IMRF Contributions Clause Samples

IMRF Contributions. In addition to the annual salary stated in paragraph A.1 of this contract, the Board shall make an employer contribution to the Illinois Municipal Retirement Fund (IMRF) based on the rate set by IMRF. (Rate subject to change annually on a calendar year.) The Specialist is responsible for the payment of the Member Contributions. Contribution rates are set by IMRF. (Rate subject to change annually on a calendar year.) The Specialist does not have any right or claim to said amounts except as they may become available at the time of retirement or resignation from the Illinois Municipal Retirement Fund system. Both parties acknowledge that the Specialist did not have the option of choosing to receive the contributed amounts directly, instead of having such contributions paid by the Board to the Illinois Municipal Retirement Fund, and that such contributions are made as a condition of employment to secure the Specialist’s future services, knowledge and experience.
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IMRF Contributions. In addition to the minimum starting salaries stated in Appendix B, the Board shall make a contribution on behalf of each ESP to the Illinois IMRF equal to 4.5% in lieu and in satisfaction of the Employee’s required contribution to IMRF. No Employee will have the option of choosing to receive the amounts contributed by the Board directly and the assumption and payment of the ESP’s required contributions is a condition of employment made in order to secure the Employee’s future services, knowledge, and experience.
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IMRF Contributions. The employee pays a 4.5% IMRF contribution. The Board shall pay the employers annual contribution rate determined by IMRF.
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IMRF Contributions. According to the authority granted by the Pension Reform Act of 1974-Section 414(h) (2) of the Internal Revenue Code and Public Act 81-5136.11, Revised Stat. 1981, Chapter 108 ½, Par. 7-173.2, the Board of Education agrees to pay, from the wages/salary shown on Appendix C, the full support staff member contribution to the Illinois Municipal Retirement Fund (IMRF) on behalf of each eligible support staff member as a tax sheltered direct contribution. Should any of the above be declared improper by an IRS ruling or opinion or by a court of competent jurisdiction, that clause or portion thereof shall be deleted to the extent that it violates the ruling or opinion. Any changes shall be consistent with IMRF provisions.
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IMRF Contributions. The Board shall pick up and pay out of the educational support employee's earned compensation his/her contribution to the Illinois Municipal Retirement Fund. Contributions so picked up shall be treated as employer contributions in determining tax treatment under the United States Internal Revenue Code.
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IMRF Contributions. In addition to the annual salary stated above, the Board shall make an employer contribution to the Illinois Municipal Retirement Fund (IMRF) based on the rate set by IMRF. (Rate subject to change annually on a calendar year.) The Director is responsible for the payment of the Member Contributions. Contribution rates are set by IMRF. (Rate subject to change annually on a calendar year.) The Director does not have any right or claim to said amounts except as they may become available at the time of retirement or resignation from the Illinois Municipal Retirement Fund system. Both parties acknowledge that the Director did not have the option of choosing to receive the contributed amounts directly, instead of having such contributions paid by the Board to the Illinois Municipal Retirement Fund, and that such contributions are made as a condition of employment to secure the Director’s future services, knowledge and experience.
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Related to IMRF Contributions

  • Investment of Contributions At the direction of the Designated Beneficiary (or the direction of the Depositor or the Responsible Individual, whichever applies) the Custodian shall invest all contributions to the account and earnings thereon in investments acceptable to the Custodian, which may include marketable securities traded on a recognized exchange or "over the counter" (excluding any securities issued by the Custodian), covered call options, certificates of deposit, and other investments to which the Custodian consents, in such amounts as are specifically selected and specified in orders to the Custodian in such form as may be acceptable to the Custodian, without any duty to diversify and without regard to whether such property is authorized by the laws of any jurisdiction as a custodial account investment. The Custodian shall be responsible for the execution of such orders and for maintaining adequate records thereof. However, if any such orders are not received as required, or, if received, are unclear in the opinion of the Custodian, all or a portion of the contribution may be held uninvested without liability for loss of income or appreciation, and without liability for interest pending receipt of such orders or clarification, or the contribution may be returned. The Custodian may, but need not, establish programs under which cash deposits in excess of a minimum set by it will be periodically and automatically invested in interest-bearing investment funds. The Custodian shall have no duty other than to follow the written investment directions of the Designated Beneficiary (or the Depositor or Responsible Individual), and shall be under no duty to question said instructions and shall not be liable for any investment losses sustained by the Designated Beneficiary.

  • 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.

  • Member Contributions Each Member and the Manager further acknowledges that it may contribute ideas, knowledge, know-how and, potentially, Confidential Information of such disclosing Member or the Manager to the Company, the employees, agents or contractors of the Company. Each disclosing Member or the Manager shall retain ownership of such Confidential Information but grants to only the Company, not to the individual(s) to whom the information was disclosed in his/her respective personal capacity(ies), the limited right to use such Confidential Information solely and exclusively for the benefit of the Company, and not any individual Member other than the disclosing Member; and each Member and the Manager other than the discloser promises and agrees to not use Confidential Information of a disclosing Member or the Manager for any purpose whatsoever except in connection with the Company and except with the written consent of both the disclosing Member and the Company. For purposes of this Section X, all references to the Company shall include its Affiliates.

  • Return of Contributions The General Partner shall not be personally liable for, and shall have no obligation to contribute or loan any monies or property to the Partnership to enable it to effectuate, the return of the Capital Contributions of the Limited Partners or Unitholders, or any portion thereof, it being expressly understood that any such return shall be made solely from Partnership assets.