Additional Retirement Contributions Sample Clauses

Additional Retirement Contributions. 1. In addition to any contributions made pursuant to Article III(F) below, the Board will pay annually the total amount of $32,000 per year towards a tax-sheltered retirement plan(s) and/or account(s) of the Division Superintendent’s choice. The Division Superintendent may, at his timely election and as otherwise consistent with Virginia Retirement System (VRS) requirements, direct the Board to pay all or any portion of the above sum on behalf of the Division Superintendent toward the cost of the purchase of prior service credit from VRS. For the term of this Second Agreement, the contribution(s) provided by this paragraph will be disbursed in a lump sum(s) on or within five days after July 1, with the first such contribution due as of July 1, 2022, and the last such contribution due as of July 1, 2025. Provided, however, that in order to be entitled to receive such contribution(s), the Division Superintendent must continue to be employed in good standing by the Board, or, in the case of the contribution due as of July 1, 2025, must have been employed in good standing by the Board as of June 30, 2025; the Division Superintendent shall have no right to any proration of these contributions. These contributions will be reported to the Virginia Retirement System as a part of the compensation to be counted towards retirement, to the extent permitted, and with any deductions or contributions required, by law.
Sample 1
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Additional Retirement Contributions. In addition to any contributions made pursuant to Article III(F) below, the Board will pay annually the total amount of $27,000 per year towards a tax sheltered retirement plan(s) and/or account(s) of the Division Superintendent’s choice. With respect only to the payment due as of July 1, 2019, the Division Superintendent, by election on or before June 15, 2019, may elect to receive the payment as ordinary non-tax sheltered taxable income, rather than as a tax-sheltered retirement contribution. This election shall not be applicable to later years. The Division Superintendent may, at his timely election and as otherwise consistent with Virginia Retirement System (VRS) requirements, direct the Board to pay all or any portion of the above sum on behalf of the Division Superintendent toward the cost of the purchase of prior service credit from VRS. The contribution(s) provided by this paragraph will be disbursed in a lump sum(s) on or within five days after July 1 following the conclusion of one year of service under this Agreement, with the first such contribution due as of July 1, 2019, and the last such contribution due as of July 1, 2022. Provided, however, that in order to be entitled to receive such contribution(s), the Division Superintendent must continue to be employed in good standing by the Board, or, in the case of the contribution due as of July 1, 2022, must have been employed in good standing by the Board as of June 30, 2022; the Division Superintendent shall have no right to any proration of these contributions. These contributions will be reported to the Virginia Retirement System as a part of the compensation to be counted towards retirement, to the extent permitted, and with any deductions or contributions required, by law.
Sample 1
Additional Retirement Contributions. In addition to any contributions made pursuant to Article III(F) below, the Board will pay annually the total amount of: (a) $25,400 per year towards a tax sheltered retirement plan(s) and/or account(s) of the Division Superintendent’s choice on or about July 1, 2015; (b) $31,100 per year towards a tax sheltered retirement plan(s) and/or account(s) of the Division Superintendent’s choice on or about July 1, 2016; and (c) $31,877.50 per year towards a tax sheltered retirement plan(s) and/or account(s) of the Division Superintendent’s choice on or about July 1, 2017 and July 1, 2018. The Division Superintendent may, at his timely election and as otherwise consistent with Virginia Retirement System (VRS) requirements, direct the Board to pay all or any portion of the above sum on behalf of the Division Superintendent toward the cost of the purchase of prior service credit from VRS. The contribution(s) provided by this paragraph will be disbursed in a lump sum(s) on or within five days after July 1 following the conclusion of one year of service under this Agreement, with the first such contribution due as of July 1, 2015, and the last such contribution due as of July 1, 2018. Provided, however, that in order to be entitled to receive such contribution(s), the Division Superintendent must continue to be employed in good standing by the Board, or, in the case of the contribution due as of July 1, 2018, must have been employed in good standing by the Board as of June 30, 2018; the Division Superintendent shall have no right to any proration of these contributions. These contributions will be reported to the Virginia Retirement System as a part of the compensation to be counted towards retirement, to the extent permitted, and with any deductions or contributions required, by law. IT IS FURTHER AGREED AND UNDERSTOOD by the parties hereto that all other provisions of the Agreement remain unchanged and continue in full force and effect, and that this First Amendment does not in any way alter the duration of that Agreement. ALEXANDRIA CITY SCHOOL BOARD By: _ Xxxxx X. Xxxx, Chairman XX. XXXXX X. CRAWLEY Attest:
Sample 1
Additional Retirement Contributions 
Sample 1

Related to Additional Retirement Contributions

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Retirement Contribution The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications. Corrections Firearms Instructor Oil & Hazardous Material Responder I Oil & Hazardous Material Responder II

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Company Contributions (a) For employees hired, rehired or who become covered under the CWA 3176 Agreement through any means before January 1, 2016, the Company shall contribute a Company Matching Contribution equal to 25 percent of the Participant’s Contribution up to a maximum of 6 percent of eligible wage.

  • Pension Contributions 19.2.3.1 Unless required by law to commence receiving a pension prior to the Member’s actual retirement date (i.e., currently December 31 of the year in which the Member attains age sixty-nine (69)) the Member who postponed retirement beyond his or her TRD will continue to make pension contributions.

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law.

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

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