Common use of SALARY AND COMPENSATION Clause in Contracts

SALARY AND COMPENSATION. In consideration of a gross salary to be jointly agreed upon no later than June 30, 2018, the Superintendent hereby agrees to devote such time, skill, labor and attention to this employment, during the term of this Agreement as otherwise provided in this Agreement, and to perform faithfully the duties of the Superintendent of Schools for this School District as set forth in this Agreement. The annual salary shall be paid in equal installments in accordance with the policy of the Board governing payment of salary to other certificated members of the professional staff. The gross salary shall be no less than the Superintendent’s current gross salary of TWO HUNDRED AND FIFTY-FOUR THOUSAND, ONE HUNDRED AND NINETY- FOUR DOLLARS ($254,194.00) per annum. i. For each subsequent year of the Agreement, the Board shall consider an increase in the compensation for the Superintendent based on the attainment of the metrics required by the goals and indicators of student performance and academic achievement. It is contemplated that any increase shall be in the form of an Employer contribution to a Section 403(b) plan. ii. In addition to the salary paid by the Board as expressed in Section 3, the Board shall pick up and pay, on the Superintendent’s behalf, the Superintendent’s entire contribution to the Illinois Teachers’ Retirement System pension fund (“TRS”) during the full term of this Agreement. It is the intention of the parties to qualify all such payments picked up and paid by the Board on the Superintendent’s behalf as employer payments pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amended. The Superintendent shall 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. Both parties acknowledge that the Superintendent 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 Teachers’ Retirement System, and further acknowledge that such contributions are made as a condition of employment to secure the Superintendent’s future services, knowledge and experience. iii. The Board shall pick up and pay on behalf of the Superintendent the Superintendent’s entire contribution to the Teachers’ Health Insurance Security (“THIS”) fund. The Board will remit THIS contribution to the TRS as the funds’ collection agent. The THIS payment made by the Board to TRS under this paragraph will not be reportable to TRS as creditable earnings. The parties further agree that the payments will be excluded from the Superintendent’s taxable income. iv. The Board and the Superintendent make no commitment or guarantee that the Board’s payment of the contribution limits under paragraph 3 will continue to be excludable from the Superintendent’s gross income for federal or state income tax purposes or that any other federal or state tax treatment will apply. v. Because neither party can represent what position the IRS, or any other government entity, will take with respect to these payments and withholdings, it is mutually agreed that each party will be responsible for any miscalculations for this it is legally responsible without indemnification or any other recourse from the other party. That is, if it is subsequently determined that the Superintendent should have paid taxes in any portion of the contribution limit for which he did not pay taxes, the interest and penalties are the Superintendent’s responsibility alone. If the Board is penalized for failing to withhold enough taxes based on the payroll information in its possession at the time of payment of the contribution limit, those penalties are the Board’s responsibility alone. Both the Board and the Superintendent expressly waive the right to seek indemnification or reimbursement from the other as the result of any government decision on the taxability of these amounts. In the event the IRS, or any other government entity, determines that the Superintendent owes more taxes, he has no right to seek additional sums from the Board. vi. In the event the Superintendent completes his dissertation during the term of this Agreement, the Board shall consider a one-time payment to the Superintendent. If a payment is made, it will be TRS creditable but will not be added to the base salary.

SALARY AND COMPENSATION. In consideration of a an initial gross salary to be jointly agreed upon no later than June 30, 2018of TWO HUNDRED AND EIGHTY FIVE THOUSAND DOLLARS ($285,000), the Superintendent hereby agrees to devote such time, skill, labor and attention to this employment, during the term of this Agreement as otherwise provided in this Agreement, and to perform faithfully the duties of the Superintendent of Schools for this School District as set forth in this Agreement. The annual salary shall be paid in equal installments in accordance with the policy of the Board governing payment of salary to other certificated members of the professional staff. The gross salary shall be no less than the Superintendent’s current gross salary of TWO HUNDRED AND FIFTY-FOUR THOUSAND, ONE HUNDRED AND NINETY- FOUR DOLLARS ($254,194.00) per annum. i. For each subsequent year of the Agreement, the Board shall consider grant an increase in the compensation for the Superintendent based on the attainment Superintendent. The amount of the metrics required by the goals and indicators of student performance and academic achievement. It is contemplated that any annual increase shall be in at the form discretion of an Employer contribution to a Section 403(b) planthe Board but that amount shall not be less than 2% and shall not be more than 4%. ii. i. In addition to the salary paid by the Board as expressed in Section 3, the Board shall pick up and pay, on the Superintendent’s behalf, the Superintendent’s entire contribution to the Illinois Teachers’ Retirement System pension fund (“TRS”) during the full term of this Agreement. It is the intention of the parties to qualify all such payments picked up and paid by the Board on the Superintendent’s behalf as employer payments pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amended. The Superintendent shall 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. Both parties acknowledge that the Superintendent 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 Teachers’ Retirement System, and further acknowledge that such contributions are made as a condition of employment to secure the Superintendent’s future services, knowledge and experience. iiiii. The Board shall pick up and pay on behalf of the Superintendent the Superintendent’s entire contribution to the Teachers’ Health Insurance Security (“THIS”) fund. The Board will remit THIS contribution to the TRS as the funds’ collection agent. The THIS payment made by the Board to TRS under this paragraph will not be reportable to TRS as creditable earnings. The parties further agree that the payments will be excluded from the Superintendent’s taxable income. iviii. The Board and the Superintendent make no commitment or guarantee that the Board’s payment of the contribution limits under paragraph 3 will continue to be excludable from the Superintendent’s gross income for federal or state income tax purposes or that any other federal or state tax treatment will apply. v. iv. Because neither party can represent what position the IRS, or any other government entity, will take with respect to these payments and withholdings, it is mutually agreed that each party will be responsible for any miscalculations for this which it is legally responsible without indemnification or any other recourse from the other party. That is, if it is subsequently determined that the Superintendent should have paid taxes in any portion of the contribution limit for which he did not pay taxes, the interest and penalties are the Superintendent’s responsibility alone. If the Board is penalized for failing to withhold enough taxes based on the payroll information in its possession at the time of payment of the contribution limit, those penalties are the Board’s responsibility alone. Both the Board and the Superintendent expressly waive the right to seek indemnification or reimbursement from the other as the result of any government decision on the taxability of these amounts. In the event the IRS, or any other government entity, determines that the Superintendent owes more taxes, he has no right to seek additional sums from the Board. vi. v. In the event the Superintendent completes his dissertation during the term of this Agreement, the Board shall consider a one-time payment to the Superintendent. If a payment is made, it will be TRS creditable but will not be added to the base salary.