Common use of TRS / THIS Contributions Clause in Contracts

TRS / 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 / 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 / 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 9.49% 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.