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.
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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
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Related to TEACHERS’ RETIREMENT SYSTEM (TRS

  • Public Employees Retirement System “PERS”) Members.

  • 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.

  • 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.

  • Orientation and In-Service Program The Hospital recognizes the need for a Hospital Orientation Program of such duration as it may deem appropriate taking into consideration the needs of the Hospital and the nurses involved.

  • 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.

  • 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.

  • Traditional Individual Retirement Custodial Account The following constitutes an agreement establishing an Individual Retirement Account (under Section 408(a) of the Internal Revenue Code) between the depositor and the Custodian.

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • 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.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

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