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Common use of Creditable Earnings Contingency Clause in Contracts

Creditable Earnings Contingency. This provision shall only apply to employees eligible to retire and who are qualified for a retirement annuity under the Teacher Retirement System (TRS) rules and regulations and to any employee that is within four (4) years of becoming eligible to retire and who are qualified for retirement annuity under TRS rules and regulations, and, in either case, regardless of whether the employee is actually retiring or submitting a notice of retirement. For purposes of convenience and this provision only, such employees shall be referred to as “Eligible Employees.” TRS rules and regulations provide that a teacher is eligible to retire and receive a retirement annuity if certain years-of-service and age criteria are met. These requirements can be found on the TRS website. The parties agree that any TRS creditable compensation and/or benefit increases under this contract or otherwise, shall not exceed the maximum amount which results in an employee’s retirement annuity being fully funded by the Illinois TRS, without Board liability for any portion of the retirement annuity. This means that an eligible employee’s TRS creditable earnings (including but not limited to vertical and horizontal salary schedule movement, stipends, salary increases, and retirement incentives) whether under contract or otherwise, shall not increase from one school year to the next by more than six percent (6%) or otherwise increased so as to create Board liability for any portion of the retirement annuity or result in a Board-paid penalty to TRS. In no event will compensation and/or benefit increases exceed the threshold amount which triggers any obligation for the Board to pay additional amounts (in the form of a one-time payment or payments over time) to cover all or part of an employee’s retirement annuity or cover any Board-paid penalty to TRS. Notwithstanding any contrary or other provision of this contract, including but not limited to any salary increase by more than six percent (6%) in any given year of this contract, that employee shall only receive the maximum increase allowed under this provision. Annually, by no later than February 1, the Board will provide to the union a list of all eligible employees. The Board and the Union shall jointly confirm the accuracy of such list. Notwithstanding the above, an eligible employee may receive increases in creditable earnings greater than six percent (6%) contingent upon and in consideration of the following:

Appears in 2 contracts

Samples: Collective Bargaining Agreement, Collective Bargaining Agreement

Creditable Earnings Contingency. This provision shall only apply to employees eligible to retire and who are qualified for a retirement annuity under the Teacher Retirement System (TRS) TRS rules and regulations and to any employee that is within four (4) years of becoming eligible to retire and who are qualified for a retirement annuity under TRS rules and regulations, and, and in either case, regardless of whether the employee is actually retiring or submitting a notice of retirement. For purposes of convenience and this provision only, such employees shall be referred to as “Eligible Employees.” ”. The current TRS rules and regulations provide that a teacher is eligible to retire and receive a retirement annuity if certain years-of-the following years of service and age criteria are met. These requirements can be found on the TRS website. : Years of Service Age 5 62 10 60 20 55 (discounted) 35 55 (non-discounted) The parties agree that any TRS creditable compensation and/or benefit increases increases, whether under this contract or otherwise, shall not exceed the maximum amount which results in an employee’s retirement annuity being fully funded by the Illinois TRSTeacher Retirement System, without Board liability for any portion of the retirement annuity. This means that an eligible employeeEligible Employee’s TRS creditable earnings (including but not limited to vertical and horizontal salary schedule movement, stipends, salary increases, increases and retirement incentives) ), whether under the contract or otherwise, shall not increase from one school year to the next by more than six percent (6%) % or otherwise be increased so as to create Board liability for any portion of the retirement annuity or result in a any Board-paid penalty to TRS. In no event will the compensation and/or benefit increases exceed the threshold amount which triggers any obligation for the Board to pay additional amounts (in the form of a one-time payment or payments over time) to cover all or part of an employee’s retirement annuity or cover any Board-paid penalty to TRS. Notwithstanding any contrary or other provision of this contract, including but not limited to any salary schedules, in the event an Eligible Employee’s TRS creditable earnings would increase by more than six percent (6%) % in any given year of this contract, that employee shall only receive the maximum increase allowed under this provision. Annually, by no later than February 1, the Board will provide to the union Association a list of all eligible employeesEligible Employees. The Board and the Union Association shall jointly confirm the accuracy of such list. Notwithstanding the above, an eligible employee Eligible Employee may receive increases in creditable earnings greater than six percent (6%) contingent upon and in consideration of the following: a. The employee must otherwise be eligible under the Agreement for an increase in excess of six percent (6%) (e.g., the employee obtained additional credits resulting in horizontal movement on the salary schedule, or the employee began performing a new extra duty position not previously performed). b. The employee executes a written agreement (attached as Appendix A not to retire within four years of receiving the increase in excess of the six percent (6%) and re-executes such an agreement at the beginning of each school year in which the employee elects to opt out of the creditable earnings cap otherwise imposed by this Section. c. The employee shall repay the District any amounts received in excess of six percent (6%) if he/she does not adhere to the terms of the agreement not to retire (i.e., he/she retires within four years of receiving an increase greater than 6%), and shall cooperate with the District in executing all necessary documents to reflect an adjustment in his/her creditable earnings for the year(s)

Appears in 1 contract

Samples: Master Contract

Creditable Earnings Contingency. This provision shall only apply to employees eligible to retire and who are qualified for a retirement annuity under the Teacher Retirement System (TRS) rules and regulations and to any employee that is within four (4) years of becoming eligible to retire and who are qualified for retirement annuity under TRS rules and regulations, and, in either case, regardless of whether the employee is actually retiring or submitting a notice of retirement. For purposes of convenience and this provision only, such employees shall be referred to as “Eligible Employees.” TRS rules and regulations provide that a teacher is eligible to retire and receive a retirement annuity if certain years-of-service and age criteria are met. These requirements can be found on the TRS website. The parties agree that any TRS creditable compensation and/or benefit increases under this contract or otherwise, shall not exceed the maximum amount which results in an employee’s retirement annuity being fully funded by the Illinois TRS, without Board liability for any portion of the retirement annuity. This means that an eligible employee’s TRS creditable earnings (including but not limited to vertical and horizontal salary schedule movement, stipends, salary increases, and retirement incentives) whether under contract or otherwise, shall not increase from one school year to the next by more than six percent (6%) or otherwise increased so as to create Board liability for any portion of the retirement annuity or result in a Board-paid penalty to TRS. In no event will compensation and/or benefit increases exceed the threshold amount which triggers any obligation for the Board to pay additional amounts (in the form of a one-time payment or payments over time) to cover all or part of an employee’s retirement annuity or cover any Board-paid penalty to TRS. Notwithstanding any contrary or other provision of this contract, including but not limited to any salary increase by more than six percent (6%) in any given year of this contract, that employee shall only receive the maximum increase allowed under this provision. Annually, by no later than February 1, the Board will provide to the union a list of all eligible employees. The Board and the Union shall jointly confirm the accuracy of such a list. Notwithstanding the above, an eligible employee may receive increases in creditable earnings greater than six percent (6%) contingent upon and in consideration of the following:

Appears in 1 contract

Samples: Collective Bargaining Agreement

Creditable Earnings Contingency. This provision shall only apply to employees eligible to retire and who are qualified for a retirement annuity under the Teacher Retirement System (TRS) SURS rules and regulations and to any employee that is within four ten (410) years of becoming eligible to retire and who are qualified for a retirement annuity under TRS SURS rules and regulations, and, in either case, regardless of whether the employee is actually retiring or submitting a notice of retirement. For purposes of convenience and this provision only, such employees shall be referred to as “Eligible Employees.” TRS rules and regulations provide that a teacher is eligible to retire and receive a retirement annuity if certain years-of-service and age criteria are met. These requirements can be found on the TRS website. The parties agree that any TRS SURS creditable compensation and/or benefit increases increases, whether under this contract or otherwise, shall not exceed the maximum amount which results in an employee’s retirement annuity being fully funded by the Illinois TRSState University Retirement System, without Board liability for any portion of the retirement annuity. This means that an eligible employee’s TRS SURS creditable earnings (including but not limited to vertical and horizontal salary schedule movement, stipends, salary increases, increases and retirement incentives) ), whether under the contract or otherwise, shall not increase from one school year to the next by more than six (6) percent (6%or as mandated by SURS) or otherwise be increased so as to create Board liability for any portion of the retirement annuity or result in a any Board-paid penalty to TRSSURS. In no event will the compensation and/or benefit increases exceed the threshold amount which triggers any obligation for the Board to pay additional amounts (in the form of a one-time payment or payments payment over time) to cover all or part of an employee’s retirement annuity or cover any Board-paid penalty to TRSSURS. Notwithstanding any contrary or other provision of this contract, including but not limited to any salary schedules, in the event an employee’s SURS creditable earnings would increase by more than six (6) percent (6%or as mandated by SURS) in any given year of this contract, that employee shall only receive the maximum increase allowed under this provision. Annually, by but no later than February July 1, the Board will provide to the union Association a list of all eligible employeesEligible Employees. The Board and the Union Association shall jointly confirm the accuracy of such list. Notwithstanding the above, If an eligible employee may receive increases in Eligible Employee’s creditable earnings greater are affected by this provision, that employee shall notify the Board that he/she desires to receive as non-creditable earnings that amount over and above the six (6) percent (or as mandated by SURS) limit of this provision that he/she otherwise would have received but for this provision. In that event, the employee shall receive the compensation through non- creditable severance pay, due and payable after the employee’s receipt of his/her final paycheck and his/her last day of work at the College. In the event that an Eligible Employee’s creditable earnings inadvertently increases by more than six (6) percent (or as mandated by SURS), the employee and the Board agree to take appropriate, timely action to allow the Board to submit to SURS a report of an adjustment in the employee’s creditable earnings to limit the increase to a maximum of six (6%) contingent upon percent (or as mandated by SURS). This provision is subject to SURS rules and in consideration of the following:regulations.

Appears in 1 contract

Samples: Collective Bargaining Agreement

Creditable Earnings Contingency. This provision shall only apply to employees eligible to retire and who are qualified for a retirement annuity under the Teacher Retirement System (TRS) SURS rules and regulations and to any employee that is within four ten (410) years of becoming eligible to retire and who are qualified for a retirement annuity under TRS SURS rules and regulations, and, in either case, regardless of whether the employee is actually retiring or submitting a notice of retirement. For purposes of convenience and this provision only, such employees shall be referred to as “Eligible Employees.” TRS rules and regulations provide that a teacher is eligible to retire and receive a retirement annuity if certain years-of-service and age criteria are met. These requirements can be found on the TRS website. The parties agree that any TRS SURS creditable compensation and/or benefit increases increases, whether under this contract or otherwise, shall not exceed the maximum amount which results in an employee’s retirement annuity being fully funded by the Illinois TRSState University Retirement System, without Board liability for any portion of the retirement annuity. This means that an eligible employee’s TRS SURS creditable earnings (including but not limited to vertical and horizontal salary schedule movement, stipends, salary increases, increases and retirement incentives) ), whether under the contract or otherwise, shall not increase from one school year to the next by more than six (6) percent (6%or as mandated by SURS) or otherwise be increased so as to create Board liability for any portion of the retirement annuity or result in a any Board-paid penalty to TRSSURS. In no event will the compensation and/or benefit increases exceed the threshold amount which triggers any obligation for the Board to pay additional amounts (in the form of a one-time payment or payments payment over time) to cover all or part of an employee’s retirement annuity or cover any Board-paid penalty to TRSSURS. Notwithstanding any contrary or other provision of this contract, including but not limited to any salary schedules, in the event an employee’s SURS creditable earnings would increase by more than six (6) percent (6%or as mandated by SURS) in any given year of this contract, that employee shall only receive the maximum increase allowed under this provision. Annually, by but no later than February July 1, the Board will provide to the union Association a list of all eligible employeesEligible Employees. The Board and the Union Association shall jointly confirm the accuracy of such list. Notwithstanding the above, If an eligible employee may receive increases in Eligible Employee’s creditable earnings greater are affected by this provision, that employee shall notify the Board that he/she desires to receive as non-creditable earnings that amount over and above the six (6) percent (or as mandated by SURS) limit of this provision that he/she otherwise would have received but for this provision. In that event, the employee shall receive the compensation through non-creditable severance pay, due and payable after the employee’s receipt of his/her final paycheck and his/her last day of work at the College. In the event that an Eligible Employee’s creditable earnings inadvertently increases by more than six (6) percent (or as mandated by SURS), the employee and the Board agree to take appropriate, timely action to allow the Board to submit to SURS a report of an adjustment in the employee’s creditable earnings to limit the increase to a maximum of six (6%) contingent upon percent (or as mandated by SURS). This provision is subject to SURS rules and in consideration of the following:regulations.

Appears in 1 contract

Samples: Collective Bargaining Agreement

Creditable Earnings Contingency. A. This provision shall only apply to employees eligible to retire and who are qualified for a retirement etirement annuity under the Teacher Retirement System (TRS) TRS rules and regulations and to any employee that is within four (4) years [alternatively: five years] of becoming eligible to retire and who are qualified for a retirement annuity under TRS rules and regulations, and, in either case, regardless of whether the employee is actually retiring or submitting a notice of retirement. For purposes of convenience and this provision only, such employees shall be referred to as Eligible Employees.” . The current TRS rules and regulations provide that a teacher is eligible to retire and receive a retirement annuity if certain years-of-the following years of service and age criteria are met. These requirements can be found on the TRS website. : Years of Service Age 5 62 10 60 20 55 (discounted) 35 55 (nondiscounted) The parties agree that any TRS creditable compensation and/or benefit increases increases, whether under this contract or otherwise, shall not exceed the maximum amount which results in an employee’s 's retirement annuity being fully funded by the Illinois TRSTeacher Retirement System, without Board liability for any portion of the retirement annuity. This means that an eligible employee’s 's TRS creditable earnings (including but not limited to vertical and horizontal salary schedule movement, stipends, salary increases, increases and retirement incentives) ), whether under the contract or otherwise, shall not increase from one school year to the next by more than six percent (6%) % or otherwise be increased so as to create Board liability for any portion of the retirement annuity or result in a any Board-paid penalty to TRS. In no event will the compensation and/or benefit increases exceed the threshold amount which triggers any obligation for the Board to pay additional amounts (in the form of a one-time payment or payments over time) to cover all or part of an employee’s 's retirement annuity or cover any Board-paid penalty to TRS. Notwithstanding any contrary or other provision of this contract, including but not limited to any salary schedules, in the event an employee's TRS creditable earnings would increase by more than six percent (6%) % in any given year of this contract, that employee shall only receive the maximum increase allowed under this provision. Annually, by no later than February 1, the Board will provide to the union Association a list of all eligible employeesEligible Employees. The Board and the Union Association shall jointly confirm the accuracy of such list. B. If an Eligible Employee's creditable earnings are affected by this provision, that employee shall notify the Board that he/she desires to receive as noncreditable earnings that amount over and above the 6% limit of this provision that he/she otherwise would have received but for this provision. Notwithstanding In that event, the above, an eligible employee may receive shall select one of the following options for receipt of such compensation: 1. Noncreditable severance pay due and payable after the employee=s receipt of his/her final paycheck and his/her last day of work at the District. 2. The following noncreditable Board-paid fringe benefits: A. Health insurance B. Dental insurance Notice of such election by the employee shall be provided as soon as practicable in order to ensure increases in creditable earnings greater for Eligible Employees do not increase by more than six percent (6%) contingent upon . In the event that an Eligible Employee=s creditable earnings inadvertently increase by more than 6%, the employee and the Board agree to take appropriate, timely action to allow the Board to submit to TRS a report of an adjustment in consideration the employee=s creditable earnings to limit the increase to a maximum of 6%. If an Eligible Employee is informed of his/her options under this provision, and fails to notify the Board of the following:option selected in a timely manner, the employee shall be deemed to have elected the noncreditable severance payment option. C. The parties agree that Section B of this provision is intended to comply with TRS rules and regulations concerning the treatment of creditable and noncreditable earnings. Should TRS determine that Section B does not comply with such rules and regulations, or should TRS issue new or modified rules and regulations, or additional guidelines thereunder, and Section B is not exempted or “grandfathered” from application of such new rules, regulations or guidelines, the parties agree to a limited contract re-opener in the first year of the contract to address alternative solutions to Section B.

Appears in 1 contract

Samples: Professional Agreement