Teacher Retirement System Contribution Sample Clauses

Teacher Retirement System Contribution. The Board shall deduct and send to the Illinois Teachers' Retirement System (TRS) the percentage of each teacher's Appendix A salary, as defined and required by TRS, to be applied to the TRS retirement account of such teacher. Such contributions shall be made as a deduction from salary, not in addition to salary. The Board will also contribute 0.5 % of TRS health insurance cost. It is the intent of the parties that these contributions qualify as employer payments under Section 414(h)(2) of the Internal Revenue Code of 1986, as amended. The individual teacher shall have no right or claim to such amounts except as they become available upon retirement or resignation from TRS. The Association and each teacher agrees to indemnify and hold harmless the Board, its members, its agents, and its employees from any and all claims, demands, actions, complaints, suits, or other liability by reason of the faithful payment of contributions to TRS pursuant to the provisions of this section.
Sample 1
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Teacher Retirement System Contribution. The Board will contribute a portion of each teacher’s salary to the Illinois Teachers Retirement System (TRS). This contribution is included as a part of the appropriate total amount shown for each teacher on the salary schedule, Appendix A. The total amount shown represents the contribution by the Board. The Board will not be required by this agreement or otherwise to pick up and contribute any additional amounts to TRS. The amount of the contribution will be the statutory percentage as mandated by law. The individual teacher will have no right or claim to these funds except as they become available upon retirement or resignation from the Teacher’s Retirement System. Payment of any supplementary amount required by the state but not directly deposited into the teacher pension fund (i.e. Teacher Health
Sample 1
Teacher Retirement System Contribution. In addition to the salary paid to the Administrator as aforesaid, the Board shall pay to the Teachers' Retirement System of the State of Illinois employee contributions required by Section 16-152 and Section 16-133.1 of the Illinois Pension Code, including contributions payable under Section 16-153 of the Illinois Pension Code for survivor's benefits, and the employee contributions required under Section 6.6 of the State Employees Group Insurance Act.
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Teacher Retirement System Contribution. The Board shall pick up and pay for each teacher 9.4% of the teacher’s salary as defined by the Teachers’ Retirement System to the Teachers’ Retirement System of the State of Illinois to be applied for the retirement account of such teacher. It is the intent of the parties by this Agreement to qualify these payments as employer payments under Section 414(h) of the Internal Revenue Code. The teachers have no right or claim to the fund so remitted except as the funds may subsequently become available upon retirement or resignation from the Teachers’ Retirement System. Any amounts due each teacher pursuant to this Agreement shall be payable to the teacher as salary in installments as otherwise provided herein, provided the Board shall deduct there from all monies as required by law or as authorized by the teacher pursuant to this Agreement, or as otherwise authorized by the Board. Such withholding shall include any and all additional amounts required to be paid to the Teachers’ Retirement System for the account of such teacher. The HBREA and each teacher will indemnify and hold harmless the Board of Education, its members, its agents, and its employees from any and all claims, demands, actions, complaints, suits or other liability by reason of a faithful payment of contributions to the Teachers’ Retirement System pursuant to the provisions of this Section. No claim, demand, action, or suit shall be settled or compromised in any manner without the express written consent of both parties.
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Teacher Retirement System Contribution. The Board shall pick up and pay for each licensed educator 9.00% of the licensed educator’s salary as defined by the Teachers’ Retirement System to the Teachers’ Retirement System of the State of Illinois to be applied for the retirement account of such licensed educator. It is the intent of the parties by this Agreement to qualify these payments as employer payments under Section 414(h) of the Internal Revenue Code. The licensed educators have no right or claim to the fund so remitted except as the funds may subsequently become available upon retirement or resignation from the Teachers’ Retirement System. Any amounts due each licensed educator pursuant to this Agreement shall be payable to the licensed educator as salary in installments as otherwise provided herein, provided the Board shall deduct there from all monies as required by law or as authorized by the licensed educator pursuant to this Agreement, or as otherwise authorized by the Board. Such withholding shall include any and all additional amounts required to be paid to the Teachers’ Retirement System for the account of such licensed educator. The HBREA and each licensed educator will indemnify and hold harmless the Board of Education, its members, its agents, and its employees from any and all claims, demands, actions, complaints, suits or other liability by reason of a faithful payment of contributions to the Teachers’ Retirement System pursuant to the provisions of this Section. No claim, demand, action, or suit shall be settled or compromised in any manner without the express written consent of both parties.
Sample 1
Teacher Retirement System Contribution. In addition to the salary paid to the Assistant Principal as aforesaid, the Board shall pay to the Teachers' Retirement System of the State of Illinois employee contributions required by Section 16-152 and Section 16-133.1 of the Illinois Pension Code, including contributions payable under Section 16-153 of the Illinois Pension Code for survivor's benefits, and the employee contributions required under Section 6.6 of the State Employees Group Insurance Act. Such payments shall be made by the Board in addition to the salary paid as aforesaid so that the pro-rated net salary after retirement payments shall not be less than the said salary.
Sample 1
Teacher Retirement System Contribution. The Board agrees, in addition to the salary paid according to the salary schedule and also including any extra-duty stipends and/or overtime, the Board will pick up and pay the full employee’s contribution of salary and extra-duty stipends to the Teachers’ Retirement System in Illinois.
Sample 1
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Related to Teacher Retirement System Contribution

  • Public Employees Retirement System “PERS”) Members.

  • 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.

  • 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.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • 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.

  • Retirement System The withdrawal of employee contributions made on or after January 1, 2014 may also be withdrawn but only on an actuarially neutral basis. The actuarial present value of the pension reduction shall be equal to the amount of accumulated member contributions withdrawn. The actuarial present value shall computed using the interest rate used in the annual actuarial valuation and the mortality table used in the annual actuarial valuation with a 50% unisex blend.

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

  • 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.

  • 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.

  • 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.

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