TEACHERS’ RETIREMENT SYSTEM CONTRIBUTION. In addition to the salary paid to the ADMINISTRATOR by the BOARD as expressed in Section 3, the BOARD shall pick up and pay on the ADMINISTRATOR'S behalf, the ADMINISTRATOR'S entire contribution to the Illinois Teachers' Retirement System (“TRS”) pursuant to the Illinois Pension Code. It is the intention of the parties to qualify all such payments picked up and paid by the BOARD on the ADMINISTRATOR'S behalf as employer payments pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amended. The ADMINISTRATOR shall have no right or claim to the funds so remitted except as they may subsequently become available upon retirement or resignation from TRS. The ADMINISTRATOR does not have the option of choosing to receive the contributed amounts directly instead of having those contributions paid by the BOARD to TRS. These contributions are made as a condition of the ADMINISTRATOR'S employment for the ADMINISTRATOR’S future service, knowledge and experience.
TEACHERS’ RETIREMENT SYSTEM CONTRIBUTION. In addition to the salary paid to the SUPERINTENDENT by the BOARD as expressed in Section 4, the BOARD will pick up and pay on the SUPERINTENDENT’S behalf, his entire required retirement contribution to the Illinois Teachers’ Retirement System (“TRS”) pursuant to the Illinois Pension Code. It is the intention of the parties to qualify all such payments picked up and paid by the BOARD on the SUPERINTENDENT’S behalf as employer payments pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amended. The SUPERINTENDENT will have no right or claim to the funds so remitted except as they may subsequently become available upon retirement or resignation from TRS. The SUPERINTENDENT does not have the option of choosing to receive the contributed amounts directly instead of having those contributions paid by the BOARD to TRS. These contributions are made as a condition of the SUPERINTENDENT’S employment for his future service, knowledge and experience.
TEACHERS’ RETIREMENT SYSTEM CONTRIBUTION. In addition to the salary paid to the SUPERINTENDENT by the BOARD as expressed in Section 4, the BOARD will pick up and pay on the SUPERINTENDENT'S behalf, the SUPERINTENDENT'S entire contribution to the Illinois Teachers' Retirement System (“TRS”) pursuant to the Illinois Pension Code. It is the intention of the parties to qualify all such payments picked up and paid by the BOARD on the SUPERINTENDENT'S behalf as employer payments pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amended. The SUPERINTENDENT will have no right or claim to the funds so remitted except as they may subsequently become available upon retirement or resignation from TRS. The SUPERINTENDENT does not have the option of choosing to receive the contributed amounts directly instead of having those contributions paid by the BOARD to TRS. These contributions are made as a condition of the SUPERINTENDENT'S employment for his/her future service, knowledge and experience. However, if legislation is enacted that limits the BOARD’S ability to perform its obligations under this paragraph, the BOARD will pay the difference to the SUPERINTENDENT as salary to the extent the BOARD’S total cost for salary and pickup of the TRS contribution equals the BOARD’S total cost before enactment of such legislation. The implementation herein shall be in implementation of this provision of this Agreement and shall not constitute or require an amendment to this Agreement.
TEACHERS’ RETIREMENT SYSTEM CONTRIBUTION. In addition to the gross compensation paid to the Administrator by the Board as expressed in this Agreement, the Board shall pick up and pay on the Administrator’s behalf, the Administrator’s entire annual retirement contribution to the Illinois Teachers’ Retirement System pursuant to the Illinois Pension Code. It is the intention of the parties to qualify all such payments picked up and paid by the Board on the Administrator’s behalf as employer payments pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amended. The Administrator shall have no right or claim to the funds so remitted except as they may subsequently become available upon retirement or resignation from the Illinois Teachers’ Retirement System. The Administrator does not have the option of choosing to receive the contributed amounts directly instead of having those contributions paid by the Board to the Illinois Teachers’ Retirement System. These contributions are made as a condition of the Administrator’s employment for his future service, knowledge and experience.
TEACHERS’ RETIREMENT SYSTEM CONTRIBUTION. In addition to the salary paid to the SUPERINTENDENT by the BOARD as expressed in Section 4, the BOARD will pick up and pay on the SUPERINTENDENT’S behalf, a contribution of up to 9.0% to TRS pursuant to Sections 16-152 and 16-152.1 of the Illinois Pension Code. The BOARD will remit this contribution to TRS.
TEACHERS’ RETIREMENT SYSTEM CONTRIBUTION. In addition to the gross compensation paid to the SUPERINTENDENT by the Board as expressed in Section 4, the BOARD shall pick up and pay on the SUPERINTENDENT’S behalf, his entire contribution to the Illinois Teachers’ Retirement System pursuant to Sections 16-152 and 16-152.1 of the Illinois Pension Code, up to a maximum contribution of 9.0% of all TRS-creditable earnings. The Parties expressly acknowledge and agree that the BOARD’S obligation under this Section shall not exceed this contribution limit. If the amount of the SUPERINTENDENT’S contribution to TRS exceeds this contribution limit, then the SUPERINTENDENT shall be solely responsible for the difference between the amount of said contribution and the contribution limit. It is the intention of the Parties to qualify all such payments picked up and paid by the BOARD on the SUPERINTENDENT’S behalf as employer payments pursuant to Section 414 (h) of the Internal Revenue Code of 1986, as amended. The SUPERINTENDENT shall have no right or claim to the funds so remitted except as they may subsequently become available upon separation from service with the BOARD from the Illinois Teachers’ Retirement System. The SUPERINTENDENT does not have the option of choosing to receive the contributed amounts directly instead of having those contributions paid by the BOARD to TRS. These contributions are made as a condition of the SUPERINTENDENT’S employment for his future service, knowledge and experience.
TEACHERS’ RETIREMENT SYSTEM CONTRIBUTION. During the term of this Agreement the Board shall pick up and pay to the Illinois Teachers’ Retirement System (TRS), on behalf of each teacher, the required TRS employee contribution of the teacher’s creditable earnings. Said pick-up and payment shall be for the purpose of the Board’s assuming each teacher’s required contribution to the TRS. The Board’s pick-up and payment to the TRS is included in the teacher’s salary. Such amounts shall represent the combination of all regular salary benefits payable to each teacher and amounts picked-up and paid to the TRS by the Board. The Board shall not be required by this Section or otherwise to pick up and pay any additional amount to the TRS. It is understood that the TRS required employee contribution pick-up payment shall be drawn from each teacher’s salary funds. This pickup payment is in no way to be interpreted as a salary payment in addition to the salary scheduled for that teacher for a given year. It is hereby agreed that the Union shall hold the Board harmless and indemnify the Board against all liability, loss and expense of whatever the nature arising out of the Board’s agreement to make payments on behalf of each teacher to the Illinois Teachers’ Retirement System. It is further agreed that the Board may, at its sole discretion, deduct from each teacher’s paychecks on a pro rata and otherwise reasonable basis any amounts, including penalties, which the Board is obligated to pay as a result of the improper or incorrect reporting thereof, arising out of the Board’s agreement to make payments on behalf of each teacher to the Illinois Teachers’ Retirement System.
TEACHERS’ RETIREMENT SYSTEM CONTRIBUTION. In addition to the salary paid to the SUPERINTENDENT by the BOARD as expressed in Section 2 (above, the BOARD shall pick up and pay on the SUPERINTENDENT’S behalf, the SUPERINTENDENT’S entire contribution to the Illinois Teachers’ Retirement System (“TRS”) pursuant to the Illinois Pension Code. The BOARD’s reimbursement obligation described in this paragraph shall be limited to 9.4% of the SUPERINTENDENT’s creditable earnings. It is agreed that the SUPERINTENDENT shall be responsible for any contribution required by TRS in excess of the 9% contribution described herein. It is the intention of the parties to qualify all such payments picked up and paid by the BOARD on the SUPERINTENDENT’S behalf as employer payments pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amended. The SUPERINTENDENT shall have no right or claim to the funds so remitted except as they may subsequently become available upon retirement or resignation from TRS. The SUPERINTENDENT does not have the option of choosing to receive the contributed amounts directly instead of having those contributions paid by the BOARD to TRS.
TEACHERS’ RETIREMENT SYSTEM CONTRIBUTION. Illinois Teachers’ Retirement System requires that a sum equal to 9% of a teacher’s total compensation be paid to the system. As a fringe benefit and pursuant to the authority granted by Section 414(L)(2) of the Internal Revenue Code, for and during the term of this Contract the Board agrees to pay on behalf of the teachers employed by the District to TRS a sum equal to .103753 of the total compensation received by said teacher. For purposes of this paragraph, “compensation” shall mean only such salary and/or stipends received by said teachers and paid pursuant to the provisions of Sections 1, 3, 4, and 9 herein and those schedules attached hereto as Appendix A, B, and C. The Board will consider as excludable or “picked up” for federal income tax purposes the amount paid by the Board to the Teachers’ Retirement System. The Board will not report the excludable or “picked up” income as part of the staff members’ gross income to the Internal Revenue Service, unless otherwise specifically required by the Internal Revenue Code, as amended. Should future legislation impact TRS contributions during the term of this contract, both parties agree to re-open the contract regarding the legislative change.
TEACHERS’ RETIREMENT SYSTEM CONTRIBUTION. In addition to the salary paid to the ADMINISTRATOR by the BOARD as expressed in Section 3, the BOARD shall pick up and pay on the ADMINISTRATOR'S behalf, the ADMINISTRATOR'S entire contribution to the Illinois Teachers' Retirement System (“TRS”) pursuant to the !""#$%#&’ ()$&#%$’*%+. ) It is the intention of the parties to qualify all such payments picked up and paid by the BOARD on the ADMINISTRATOR'S behalf as employer payments pursuant to Section 414(h) of the !$,)-$."’ /)0)$1)’ *%+)’ %2’ 3456, as amended. The ADMINISTRATOR shall have no right or claim to the funds so remitted except as they may subsequently become available upon retirement or resignation from TRS. The ADMINISTRATOR does not have the option of choosing to receive the contributed amounts directly instead of having those contributions paid by the BOARD to TRS. These contributions are made as a condition of the ADMINISTRATOR'S employment for the ADMINISTRATOR’S future service, knowledge and experience.
