Common use of PAYMENT TO TEACHERS’ RETIREMENT SYSTEM Clause in Contracts

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 X. Xxxxxxxx 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 X. Xxxxxxxx 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 XIII and XVI XIV 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 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.