Common use of Teacher Retirement Clause in Contracts

Teacher Retirement. a. In addition to the salary paid according to the salary schedule and the extra-duty schedule, the Board will pick up and pay the employee’s contributions in accordance with IRS Ruling 81-36 to the Illinois Teachers’ Retirement System up to a 2% increase over the current TRS additive factor (9.8901%). The Board will also pay the full employee’s contribution to the Teachers’ Health Insurance Fund up to a total of 1%. b. Upon the receipt of an irrevocable letter of resignation from a veteran teacher with a minimum of fifteen (15) years within the district by August 1st three (3) school years prior to the year of retirement, the Board shall pay him/her a four percent (4%) retirement incentive, inclusive of any other increases in compensation for each of his/her remaining three years of service. Upon the receipt of an irrevocable letter of resignation from a veteran teacher with a minimum of fifteen (15) years within the district by August 1st two (2) school years prior to the year of retirement, the Board shall pay him/her a four percent (4%) retirement incentive, inclusive of any other increases in compensation for each of his/her remaining two years of service. Upon the receipt of an irrevocable letter of resignation from a veteran teacher with a minimum of fifteen (15) years within the district by August 1st one (1) school year prior to the year of retirement, the Board shall pay him/her a four percent (4%) retirement incentive, inclusive of any other increases in compensation for each of his/her remaining one year of service. Once an employee submits an irrevocable notice of retirement by August 1st that employee shall be removed from all salary schedules contained in the Appendices. All calculations for salary increases will be based on the Teachers Retirement System (TRS) creditable earnings in the year prior to the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the previous year. If after submitting an irrevocable notice of retirement by August 1st the employee resigns from, or is dismissed from activities covered in the Appendices of this Agreement, the retirement incentive for the employee will be recalculated accordingly. c. The parties agree that the increase in payment of any employee pursuant to this Agreement shall be limited to the portion (if any) which avoids an overall increase in creditable earnings to the employee of more than six percent (6%) from the preceding year, and which avoids any TRS penalty to be paid by the District. The parties agree that the payment of any employee pursuant to this Agreement shall be limited to the portion (if any) of such payment which does not cause the District to incur a TRS penalty. The parties agree that any employee shall be responsible for providing and sharing information with the District regarding any retirement costs and/or penalties, and to provide proof to the District that the employee’s retirement shall not cause a penalty to the District, in order to be eligible for such payment. d. No teacher who is within ten (10) years of eligibility for retirement shall receive an increase in TRS reportable compensation of more than six percent (6%) annually. In the event that a teacher, through movement on the salary schedule, would otherwise receive an increase greater than six percent (6%), and is within ten (10) years of retirement, he/she shall receive a six percent (6%) increase each year until the teacher is receiving the appropriate salary increase for his/her education and experience steps. The Board will indemnify the Association in the event that a charge of discrimination is filed by or on behalf of an employee against the Association regarding the implementation of this section.

Teacher Retirement. a. In addition to the salary paid according to the salary schedule and the extra-duty schedule, the Board will pick up and pay the employee’s contributions in accordance with IRS Ruling 81-36 to the Illinois Teachers’ Retirement System up to a 2% increase over the current TRS additive factor (9.8901%). The Board will also pay the full employee’s contribution to the Teachers’ Health Insurance Fund up to a total of 1%. b. Upon the receipt of an irrevocable letter of resignation from a veteran teacher with a minimum of fifteen (15) years within the district by August 1st three (3) school years prior to the year of retirement, the Board shall pay him/her a four percent (4%) retirement incentive, or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, inclusive of any other increases in compensation for each of his/her remaining three years of service. Upon the receipt of an irrevocable letter of resignation from a veteran teacher with a minimum of fifteen (15) years within the district by August 1st two (2) school years prior to the year of retirement, the Board shall pay him/her a four percent (4%) retirement incentive, or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, inclusive of any other increases in compensation for each of his/her remaining two years of service. Upon the receipt of an irrevocable letter of resignation from a veteran teacher with a minimum of fifteen (15) years within the district by August 1st one (1) school year prior to the year of retirement, the Board shall pay him/her a four percent (4%) retirement incentive, or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, inclusive of any other increases in compensation for each of his/her remaining one year of service. Once an employee submits an irrevocable notice of retirement by August 1st that employee shall be removed from all salary schedules contained in the Appendices. All calculations for salary increases will be based on the Teachers Retirement System (TRS) creditable earnings in the year prior to the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, of the previous year. If after submitting an irrevocable notice of retirement by August 1st the employee resigns from, or is dismissed from activities covered in the Appendices of this Agreement, the retirement incentive for the employee will be recalculated accordingly. c. The parties agree that the increase in payment of any employee pursuant to this Agreement shall be limited to the portion (if any) which avoids an overall increase in creditable earnings to the employee of more than six percent (6%) or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, from the preceding year, and which avoids any TRS penalty to be paid by the District. The parties agree that the payment of any employee pursuant to this Agreement shall be limited to the portion (if any) of such payment which does not cause the District to incur a TRS penalty. The parties agree that any employee shall be responsible for providing and sharing information with the District regarding any retirement costs and/or penalties, and to provide proof to the District that the employee’s retirement shall not cause a penalty to the District, in order to be eligible for such payment. d. No teacher who is within ten (10) years of eligibility for retirement shall receive an increase in TRS reportable compensation of more than six percent (6%) or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, annually. In the event that a teacher, through movement on the salary schedule, would otherwise receive an increase greater than six percent (6%), or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, and is within ten (10) years of retirement, he/she shall receive a six percent (6%) increase or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, each year until the teacher is receiving the appropriate salary increase for his/her education and experience steps. The Board will indemnify the Association in the event that a charge of discrimination is filed by or on behalf of an employee against the Association regarding the implementation of this section.

Teacher Retirement. a. In addition to the salary paid according to the salary schedule and the extra-duty extra−duty schedule, the Board will pick up and pay the employee’s contributions in accordance with IRS Ruling 81-36 8 1−36 to the Illinois Teachers’ Retirement System up to a 2% increase over the current TRS additive factor (9.8901%). The Board will also pay the full employee’s contribution to the Teachers’ Health Insurance Fund up to a total of 1%. b. Upon the receipt of an irrevocable letter of resignation from a veteran teacher with a minimum of fifteen (15) years within the district by August 1st three (3) school years prior to the year of retirement, the Board shall pay him/her a four six percent (46%) retirement incentive, or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, inclusive of any other increases in compensation for each of his/her remaining three years of service. Upon the receipt of an irrevocable letter of resignation from a veteran teacher with a minimum of fifteen (15) years within the district by August 1st two (2) school years prior to the year of retirement, the Board shall pay him/her a four six percent (46%) retirement incentive, or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, inclusive of any other increases in compensation for each of his/her remaining two years of service. Upon the receipt of an irrevocable letter of resignation from a veteran teacher with a minimum of fifteen (15) years within the district by August 1st one (1) school year prior to the year of retirement, the Board shall pay him/her a four six percent (46%) retirement incentive, or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, inclusive of any other increases in compensation for each of his/her remaining one year of service. Once an employee submits an irrevocable notice of retirement by August 1st that employee shall be removed from all salary schedules contained in the Appendices. All calculations for salary increases will be based on the Teachers Retirement System (TRS) creditable earnings in the year prior to the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, of the previous year. If after submitting an irrevocable notice of retirement by August 1st the employee resigns from, or is dismissed from activities covered in the Appendices of this Agreement, the retirement incentive for the employee will be recalculated accordingly. c. The parties agree that the increase in payment of any employee pursuant to this Agreement shall be limited to the portion (if any) which avoids an overall increase in creditable earnings to the employee of more than six percent (6%) or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, from the preceding year, and which avoids any TRS penalty to be paid by the District. The parties agree that the payment of any employee pursuant to this Agreement shall be limited to the portion (if any) of such payment which does not cause the District to incur a TRS penalty. The parties agree that any employee shall be responsible for providing and sharing information with the District regarding any retirement costs and/or penalties, and to provide proof to the District that the employee’s retirement shall not cause a penalty to the District, in order to be eligible for such payment. d. No teacher who is within ten (10) years of eligibility for retirement shall receive an increase in TRS reportable compensation of more than six percent (6%) or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, annually. In the event that a teacher, through movement on the salary schedule, would otherwise receive an increase greater than six percent (6%), or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, and is within ten (10) years of retirement, he/she shall receive a six percent (6%) increase or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, each year until the teacher is receiving the appropriate salary increase for his/her education and experience steps. The Board will indemnify the Association in the event that a charge of discrimination is filed by or on behalf of an employee against the Association regarding the implementation of this section. e. In addition to the Incentive program provided above, each retiring teacher with at least twenty−five years of full−time service in the District shall receive a lump sum payment of Five Thousand Dollars ($5,000), payable after the teacher’s receipt of his or her final paycheck for creditable earnings in the district, but not more than thirty days after said final paycheck. The one−time post−retirement payment shall be paid thirty (30) days after the teacher’s final regular paycheck or last day of work (whichever is later), and shall be deemed consideration not for services as a professional educator employee, but consideration for the termination by the teacher of the teacher’s employment, and also of termination by the teacher of any right of that teacher to employment in the District, including the right to contractual continued service (tenure).

Teacher Retirement. a. In addition to the salary paid according to the salary schedule and the extra-duty schedule, the Board will pick up and pay the employee’s contributions in accordance with IRS Ruling 81-36 to the Illinois Teachers’ Retirement System up to a 2% increase over the current TRS additive factor (9.890110.3753%). The Board will also pay the full employee’s contribution to the Teachers’ Health Insurance Fund up to a total of 1%. b. % of the employee’s share. Upon the receipt of an irrevocable letter of resignation from a veteran teacher with a minimum of fifteen (15) years within the district by August 1st three (3) school years prior to the year of retirement, the Board shall pay him/her a four percent (4%) retirement incentive, inclusive of any other increases in compensation for each of his/her remaining three years of service. Upon the receipt of an irrevocable letter of resignation from a veteran teacher with a minimum of fifteen (15) years within the district by August 1st two (2) school years prior to the year of retirement, the Board shall pay him/her a four percent (4%) retirement incentive, inclusive of any other increases in compensation for each of his/her remaining two years of service. Upon the receipt of an irrevocable letter of resignation from a veteran teacher with a minimum of fifteen (15) years within the district by August 1st one (1) school year prior to the year of retirement, the Board shall pay him/her a four percent (4%) retirement incentive, inclusive of any other increases in compensation for each of his/her remaining one year of service. Once an employee submits an irrevocable notice of retirement by August 1st that employee shall be removed from all salary schedules contained in the Appendices. All calculations for salary increases will be based on the Teachers Retirement System (TRS) creditable earnings in the year prior to the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the previous year. If after submitting an irrevocable notice of retirement by August 1st the employee resigns from, or is dismissed from activities covered in the Appendices of this Agreement, the retirement incentive for the employee will be recalculated accordingly. c. The parties agree that the increase in payment of any employee pursuant to this Agreement shall be limited to the portion (if any) which avoids an overall increase in creditable earnings to the employee of more than six percent (6%) % from the preceding year, and which avoids any TRS penalty to be paid by the District. The parties agree that the payment of any employee pursuant to this Agreement shall be limited to the portion (if any) of such payment which does not cause the District to incur a TRS penalty. The parties agree that any employee Employee shall be responsible for providing and sharing information with the District regarding any retirement costs and/or penalties, and to provide proof to the District that the employee’s retirement shall not cause a penalty to the District, in order to be eligible for such payment. d. No teacher who is within ten (10) years of eligibility for retirement shall receive an increase in TRS reportable compensation of more than six percent (6%) % annually. In the event that a teacher, through movement on the salary schedule, would otherwise receive an increase greater than six percent (6%), and is within ten (10) years of retirement, he/she shall receive a six percent (6%) % increase each year until the teacher is receiving the appropriate salary increase for his/her education and experience steps. The Board will indemnify the Association in the event that a charge of discrimination is filed by or on behalf of an employee against the Association regarding the implementation of this section.