
Sample 1
Teacher Retirement Contribution 
Sample 1

Related to 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.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • 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.

  • 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.

  • 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.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

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