Common use of TEACHERS’ RETIREMENT SYSTEM CONTRIBUTION Clause in Contracts

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 shall pick up and pay on the SUPERINTENDENT’S 'S behalf, his the SUPERINTENDENT'S 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 'S behalf as employer payments pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amended. The SUPERINTENDENT will 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. These contributions are made as a condition of the SUPERINTENDENT’S 'S employment for his her future service, knowledge and experience.