Common use of TRS Payment Clause in Contracts

TRS Payment. 1. The Board shall remit for each Bargaining Unit member a portion of such Bargaining Unit Members’ compensation due such Bargaining Unit Member pursuant to the Compensation Schedule of this Agreement to the Illinois Teacher's Retirement System to be applied for the retirement account of such Bargaining Unit Member (rather than survivor's annuity account). The Bargaining Unit Members have no right or claim to moneys so remitted except as it may subsequently become available upon retirement or resignation from the Illinois Teacher's Retirement System. 2. The balance of the amount due each Bargaining Unit Member, pursuant to such Compensation Schedule, shall be payable to the Bargaining Unit Member as salary in installments as otherwise provided herein, provided the Board shall deduct therefrom all moneys as required by law or as authorized by the Bargaining Unit Member pursuant to this Agreement. Such withholding shall include any and all additional amounts requested to be paid to the Illinois Teacher's Retirement System for the account of such Bargaining Unit Member. 3. In the event the Internal Revenue Service, or a court shall determine any or all of the amounts paid to the Illinois Teacher's Retirement System is/are properly includable in the gross income of the Bargaining Unit Member for taxation purposes, the Board will withhold federal and state income taxes on that portion of the Bargaining Unit Member's income which has been ruled includable from the Bargaining Unit Member's gross income. 4. The Association and each Bargaining Unit Member will defend, indemnify and hold harmless the Board of Education, its members, its agents and its employees from any and all claims, demands, actions, complaints, suits or other liabilities by reason of faithful payment of the contributions to the Illinois Teacher's Retirement System pursuant to the provision of this section. No such claim, demand, action, complaint, or suit may be settled or compromised by the Association or any Bargaining Unit Member without written consent of the Board if such claim, demand, action, complaints or suit adversely affects the Board of Education, its members, its agents, and/or its employees.