Common use of TRS and THIS Contributions Clause in Contracts

TRS and THIS Contributions. In addition to the annual salary stated in paragraph A.1 of this contract, the Board shall make a contribution on behalf of the Administrator to the State of Illinois Teachers' Retirement System (TRS) in the amount of 9.4% of the Administrator’s creditable earnings in satisfaction of the Administrator's required contribution to TRS. In addition, the Board shall pay the Administrator’s required contribution to TRS for Teacher Retirees’ Health Insurance [“THIS”]. It is the intention of the parties to qualify all such payments 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 does 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 State of Illinois Teachers' Retirement System, and that such contributions are made as a condition of employment to secure the Administrator's future services, knowledge and experience.

TRS and THIS Contributions. In addition to the annual salary stated in paragraph A.1 of this contract, the Board shall make a contribution on behalf of the Administrator to the State of Illinois Teachers' Retirement System (TRS) in the amount of 9.4% or less (per ILCS) of the Administrator’s creditable earnings in satisfaction of the Administrator's required contribution to TRS. In addition, the Board shall pay the Administrator’s required contribution to TRS for Teacher Retirees’ Health Insurance [“THIS”]. It is the intention of the parties to qualify all such payments 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 does 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 State of Illinois Teachers' Retirement System, and that such contributions are made as a condition of employment to secure the Administrator's future services, knowledge and experience.

TRS and THIS Contributions. In addition to the annual salary stated in paragraph A.1 of this contractAgreement, the Board shall make a contribution on behalf also pick up the employee share of the Administrator contribution due to the State of Illinois Teachers' Retirement System (TRS) in the amount of 9.4% on behalf of the Administrator’s creditable earnings in satisfaction of the Administrator's required contribution to TRSSuperintendent. In addition, the Board shall pay the AdministratorSuperintendent’s required contribution to TRS for Teacher Retirees’ Health Insurance [“(THIS”]). It is the intention of the parties to qualify and pick up all such payments paid by the Board on the AdministratorSuperintendent’s behalf as employer payments pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amendedamended so they will not be taxable as income to the Superintendent. The Administrator Superintendent does 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 Superintendent did not have the option of choosing to receive the contributed amounts directly, instead of having such contributions paid by the Board to the State of Illinois Teachers' ’ Retirement System, and that such contributions are made as a condition of employment to secure the Administrator's Superintendent’s future services, knowledge knowledge, and experience.

TRS and THIS Contributions. In addition to the annual salary stated in paragraph Paragraph A.1 of this contractAgreement, the Board shall make a contribution on behalf of the Administrator Superintendent to the State of Illinois Teachers' Retirement System (TRS) in the amount of 9.4% of the Administrator’s creditable earnings in satisfaction of the Administrator's Superintendent’s required retirement contribution to TRS. In addition, the Board shall pay the AdministratorSuperintendent’s required contribution to TRS for Teacher Retirees’ Health Insurance [“(THIS”]). It is the intention of the parties to qualify all such payments paid by the Board on the AdministratorSuperintendent’s behalf as employer payments pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amended. The Administrator Superintendent does 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 Superintendent did not have the option of choosing to receive the contributed amounts directly, instead of having such contributions paid by the Board to the State of Illinois Teachers' ’ Retirement System, and that such contributions are made as a condition of employment to secure the Administrator's Superintendent’s future services, knowledge knowledge, and experience.

TRS and THIS Contributions. In addition to the annual salary stated in paragraph Paragraph A.1 of this contractContract, the Board shall make a contribution on behalf of the Administrator Superintendent to the State of Illinois Teachers' Retirement System (TRS) in the amount of 9.4% of the Administrator’s creditable earnings in satisfaction of the AdministratorSuperintendent's required retirement contribution to TRS. In addition, the Board shall pay the Administrator’s Superintendent's required contribution to TRS for Teacher Retirees’ ' Health Insurance [“(THIS”]). It is the intention of the parties to qualify all such payments paid by the Board on the Administrator’s Superintendent's behalf as employer payments pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amendedCode. The Administrator Superintendent does not have any right or claim to said these 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 Superintendent did not have the option of choosing to receive the contributed amounts directly, instead of having such contributions paid by the Board to the State of Illinois Teachers' Retirement System, and that such contributions are made as a condition of employment to secure the AdministratorSuperintendent's future services, knowledge knowledge, and experience.