TRS. The meaning set forth in Section 5.9(b) hereof.
TRS. All TRS Employees opting to take this early retirement incentive must deliver an irrevocable written notice to the Superintendent by February 1st of the year when first expected to be eligible. Notice shall be given at least 1 full year, but no more than 3 full years prior to the effective date of retirement. This notice must be signed and cite the employees’ intention to retire at the end of the first, second, or third subsequent school year(s) under the early retirement incentive program. It must also be accompanied with a TRS “Benefit Estimate” verifying certifiable years from the retirement system. In the event of a life changing event, TRS Employees may request that the superintendent rescind their resignation if done so by April 1st of the final year of employment. At the superintendent’s discretion the resignation may be rescinded and the Employee may become re-eligible for the Early Retirement Incentive. The District shall recover the difference between the total received through the ERI and the amount the Employee would have received without ERI.
TRS. In order to assist the Series B Preferred Unit Recipient to accurately make and/or maintain the representations set forth in the Ownership Limit Waiver, the Series B Preferred Unit Recipient shall have to right, (i) to receive monthly reports from the General Partner detailing the list of all current Tenants, and (ii) by providing written notice to the General Partner at least 30 days in advance of the expected closing date of an acquisition of any real property or other investment by the General Partner or the Partnership, to cause the General Partner to acquire and hold such real property or other investment through a TRS; provided, however (i) the Series B Preferred Unit Recipient shall be solely responsible for any incremental tax burden and any other expenses associated with the formation and operations of such TRS and any such incremental tax burden and other expenses will be applied to reduce the amount of distributions otherwise payable to the Series B Preferred Unit Recipient in accordance with Section 9.2(d)(iii) hereof and (ii) such action would not cause the General Partner to fail to qualify as a REIT. The taxes and expenses described in (i) of this Section 9.2(d)(vii) shall be as reasonably agreed to by the parties at such time.
TRS. In the event that a member does not serve a full eighteen (18) month term on the committee, the pay shall be prorated to time served, and will be paid within thirty (30) days following completion of his/her work.
TRS. The District shall continue to pay the employee’s TRS contribution, as per the salary schedule, during the employee’s military leave status.
TRS. A teacher who participates in the Early Retirement Option offered by the TRS is not eligible for Option B.
TRS. In addition to the salary paid according to the salary schedule and extracurricular schedule, the Board shall pick up and pay on behalf of each teacher 9.098901% of the teacher’s taxable earnings toward the employee’s contribution to the Teachers’ Retirement System, which amount equals the additive factor of the current nine percent (9.0%) teacher contribution.
TRS. The Board shall pick up and pay on the Superintendent’s behalf, the Superintendent’s contribution to the Illinois Teachers’ Retirement System (“TRS”) pursuant to the Illinois Pension Code, at the rate to the Board of 8.5% of the Superintendent’s TRS-creditable earnings. The Board’s obligation to pick up and pay this TRS contribution shall never exceed 8.5% of the Superintendent’s TRS-creditable earnings. The Superintendent shall be solely responsible for all TRS contributions attributable to that portion of the contribution rate above that exceeds 8.5% of the Superintendent’s TRS-creditable earnings. The Superintendent shall be solely responsible for any and all other required contributions to TRS, including but not limited to, all TRS contributions payable by reason of any other compensation payable to the Superintendent pursuant to this Contract. Provided, however, the Board shall pay the Superintendent’s contribution the Illinois Teachers’ Health Insurance Security Fund (THIS), which shall not exceed 1% of the Superintendent’s TRS-creditable earnings; the Superintendent shall be solely responsible for all THIS contributions that exceed 1% of the Superintendent’s TRS-creditable earnings. Although designated by the Illinois Pension Code as employee contributions, the amounts herein required to be picked up and paid by the Board shall be paid by the Board in lieu of contributions by the Superintendent pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amended. 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 Illinois Pension Code and TRS rules and regulations.
TRS. The term “TRS” means a taxable REIT subsidiary (within the meaning of Section 856(l) of the Code) of the Corporation.
