TRS CONTRIBUTION. In addition to the base salary provided for in this contract, the Board shall pick up and pay, on behalf of the Administrator, the employee retirement contribution to the Illinois Teachers’ Retirement System (TRS) under Section 16-152.1 of the Illinois Pension Code and the Teachers’ Health Insurance (THIS) Fund contributions paid to TRS as required by 5 ILCS 375/6.6, as specified in the Certified Administrative Fringe Benefits listing attached as Exhibit 2 (as well as the TRS factor applicable to the TRS employee contribution specified therein). Unless otherwise determined by the Board, the Board shall pick up and pay any additional contribution to TRS as a deduction from the Administrator’s salary. Any modification to the salary and benefits pursuant to this provision of the agreement shall be an implementation of this provision of this contract and shall not constitute or require an amendment to this contract. It is the intention of the parties to qualify all such payments picked up and paid by the Board on the Administrator’s behalf as employer payments pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amended and other applicable law. The administrator shall have no right or claim to the funds so remitted except as they may subsequently become available upon retirement or resignation from the Illinois Teachers’ Retirement System. The Administrator does not have the option of choosing to receive the contributed amounts directly instead of having those contributions paid by the Board to the Illinois Teachers’ Retirement System. These contributions are made as a condition of the Administrator’s employment for his service, knowledge and experience.
TRS CONTRIBUTION. In 2008-2009 the Board shall pay eight & two tenths percent (8.2%) and deduct one and two tenths percent (1.2%) from the teachers total creditable earnings of the nine & four tenths percent (9.4%)
TRS CONTRIBUTION. The Company shall contribute, transfer, convey and assign all of the Equity Interests of PRO LLC and OpCo Finance to TRS.
TRS CONTRIBUTION. All salaries and stipends received by a LSM include the required TRS employee contribution as determined by TRS.
TRS CONTRIBUTION. The Board shall pay to the Illinois Teachers’ Retirement System (TRS) the teacher contribution to the TRS as required in the last paragraph of Section 16152.1(c) of the Illinois Pension Code. The salaries shown on the compensation schedule, attached to this Agreement, include the Board’s total contribution to the TRS and represents the total compensation of the teacher based on the compensation schedule. Any compensation which is not based on the compensation schedule shall be treated the same as compensation based on the compensation schedule for purposes of this section. The favorable income tax treatment, provided teachers under Section 16-152.1(c) of the Pension Code, shall continue only for so long as approval continues under the ruling of the Internal Revenue Service. If the Board is assessed any penalty or payment by the IRS for insufficient deductions from income, the penalties or payments shall be deducted from the teacher’s salary.
TRS CONTRIBUTION. The Board shall pay on behalf of each teacher, based upon his/her placement on the salary schedule, a T.R.S. contribution of up to 9% for each school year of this agreement. The compensation stated in Appendix A and any extra duty stipends includes the contribution on behalf of each teacher to the State of Illinois Teachers’ Retirement System as stated above. It is the intent of the parties by this Agreement to qualify these payments as “picked-up” contributions within the meaning of Section 414 (h) (2) of the Internal Revenue Code so as to be excludable from the gross income of all teachers. The teachers shall have no right or claim to the funds so remitted except as they may subsequently become available upon retirement or resignation from the State of Illinois Teachers Retirement System. The Board shall also pay on behalf of each teacher, based upon his/her placement on the salary schedule, a T.H.I.S. (Teacher Health Insurance System) insurance contribution of up to .5% for each school year of this agreement. No teacher shall have the option of choosing to receive the amounts contributed by the Board directly and the assumption and payment of the teacher’s required contribution to the Illinois Teachers’ Retirement System is a condition of employment made in order to secure the teachers’ future services, knowledge and experience. The balance of the amount due each teacher pursuant to such compensation Schedule shall be payable to the teacher as salary installments as otherwise provided herein, provided the Board shall deduct all monies as required by law or as authorized by the teacher pursuant to this Agreement, or as otherwise authorized by the Board.
TRS CONTRIBUTION. The Board shall remit to the Teacher Retirement System nine & four tenths percent (9.4%) of the total creditable earnings of each teacher. The Board shall also deduct and remit to the Teacher's Health Insurance Security eighty-four hundredths percent (.84%) of the total creditable earnings of each teacher. The TRS deduction shall be made in twenty (20) equal deductions (September through June) of each school year.
TRS CONTRIBUTION. In addition to the salary and other creditable earnings provided for in this contract, the Board shall pick up and pay, on behalf of the Superintendent, all retirement contributions to the Illinois Teachers’ Retirement System (TRS) (not to exceed the current 9.8901% rate required by TRS under Section 16-152.1 of the Illinois Pension Code); provided, however, if the current TRS required employee contribution rate decreases and/or legislation is passed that limits the Board’s ability to do so under this paragraph, the Board shall pay the difference to the Superintendent as salary to the extent the Board’s total cost for salary and other creditable earnings and pick up of the TRS contribution equals the Board’s total cost before the TRS contribution rate decrease. The Board shall also pick up and pay any additional contributions to TRS as a deduction from the Superintendent’s compensation. Although designated by the Illinois Pension Code as employee contributions, the amounts herein required to be picked up by the Board shall be paid by the Board in lieu of contributions by the Superintendent. 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 Pension Code and TRS rules and regulations.
TRS CONTRIBUTION. The intent of the language remains unchanged from the current Agreement and the member shall continue to be responsible for the TRS contribution. The language will be amended to enhance clarity of its implementation. Clearly stating that all dollar amounts in the Agreement are inclusive of any required TRS contribution, The district shall pay TRS directly, on behalf of the member, through payroll deduction, Any increase or decrease in the TRS rate will not alter the total dollar amounts stated in the Agreement.
TRS CONTRIBUTION. In addition to the salary provided for in this contract, the Board shall pick up and pay, on behalf of the Administrator, all employee contributions to the Illinois Teachers Retirement System (TRS) under Section 16-152 of the Illinois Pension Code and the Teacher Health Insurance Fund (''T.H.I.S.") Fund contributions paid to TRS. Although designated by the Illinois Pension Code as employee contributions, the amounts herein required to be picked up by the Board shall be paid by the Board in lieu of contributions by the Administrator pursuant to Section 414(h)(2) of the Internal Revenue Code. The Administrator shall not have the option of choosing to receive directly the amounts contributed to TRS by the Board on the Administrator'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 Pension Code and TRS rules and regulations. However, if legislation is enacted that limits the Board's ability to perform its obligations under this paragraph, the Board shall pay the difference to the Administrator as salary to the extent the Board's total cost before enactment of such legislation. The Board's and Administrators implementation herein shall be in implementation of this provision of this contract and shall not constitute or require an amendment to this contract.
