TEACHERS’ RETIREMENT SYSTEM (TRS Sample Clauses

TEACHERS’ RETIREMENT SYSTEM (TRS. The Board shall pick up and pay to the Illinois Teachers’ Retirement System, on behalf of each teacher, the statutorily required percentage of the appropriate salary shown on the salary schedule(s). This pickup and payment shall be for the purpose of the Board’s assuming a portion of each teacher’s required contributions to the TRS. The Board’s pick-up and payment to the TRS is included in the appropriate amounts shown on the salary schedule(s) and represents the combination of all regular salary benefits payable to each teacher and all amounts picked up and paid to the TRS by the Board. The Board shall not be required by this action to otherwise pick up and pay any additional amounts to the TRS on behalf of the teacher. Although designated by the Illinois Pension Code as teacher contributions, the amounts herein required to be picked up by the Board are being paid in lieu of contributions by the teachers. Teachers shall not have the option of choosing to receive directly the amounts contributed to the TRS by the Board on behalf of each teacher. The Board will pick up and pay to the TRS on behalf of each teacher, the statutorily required percentage of all extra-curricular compensation earned by each teacher that is subject to the TRS withholdings. Nothing herein shall require the Board to pay teachers extra compensation in excess of the amounts set forth in the extra-curricular pay scale of this Agreement. The amounts herein required to be picked up by the Board are being paid by the Board in lieu of contributions by the employee. It is hereby agreed that the Association shall hold the Board harmless and indemnify the Board against all liability, loss, or expense of whatever 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 deduct from each teacher’s paycheck, on a pro rata basis and otherwise reasonable basis, any amounts which the Board is obligated to pay as a result of the incorrect withholding of income or other taxes or contributions to the TRS.
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs
TEACHERS’ RETIREMENT SYSTEM (TRS. The Board shall pick up and pay on behalf of each teacher his/her full and complete contribution to the downstate Teachers’ Retirement System (TRS) to a maximum of 9.0%. If the percent of the contribution of any group of teachers is decreased below 9.0%, each teacher in that group shall be paid a stipend equal to the amount of the decrease in the teacher’s required TRS contribution. This stipend shall only be available if the decreased contribution is a final, settled matter of law, not subject to further litigation, and any decreased contribution accrued prior to a final, settled matter of law shall be paid within thirty
Sample 1Sample 2

Related to TEACHERS’ RETIREMENT SYSTEM (TRS

  • Public Employees Retirement System “PERS”) Members. For purposes of this Section 1, “employee” means an employee who is employed by the State on August 28, 2003 and who is eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • 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.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Non-Vested Retirement Gratuity for Teachers 1. The minimum years of service for retirement gratuity shall be defined as the lesser of the contractual minimal service requirement in the 2008-2012 collective agreement, or ten (10) years.

  • Earned Value Management System ‌ An earned value management system (EVMS) means a project management tool that effectively integrates the project scope of work with cost, schedule and performance elements for optimum project planning and control. The qualities and operating characteristics of EVMS are described in American National Standards Institute /Electronics Industries Alliance (ANSI/EIA) Standard-748. An EVMS is not mandatory; however, Contractors are encouraged to have an EVMS ANSI/EIA Standard-748 during the entire term of OASIS. The Contractor shall notify the OASIS CO, in writing, if there are any changes in the status of their EVMS and provide the reasons for the change and copies of audits by the Defense Contract Management Agency (DCMA) or other cognizant Government administration office, as applicable. If only part of a Contractor’s organization is EVMS ANSI/EIA Standard-748 certified, the Contractor shall make the distinction between which business units or sites and geographic locations have been certified.

  • EMPLOYMENT OF RETIRED TEACHERS A. For purposes of salary schedule placement, a retired Teacher will be granted a maximum of ten (10) years’ service credit and their educational attainment. A retired Teacher may not advance beyond Level 10 on the salary schedule.

  • Pre-Retirement Leave An employee scheduled to retire and to receive a superannuation allowance under the applicable Superannuation Act(s), or who has reached the mandatory retiring age, shall be entitled to:

  • Post Retirement Health Care Benefit Employees who separate from State service and who, at the time of separation are insurance eligible and entitled to immediately receive an annuity under a State retirement program, shall be entitled to a contribution of two hundred fifty dollars ($250) to the Minnesota State Retirement System’s (MSRS) Health Care Savings Plan. Employees who have a HCSP waiver on file shall receive a two hundred fifty dollars ($250) cash payment. If the employee separates due to death, the two hundred fifty dollars ($250) is paid in cash, not to the HCSP. An employee who becomes totally and permanently disabled on or after January 1, 2008, who receives a State disability benefit, and is eligible for a deferred annuity under a State retirement program is also eligible for the two hundred fifty dollar ($250) contribution to the MSRS Health Care Savings Plan. Employees are eligible for this benefit only once.

  • RETIREMENT PICK-UP 257. For the term of this Agreement, the CITY shall pick up the full amount of the employees’ contribution to retirement.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

Time is Money Join Law Insider Premium to draft better contracts faster.