Teacher Retirement Shelter. From and out of the above salary schedule the Board shall pay directly to the T.R.S. the following percentages. The purpose of such payment shall be to shelter and defer from taxation the contributions consistent with Tax Ruling 414-H(2) and Tax Opinions 81-35 and 81-36. 2010-2011 – Board-paid retirement: 9.4% and .88% THIS
Teacher Retirement Shelter. The Board shall pick up and pay, on behalf of each teacher, 9.8901% of the teacher’s Teacher Retirement System (TRS) earnings. A teacher’s total TRS wages equal the sum of: Base salary Plus employer monthly contribution (180) Plus step Plus % increase The Board shall pay the TRS percentage by the following formula: TRS payment = .09 x (TRS wages / .91) TRS wages Plus TRS payment Plus ½ of 1% TRS retirement/health insurance Plus .0058 employer contribution Equals total wages and benefits for each teacher
