Creditable Earnings Sample Clauses

Creditable Earnings. The Parties hereby agree that the Board makes no representations regarding the creditable earnings status with respect to any compensation received by the Assistant Principal pursuant to the terms of this Contract. Any and all determinations regarding creditable earnings, creditable service and related TRS issues shall be made by TRS and, where applicable, a court of competent jurisdiction.
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Creditable Earnings. The Parties hereby agree that the Board makes no representations regarding the creditable earnings status with respect to any compensation received by the Director pursuant to the terms of this Contract. Any and all determinations regarding creditable earnings, creditable service and related IMRF issues shall be made by IMRF and, where applicable, a court of competent jurisdiction.
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Creditable Earnings. The Parties hereby agree, that the Board makes no representations regarding the creditable earnings status with respect to any compensation received by the Athletic Director, pursuant to the terms of this Contract. Any and all determinations regarding creditable earnings, creditable service and related TRS issues shall be made by TRS and, where applicable, a court of competent jurisdiction.
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Creditable Earnings. The Parties hereby agree that the District and DEA makes no representations regarding the creditable earnings status with respect to any compensation received by LSMs pursuant to the terms of this Agreement. Any and all determinations regarding creditable earnings, creditable service and related TRS issues shall be made by TRS and, where applicable, a court of competent jurisdiction.
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Creditable Earnings. “TRS creditable earnings,” wherever that phrase is used in the entirety of this provision (Retirement Incentive Award Payment), shall mean total TRS creditable earnings including any pension payment.
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Creditable Earnings. Notwithstanding any of the other provisions of this agreement, no teacher who is less than ten (10) years from retirement eligibility may receive an overall increase in total reportable creditable earnings in excess of six percent (6%) of the previous year’s total reportable creditable earnings, unless the payment causing the teacher to exceed the six percent (6%) salary threshold is specifically exempt by statute or regulation from the payment of any penalty or other monies constituting a surcharge to the Teachers’ Retirement System. Should the Illinois General Assembly or the Teachers’ Retirement System impose a salary threshold greater or lesser than the six percent (6%) threshold thereby causing the payment of any penalty or other monies constituting a surcharge to TRS, then this agreement shall automatically incorporate this new threshold upon its effective date. Salary Schedule Step BA BA+15 MA/BA+60 MA+15 MA+30 MA+45 MA+60 1 $38,178 $38,942 $40,110 $41,513 $43,174 $45,116 $47,373 2 $38,564 $39,335 $40,515 $41,932 $43,610 $45,572 $47,851 3 $38,953 $39,732 $40,924 $42,356 $44,051 $46,032 $48,335 4 $39,347 $40,134 $41,337 $42,784 $44,496 $46,497 $48,823 5 $39,744 $40,539 $41,755 $43,216 $44,945 $46,967 $49,316 6 $41,334 $42,160 $43,425 $44,945 $46,743 $48,845 $51,289 7 $42,161 $43,003 $44,294 $45,843 $47,678 $49,823 $52,315 8 $43,003 $43,863 $45,180 $46,760 $48,632 $50,820 $53,360 9 $43,863 $44,740 $46,083 $47,695 $49,604 $51,835 $54,427 10 $44,741 $45,636 $47,005 $48,650 $50,596 $52,873 $55,516 11 $45,993 $46,914 $48,320 $50,011 $52,013 $54,352 $57,071 12 $46,913 $47,852 $49,286 $51,012 $53,053 $55,440 $58,212 13 $47,851 $48,808 $50,273 $52,032 $54,114 $56,549 $59,376 14 $48,808 $49,784 $51,278 $53,074 $55,196 $57,679 $60,563 15 $49,785 $50,780 $52,304 $54,135 $56,299 $58,832 $61,775 16 $51,178 $52,202 $53,768 $55,650 $57,876 $60,480 $63,504 17 $51,178 $52,202 $54,843 $56,763 $59,033 $61,691 $64,774 18 $51,178 $52,202 $55,940 $57,899 $60,214 $62,925 $66,070 19 $51,178 $52,202 $57,060 $59,057 $61,418 $64,183 $67,392 20 $51,178 $52,202 $58,201 $60,238 $62,647 $65,465 $68,740 21 $51,178 $52,202 $59,830 $61,924 $64,401 $67,300 $70,663 22 $51,178 $52,202 $61,087 $63,225 $65,754 $68,713 $72,147 23 $51,178 $52,202 $62,430 $64,615 $67,200 $70,224 $73,735 24 $51,178 $52,202 $63,867 $66,101 $68,746 $71,839 $75,432 25 $51,178 $52,202 $65,399 $67,688 $70,396 $73,564 $77,242 26 $51,178 $52,202 $66,707 $69,041 $71,804 $75,035 $78,786 27 $51,178 $52,202 $68,041 $70,...
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Creditable Earnings. Notwithstanding any of the other provisions of this agreement, no teacher who is less than ten (10) years from retirement eligibility may receive an overall increase in total reportable creditable earnings in excess of six percent (6%) of the previous year’s total reportable creditable earnings, unless the payment causing the teacher to exceed the six percent (6%) salary threshold is specifically exempt by statute or regulation from the payment of any penalty or other monies constituting a surcharge to the Teachers’ Retirement System.
Sample 1
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Creditable Earnings. The Parties hereby agree that the Board makes no representations regarding the creditable earnings status with respect to any compensation received by the Assistant Principal pursuant to the terms of this Contract. Any and all determinations regarding creditable earnings, creditable service and related TRS issues shall be DocuSign Envelope ID: F5B6A628-A6A7-4C66-9A28-53A88860591C made by TRS and, where applicable, a court of competent jurisdiction.
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Related to Creditable Earnings

  • Deferred Earnings The manner in which the deferred salary is held shall be at the discretion of the Hospital. The employee will be made aware, in advance of having to sign any formal agreement, of the manner of holding such deferred salary. Interest which is accumulated during each year of the deferral period shall be paid out to the employee in accordance with Part LXVIII of the Income Tax Regulations, Section 6801.

  • Tax-Deferred Earnings The investment earnings of your IRA are not subject to federal income tax until distributions are made (or, in certain instances, when distributions are deemed to be made).

  • Show-Up Compensation An employee who is scheduled for work and reports for work, except for situations addressed in Article 123--Inclement or Hazardous Conditions, and is released from work shall be paid the equivalent of two

  • Are My Contributions to a Traditional IRA Tax Deductible Although you may make a contribution to a Traditional IRA within the limitations described above, all or a portion of your contribution may be nondeductible. No deduction is allowed for a rollover contribution (including a “direct rollover”) or transfer. For “regular” contributions, the taxability of your contribution depends upon your tax filing status, whether you (and in some cases your spouse) are an “active participant” in an employer-sponsored retirement plan, and your income level. An employer-sponsored retirement plan includes any of the following types of retirement plans: • a qualified pension, profit-sharing, or stock bonus plan established in accordance with IRC 401(a) or 401(k); • a Simplified Employee Pension Plan (SEP) (IRC 408(k)); • a deferred compensation plan maintained by a governmental unit or agency; • tax-sheltered annuities and custodial accounts (IRC 403(b) and 403(b)(7)); • a qualified annuity plan under IRC Section 403(a); or • a Savings Incentive Match Plan for Employees of Small Employers (SIMPLE Plan). Generally, you are considered an “active participant” in a defined contribution plan if an employer contribution or forfeiture was credited to your account during the year. You are considered an “active participant” in a defined benefit plan if you are eligible to participate in a plan, even though you elect not to participate. You are also treated as an “active participant” if you make a voluntary or mandatory contribution to any type of plan, even if your employer makes no contribution to the plan. If you are not married (including a taxpayer filing under the “head of household” status), the following rules apply: • If you are not an “active participant” in an employer- sponsored retirement plan, you may make a contribution to a Traditional IRA (up to the contribution limits detailed in Section 3). • If you are single and you are an “active participant” in an employer-sponsored retirement plan, you may make a fully deductible contribution to a Traditional IRA (up to the contribution limits detailed in Section 3), but then the deductibility limits of a contribution are related to your Modified Adjusted Gross Income (AGI) as follows: Year Eligible to Make a Deductible Contribution if AGI is Less Than or Equal to: Eligible to Make a Partially Deductible Contribution if AGI is Between: Not Eligible to Make a Deductible Contribution if AGI is Over: 2020 $65,000 $65,000 - $75,000 $75,000 2021 & After - subject to COLA increases $66,000 $66,000 - $76,000 $76,000 If you are married, the following rules apply: • If you and your spouse file a joint tax return and neither you nor your spouse is an “active participant” in an employer-sponsored retirement plan, you and your spouse may make a fully deductible contribution to a Traditional IRA (up to the contribution limits detailed in Section 3). • If you and your spouse file a joint tax return and both you and your spouse are “active participants” in employer- sponsored retirement plans, you and your spouse may make fully deductible contributions to a Traditional IRA (up to the contribution limits detailed in Section 3), but then the deductibility limits of a contribution are as follows: Year Eligible to Make a Deductible Contribution if AGI is Less Than or Equal to: Eligible to Make a Partially Deductible Contribution if AGI is Between: Not Eligible to Make a Deductible Contribution if AGI is Over: 2020 $104,000 $104,000 - $124,000 $124,000 2021 & After - subject to COLA increases $105,000 $105,000 - $125,000 $125,000 • If you and your spouse file a joint tax return and only one of you is an “active participant” in an employer- sponsored retirement plan, special rules apply. If your spouse is the “active participant,” a fully deductible contribution can be made to your IRA (up to the contribution limits detailed in Section 3) if your combined modified adjusted gross income does not exceed $196,000 in 2020 or $198,000 in 2021. If your combined modified adjusted gross income is between $196,000 and $206,000 in 2020, or $198,000 and $208,000 in 2021, your deduction will be limited as described below. If your combined modified adjusted gross income exceeds $206,000 in 2020 or $208,000 in 2021, your contribution will not be deductible. Your spouse, as an “active participant” in an employer- sponsored retirement plan, may make a fully deductible contribution to a Traditional IRA if your combined modified adjusted gross income does not exceed the amounts listed in the table above. Conversely, if you are an “active” participant” and your spouse is not, a contribution to your Traditional IRA will be deductible if your combined modified adjusted gross income does not exceed the amounts listed above. • If you are married and file a separate return, and neither you nor your spouse is an “active participant” in an employer-sponsored retirement plan, you may make a fully deductible contribution to a Traditional IRA (up to the contribution limits detailed in Section 3). If you are married, filing separately, and either you or your spouse is an “active participant” in an employer-sponsored retirement plan, you may not make a fully deductible contribution to a Traditional IRA. Please note that the deduction limits are not the same as the contribution limits. You can contribute to your Traditional IRA in any amount up to the contribution limits detailed in Section 3. The amount of your contribution that is deductible for federal income tax purposes is based upon the rules described in this section. If you (or where applicable, your spouse) are an “active participant” in an employer- sponsored retirement plan, you can refer to IRS Publication 590-A: Figuring Your Modified AGI and Figuring Your Reduced IRA Deduction to calculate whether your contribution will be fully or partially deductible. Even if your income exceeds the limits described above, you may make a contribution to your IRA up to the contribution limitations described in Section 3. To the extent that your contribution exceeds the deductible limits, it will be nondeductible. However, earnings on all IRA contributions are tax deferred until distribution. You must designate on your federal income tax return the amount of your Traditional IRA contribution that is nondeductible and provide certain additional information concerning nondeductible contributions. Overstating the amount of nondeductible contributions will generally subject you to a penalty of $100 for each overstatement.

  • HOLIDAY COMPENSATION FOR TIME WORKED 126. Employees required by their respective appointing officers to work on any of the above specified or substitute holidays, excepting Fridays observed as holidays in lieu of holidays falling on Saturday, shall be paid extra compensation of one additional day's pay at time- and-one-half the usual rate in the amount of 12 hours pay for 8 hours worked or a proportionate amount for less than 8 hours worked provided, however, that at the employee's request and with the approval of the appointing officer, an employee may be granted compensatory time off in lieu of paid overtime as provided for elsewhere in this contract. 127. Executive, administrative and professional employees designated in the Annual Salary Ordinance with the "Z" symbol shall not receive extra compensation for holiday work but may be granted time off equivalent to the time worked at the rate of-one-and-one-half times for work on the holiday.

  • 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.

  • Lump Sum Compensation Lump sum computation refers to the method of payment under this Agreement for the professional services of the Consultant.

  • Special Compensation The Company shall pay to the Executive a lump sum equal to three times the sum of (a) the highest per annum base rate of salary in effect with respect to the Executive during the three-year period immediately prior to the termination of employment plus (b) the Highest Bonus Amount. Such lump sum shall be paid by the Company to the Executive within ten business days after the Executive's termination of employment, unless the provisions of Section 3(e) below apply. The amount of the aggregate lump sum provided by this Section 3(c), whether paid immediately or deferred, shall not be counted as compensation for purposes of any other benefit plan or program applicable to the Executive.

  • 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.

  • Extra Compensation 1. CTSO Advisors will be paid twenty-five ($25) per hour (capped at eight (8) hours per day) for non-discretionary CTSO activities (e.g., conferences, conventions, and competitions) involving students on days not scheduled as part of the regular school year calendar.

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