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. The district agrees to pay certified teachers the required contribution to TRS in an amount not to exceed 9.0% (9.89011% compounded). In the event certified teachers’ contribution to TRS increases by law, the total amount contributed by the district will not exceed 12%.
TRS CONTRIBUTION. All salaries and stipends received by a LSM include the required TRS employee contribution as determined by TRS.
TRS CONTRIBUTION a) The Board agrees to contribute on behalf of each teacher to the Teacher Retirement System (TRS), as part of and out of the teacher’s total earnings, the employee contribution as required by Section 16-152.1 of the Illinois Pension Code. If legislation is enacted that changes the requirements for this contribution during the term of this Agreement, the parties agree to discuss the impact of such changes.
TRS CONTRIBUTION. According to authority granted by the Pension Reform Act of 1974, Section 494(h)(2) of the Internal Revenue Code, the Board will, as a fringe benefit, pick up and pay on behalf of each employee the cost of the employee’s required contribution to the Teacher’s Retirement System not to exceed 9.0%. In addition, the Board will pay .8% for the retired teacher medical insurance.
TRS CONTRIBUTION. In addition to all other TRS creditable benefits provided 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) and the Teacher’s Health Insurance (THIS) Security Fund contributions. 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. However, if there is a legislative or rule change that limits the Board’s ability to pick up the Superintendent’s entire TRS contribution, the Board shall pay the difference to the Superintendent as salary to the extent the Board’s total cost for salary and pick up of the TRS contribution equals the Board’s total cost before the legislative or rule change
TRS CONTRIBUTION. In addition to the base annual salary stated in paragraph 5 and all other creditable earnings within the Contract, the Board shall pick up and pay on the Superintendent’s behalf, the Superintendent’s entire contribution to the Illinois Teachers’ Retirement System as required by Section 152.1 of the Illinois Pension Code and Teachers Health Insurance Security Fund (THIS) provided, however, in no event shall the Superintendent’s TRS credible earnings exceed the amount which would subject the Board to a 6% excess salary penalty from TRS. It is the intention of the parties to qualify all such payments picked up and paid by the Board on the Superintendent's behalf as employer payments pursuant to Section 414(h)(2) of the Internal Revenue Code of 1986, as amended. The Superintendent 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. If legislation or rule change is enacted that limits the employer’s ability to perform its obligations or otherwise reduces its obligations 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 pick up of the TRS and THIS contribution equals the Board’s total cost before enactment of such legislation or rule change. The Board’s and Superintendent’s implementation herein shall be in implementation of this provision of the Contract and shall not constitute or require an amendment to the Contract. The Parties acknowledge that the Superintendent may be subject to the pensionable earnings cap under Section 401(a)(17) of the Internal Revenue Code. In order to achieve a cost- neutral impact of such cap, the Board shall make a non-elective contribution to the Superintendent’s 403(b) plan in an amount equal to the money the Board would have paid to TRS under this paragraph on the TRS creditable earnings which exceed the Section 401(a)(17) cap. The payment shall be made in a single lump-sum payment no later than June 30 of each contract year. The Superintendent has not and shall not have the option to receive this contribution in cash.
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.
