TRS CONTRIBUTION Clause Samples
The TRS Contribution clause defines the obligations and procedures for parties to contribute assets, funds, or other resources to a Total Return Swap (TRS) arrangement. In practice, this clause specifies the timing, form, and valuation of contributions, as well as any conditions precedent that must be met before contributions are made. For example, it may outline how cash or securities are to be delivered and how their value is determined for the purposes of the swap. The core function of this clause is to ensure clarity and certainty regarding each party’s contribution, thereby reducing the risk of disputes and facilitating smooth execution of the TRS transaction.
TRS CONTRIBUTION. In addition to the base salary provided for in this contract, the Board shall pick up and pay, on behalf of the Administrator, the employee retirement contribution to the Illinois Teachers’ Retirement System (TRS) under Section 16-152.1 of the Illinois Pension Code and the Teachers’ Health Insurance (THIS) Fund contributions paid to TRS as required by 5 ILCS 375/6.6, as specified in the Certified Administrative Fringe Benefits listing attached as Exhibit 2 (as well as the TRS factor applicable to the TRS employee contribution specified therein). Unless otherwise determined by the Board, the Board shall pick up and pay any additional contribution to TRS as a deduction from the Administrator’s salary. Any modification to the salary and benefits pursuant to this provision of the agreement shall be an implementation of this provision of this contract and shall not constitute or require an amendment to this contract. It is the intention of the parties to qualify all such payments picked up and paid by the Board on the Administrator’s behalf as employer payments pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amended and other applicable law. The administrator 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. The Administrator does not have the option of choosing to receive the contributed amounts directly instead of having those contributions paid by the Board to the Illinois Teachers’ Retirement System. These contributions are made as a condition of the Administrator’s employment for his service, knowledge and experience.
TRS CONTRIBUTION. In 2010-2011 the Board shall pay the full nine & four tenths percent (9.4%) and deduct zero percent (0%) from the teachers’ total creditable earnings of the nine & four tenths percent (9.4%)
TRS CONTRIBUTION. The district agrees to pay certified teachers the required contribution to TRS in an amount not to exceed 9.0% (9.89011% compounded). In the event certified teachers’ contribution to TRS increases by law, the total amount contributed by the district will not exceed 12%.
TRS CONTRIBUTION. The Company shall contribute, transfer, convey and assign all of the Equity Interests of PRO LLC and OpCo Finance to TRS.
TRS CONTRIBUTION. The Professional Educators’ salaries noted on the salary schedule shall be inclusive of TRS contributions, but the Board’s total contribution shall be limited to 9% (creditable earnings add-on factor for a 9% contribution total 1.098901, per the TRS Employer Manual) for the total contribution percentage for the employer and employee portions. Any employee contributions required by TRS that exceed this percentage must be paid for by the Teacher.
TRS CONTRIBUTION. All salaries and stipends received by a LSM include the required TRS employee contribution as determined by TRS.
TRS CONTRIBUTION. The Board shall pay on behalf of each teacher, based upon his/her placement on the salary schedule, a T.R.S. contribution of up to 9% for each school year of this agreement. The compensation stated in Appendix A and any extra duty stipends includes the contribution on behalf of each teacher to the State of Illinois Teachers’ Retirement System as stated above. It is the intent of the parties by this Agreement to qualify these payments as “picked-up” contributions within the meaning of Section 414 (h) (2) of the Internal Revenue Code so as to be excludable from the gross income of all teachers. The teachers shall have no right or claim to the funds so remitted except as they may subsequently become available upon retirement or resignation from the State of Illinois Teachers Retirement System. The Board shall also pay on behalf of each teacher, based upon his/her placement on the salary schedule, a T.H.I.S. (Teacher Health Insurance System) insurance contribution of up to .5% for each school year of this agreement. No teacher shall have the option of choosing to receive the amounts contributed by the Board directly and the assumption and payment of the teacher’s required contribution to the Illinois Teachers’ Retirement System is a condition of employment made in order to secure the teachers’ future services, knowledge and experience. The balance of the amount due each teacher pursuant to such compensation Schedule shall be payable to the teacher as salary installments as otherwise provided herein, provided the Board shall deduct all monies as required by law or as authorized by the teacher pursuant to this Agreement, or as otherwise authorized by the Board.
TRS CONTRIBUTION. The intent of the language remains unchanged from the current Agreement and the member shall continue to be responsible for the TRS contribution. The language will be amended to enhance clarity of its implementation. Clearly stating that all dollar amounts in the Agreement are inclusive of any required TRS contribution, The district shall pay TRS directly, on behalf of the member, through payroll deduction, Any increase or decrease in the TRS rate will not alter the total dollar amounts stated in the Agreement.
TRS CONTRIBUTION. According to authority granted by the Pension Reform Act of 1974, Section 494(h)(2) of the Internal Revenue Code, the Board will, as a fringe benefit, pick up and pay on behalf of each employee the cost of the employee’s required contribution to the Teacher’s Retirement System not to exceed 9.0%. In addition, the Board will pay .8% for the retired teacher medical insurance.
TRS CONTRIBUTION. In addition to all other TRS creditable benefits provided in this Contract, the Board shall pick up and pay on behalf of the Superintendent, all retirement contributions to the Illinois Teachers’ Retirement System (TRS) and the Teacher’s Health Insurance (THIS) Security Fund contributions. Although designated by the Illinois Pension Code as employee contributions, the amounts herein required to be picked up by the Board shall be paid by the Board in lieu of contributions by the Superintendent. The Superintendent shall not have the option of choosing to receive directly the amounts contributed to TRS by the Board on the Superintendent’s behalf, nor any right or claim to the contributions to TRS except as such may subsequently become available pursuant to the provisions of the Pension Code and TRS rules and regulations. However, if there is a legislative or rule change that limits the Board’s ability to pick up the Superintendent’s entire TRS contribution, the Board shall pay the difference to the Superintendent as salary to the extent the Board’s total cost for salary and pick up of the TRS contribution equals the Board’s total cost before the legislative or rule change