PAYMENT TO TEACHERS’ RETIREMENT SYSTEM. The Board shall remit for each teacher the required amount due for each teacher, pursuant to and from the Salary Schedules of this Agreement, to the Illinois Teachers' Retirement System. It is the intent of the parties by this Agreement to qualify these payments as employer payments under Section 414(h) of the Internal Revenue Code. The teachers have no right or claim to the fund so remitted except as they may subsequently become available from the Illinois Teachers' Retirement System.
PAYMENT TO TEACHERS’ RETIREMENT SYSTEM. For the duration of this agreement, the Board shall pay the entire amount of the staff member’s contribution to the Teachers' Retirement System (TRS) for all TRS reportable income, provided that contribution amount does not exceed 9.0% of the staff member’s annual compensation. Any amount above 9.0% of the staff member’s annual compensation shall be paid by the employee. It is the intent of the parties by this Agreement to qualify these payments under Section 414 (h) of the Internal Revenue Code. The staff members have no right or claim to the fund so remitted except as they may subsequently become available upon retirement or resignation from TRS. The balance of the amount due each staff member pursuant to such Compensation Schedule shall be payable to the staff member as salary in installments as otherwise provided herein, provided the Board shall deduct there from all monies as required by law or as authorized by the staff member pursuant to this agreement, or as otherwise authorized by the Board. Such withholding shall include any and all additional amounts required to be paid to TRS or the account of such staff member. If the Internal Revenue Service or a court of competent jurisdiction shall determine that such Board payments are not tax sheltered in whole or in part, the Board shall immediately include such payments in the gross income of the staff member for income taxation purposes. ARTICLE 208 VOLUNTARY RETIREMENT INCENTIVE OPTIONS FOR LICENSED STAFF
PAYMENT TO TEACHERS’ RETIREMENT SYSTEM. A. Pursuant to the Contribution Rate Schedule of the State of Illinois Teachers’ Retirement System, the BOARD shall deduct and remit for each TEACHER the sum equal to the TEACHER’S salary times the Member TRS retirement contribution rate for that year times the TEACHER’S salary to be applied for the retirement account of such TEACHER (rather than the survivors’ annuity account) and the sum equal to the TEACHER’S salary times the Member THIS (insurance) contribution rate for that year times the TEACHER’S salary for the insurance contribution for the Teachers Retirement System Insurance Plan. In addition, the BOARD will deduct the Member TRS retirement contribution rate from any payments made to TEACHERS pursuant to ARTICLE XV and XVI to be applied to the retirement account of such TEACHER and the Member THIS (insurance) contribution rate for the insurance contribution to the Teachers’ Retirement System Insurance Plan. It is the intent of the parties by this Agreement to qualify these payments under Section 414(h) of the Internal Revenue Code. The TEACHERS have no right or claim to the fund so remitted except as they may subsequently become available upon retirement or resignation from the State of Illinois Teachers’ Retirement System.
PAYMENT TO TEACHERS’ RETIREMENT SYSTEM. A. Pursuant to the Contribution Rate Schedule of the State of Illinois Teachers’ Retirement System, the BOARD shall deduct and remit for each TEACHER the sum equal to the TEACHER’S salary times the Member TRS retirement contribution rate for that year times the TEACHER’S salary to be applied for the retirement account of such TEACHER and the sum equal to the TEACHER’S salary times the Member THIS (insurance) contribution rate for that year times the TEACHER’S salary for the insurance contribution for the Teachers Retirement System Insurance Plan. In addition, the BOARD will deduct the Member TRS retirement contribution rate from any payments made to TEACHERS pursuant to ARTICLE XV and XVI to be applied to the retirement account of such TEACHER and the Member THIS (insurance) contribution rate for the insurance contribution to the Teachers’ Retirement System Insurance Plan. It is the intent of the parties by this Agreement to qualify these payments under Section 414(h) of the Internal Revenue Code. The TEACHERS have no right or claim to the fund so remitted except as they may subsequently become available upon retirement or resignation from the State of Illinois Teachers’ Retirement System.
PAYMENT TO TEACHERS’ RETIREMENT SYSTEM. The Board shall remit for each teacher the required contribution of his/her compensation to the Illinois Teachers' Retirement System to be applied for the retirement account of such teacher. It is the intent of the parties by this Agreement to qualify these payments as employer payments under Section 414(h) of the Internal Revenue Code. A teacher has no right or claim to said amount except as it may become available at the time of retirement or resignation from the Teachers' Retirement System. The Board and teachers acknowledge that the teachers do not have the option of choosing to receive the contributed amount directly instead of having such contributions paid by the Board to the Teachers' Retirement System.
PAYMENT TO TEACHERS’ RETIREMENT SYSTEM. Commencing with this agreement, the employee TRS contributions are the responsibility of the staff member. ARTICLE 209 VOLUNTARY RETIREMENT INCENTIVE OPTIONS FOR LICENSED STAFF Section 209.1: ELIGIBILITY A staff member must have completed at least ten (10) years of full-time employment in District 21 immediately preceding retirement and must attain fifty-five (55) years of age on or before their last day of service, provided that their retirement date is on or before June 30th of the retirement year. A staff member may elect either Retirement Incentive Option #1 (Section 209.2), Retirement Incentive Option #2 (Section 209.3) or Retirement Incentive Option #3 (Section 209.4), but may not elect multiple options.
PAYMENT TO TEACHERS’ RETIREMENT SYSTEM a. The Board shall remit for each Teacher a portion of such Teacher's compensation due such Teachers pursuant to the Compensation Schedule (Article XII, Appendices A, B and C, Compensation Schedules) of this Agreement to the Teachers' Retirement System to be applied for the retirement account of such Teachers. During the term of this Agreement, this portion shall be nine percent (9%) plus three-quarter percent (3/4%) for TRIP or as adjusted by law. The Teachers have no right or claim to moneys so remitted except as it may subsequently become available upon retirement or resignation from the Teachers' Retirement System.
PAYMENT TO TEACHERS’ RETIREMENT SYSTEM. In addition to the annual compensation paid to the teachers, the Board shall also pay for each teacher full retirement up to 10% (ten percent) (factored) to the Teachers Retirement System. The Board will also pay each teacher's Teacher Health Security Fund contribution up to 1.5% (one & one half percent).
PAYMENT TO TEACHERS’ RETIREMENT SYSTEM. 1. The Board shall remit for each CSM the required employee contribution of the Compensation Schedule to the Illinois Teachers’ Retirement System to be applied for the retirement account of each CSM. The Board will also remit the required employee contribution to the Teacher’s Health Insurance Securities (“THIS”). It is the intent of the parties to this Agreement to qualify these payments as employer payments under Section 414(h) of the Internal Revenue Code. CSM have no right or claim to the funds so remitted except as they may subsequently become available upon retirement or resignation from the Illinois Teachers’ Retirement System.
PAYMENT TO TEACHERS’ RETIREMENT SYSTEM. In addition to the annual compensation paid to teachers, the Board shall contribute and remit to the Teachers’ Retirement System the full amount required by TRS 9.0% of creditable earnings, which equates to a factor of 9.8901% of the individuals salary plus any other TRS eligible earnings. Any legislative increase beyond 9.0% of creditable earnings will be paid 50% by the Board and 50% by the individual. Additionally, the Board of Education will contribute 1.12% to the State of Illinois Department of Central Management for each teacher’s contribution to the Illinois Teacher Health Insurance Security Fund (“THIS”). Any legislated increase beyond 1.12% for 2016-2017 will be paid 50% by the Board and 50% by the individual. The Teachers shall have all vested rights to the funds so remitted as they may subsequently become available from the State of Illinois Teachers’ Retirement System. No teacher shall have the option of choosing to receive the amounts contributed by the Board directly, and the assumption and payment of the teachers’ required contribution to the Illinois Teachers’ Retirement System is a condition of employment made in order to serve the teachers’ future services, knowledge, and experience.
