Common use of TEACHERS’ RETIREMENT SYSTEM (TRS Clause in Contracts

TEACHERS’ RETIREMENT SYSTEM (TRS. The Board shall pick up and pay to the Illinois Teachers’ Retirement System, on behalf of each teacher, the statutorily required percentage of the appropriate salary shown on the salary schedule(s). This pickup and payment shall be for the purpose of the Board’s assuming a portion of each teacher’s required contributions to the TRS. The Board’s pick-up and payment to the TRS is included in the appropriate amounts shown on the salary schedule(s) and represents the combination of all regular salary benefits payable to each teacher and all amounts picked up and paid to the TRS by the Board. The Board shall not be required by this action to otherwise pick up and pay any additional amounts to the TRS on behalf of the teacher. Although designated by the Illinois Pension Code as teacher contributions, the amounts herein required to be picked up by the Board are being paid in lieu of contributions by the teachers. Teachers shall not have the option of choosing to receive directly the amounts contributed to the TRS by the Board on behalf of each teacher. The Board will pick up and pay to the TRS on behalf of each teacher, the statutorily required percentage of all extra-curricular compensation earned by each teacher that is subject to the TRS withholdings. Nothing herein shall require the Board to pay teachers extra compensation in excess of the amounts set forth in the extra-curricular pay scale of this Agreement. The amounts herein required to be picked up by the Board are being paid by the Board in lieu of contributions by the employee. It is hereby agreed that the Association shall hold the Board harmless and indemnify the Board against all liability, loss, or expense of whatever nature arising out of the Board’s agreement to make payments on behalf of each teacher to the Illinois Teachers’ Retirement System. It is further agreed that the Board may deduct from each teacher’s paycheck, on a pro rata basis and otherwise reasonable basis, any amounts which the Board is obligated to pay as a result of the incorrect withholding of income or other taxes or contributions to the TRS.