Common use of SURS Contribution Clause in Contracts

SURS Contribution. In addition to the annual salary stated in paragraph B.1 of this Agreement, the Board will make a contribution on behalf of the President to the State Universities Retirement System (SURS) in satisfaction of the President's statutory contribution to SURS. The President does not have any right or claim to this amount contributed by the Board on the President's behalf except as it may become available at the time of retirement from SURS. Both parties acknowledge that the President does not have the option of choosing to receive the contributed amount directly, instead of having such contribution paid by the Board to SURS, and that such contribution is made as a condition of employment to secure the President's future services, knowledge, and experience. If during the term of this agreement the Illinois General Assembly no longer pays the College’s portion of its SURS contribution and shifts this responsible to the Board, then the Board will be entitled to make a commensurate reduction in the percentage of the President’s SURS contribution that it pays on his behalf equivalent to the percentage the General Assembly requires the College to pay without having to reopen and amend this agreement.

SURS Contribution. In addition to the annual salary stated in paragraph B.1 of this Agreement, the Board will make a contribution on behalf of the President to the State Universities Retirement System (SURS) in satisfaction of the President's statutory contribution to SURS. The President does not have any right or claim to this amount contributed by the Board on the President's behalf except as it may become available at the time of retirement from SURS. Both parties acknowledge that the President does not have the option of choosing to receive the contributed amount directly, instead of having such contribution paid by the Board to SURS, and that such contribution is made as a condition of employment to secure the President's future services, knowledge, and experience. If during the term of this agreement Agreement the Illinois General Assembly no longer pays the College’s portion of its SURS contribution and shifts this responsible to the Board, then the Board will be entitled to make a commensurate reduction in the percentage of the President’s SURS contribution that it pays on his behalf equivalent to the percentage the General Assembly requires the College to pay without having to reopen and amend this agreementAgreement.