Common use of Teachers’ Retirement System Clause in Contracts

Teachers’ Retirement System. In addition to the annual salary stated in paragraph A.1 of this Contract, the Board shall pay on behalf of the Administrator to the State of Illinois Teachers' Retirement System 8% of the Administrator’s required contributions to said pension system. The Administrator shall not have any right or claim to said amounts, except as they may become available at the time of retirement or resignation from the State of Illinois Teachers' Retirement System. Both parties acknowledge that the Administrator did not have the option of choosing to receive the contributed amounts directly, instead of having such contributions paid by the Board to the Teachers' Retirement System, and further acknowledge that such contributions are made as a condition of employment to secure the Administrator’s future services, knowledge and experience. 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.

Teachers’ Retirement System. In addition to the annual salary stated in paragraph A.1 of this Contract, the Board shall pay on behalf of the Administrator to the State of Illinois Teachers' Retirement System 8% of the Administrator’s required contributions to said pension system. The Administrator shall not have any right or claim to said amounts, except as they may become available at the time of retirement or resignation from the State of Illinois Teachers' Retirement System. Both parties acknowledge that the Administrator did not have the option of choosing to receive the contributed amounts directly, instead of having such contributions paid by the Board to the Teachers' Retirement System, and further acknowledge that such contributions are made as a condition of employment to secure the Administrator’s future services, knowledge and experience. 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.