TRS Creditable Salary definition

TRS Creditable Salary means the Teacher’s base salary together with all other amounts from all sources which are creditable earnings under TRS rules. Teachers who discontinue an extra-duty assignment in either the year preceding the year of retirement or the year of retirement shall have their yearly increase for that year reduced by the amount of pay for the extra duty assignment. Teachers shall not be allowed to begin any extra-duty assignments in any school years in which they receive amounts under this early retirement incentive. In the event that a teacher’s resignation date contemplates use of sick leave benefits for creditable service purposes and the teacher subsequently uses all or a portion of his or her available sick leave days and does not have enough remaining sick leave days available upon the originally selected retirement date to retire without discount, the teacher’s resignation shall be automatically revoked and the teacher shall, subject to his or her health condition, continue employment until such time that he or she is eligible to retire at the end of a school year without a discounted annuity. Further, Teachers who submit a letter of resignation to obtain the retirement incentive and, prior to retirement, subsequently experience an identifiable financial hardship through either a divorce, death of a spouse, or permanent disability of a spouse which affects job performance shall have the right to revoke their letter of resignation. If a teacher receives benefits under this incentive and subsequently fails to retire when originally contemplated due to any of those reasons outlined above, such teacher shall be obligated to reimburse the district for the amount of the incentive less what the teacher would have received had the teacher not elected the retirement incentive. If the amount is not reimbursed immediately or some mutually acceptable reimbursement schedule cannot be agreed upon, the district is authorized to make deductions from subsequent paychecks in the maximum amount of 5% of the initial deficiency balance until the amount is paid in full. Any amount remaining upon retirement shall be paid to the district within 30 days. Subsequent availability and amount of the any retirement incentive following revocation shall be negotiated between the Board and Association. In the event the Illinois Pension Code, regulations promulgated by TRS, or TRS interpretations are made, changed or modified during the effective period of this Agreement and such interpr...
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TRS Creditable Salary means the teacher’s base salary together with all other amounts from all sources which are creditable earnings under TRS rules.
Sample 1Sample 2
TRS Creditable Salary means the teacher’s base salary together with all other amounts from all sources which are creditable earnings under TRS rules. Teachers who discontinue an extra-duty assignment in any year that the retirement incentive is paid shall have their yearly increase for that year reduced by the amount of pay for the extra duty assignment. In the event the Illinois Pension Code, regulations promulgated by TRS, or TRS interpretations are made, changed or modified during the effective period of this Agreement and such interpretations or modifications have the effect of requiring employer or member contributions under this ERI, this incentive shall be null and void and the parties shall engage in mid-term bargaining to amend this ERI in such a way that no employer or member costs shall be incurred. A RTICLE XVII N on-certified Retirement Bonus Non-certified employees who have completed ten (10) or more years of service to the District shall, upon retirement, receive a retirement bonus equal to $500 plus $50 per year for each full year of service above ten (10). In order to receive this bonus, employees must provide sixty
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Examples of TRS Creditable Salary in a sentence

  • If the resignation is received on or before the June 30th which is 36 months prior to retirement, the teacher’s TRS Creditable Salary for the last three years of employment shall increase by 6 percent per year.

  • If the resignation is received on or before the June 30th which is 12 months prior to retirement, the teacher’s TRS Creditable Salary for the last year of employment shall increase by 6 percent.

  • If the resignation is received on or before the June 30th which is 24 months prior to retirement, the teacher’s TRS Creditable Salary for the last two years of employment shall increase by 6 percent per year.

  • Such teachers will receive the salary increase set forth in this Section 8.12 rather than the general negotiated salary increase during their last two or one year(s) of employment dependent on their elected ERI plan and will be paid as follows: The teacher’s TRS Creditable Salary for the year preceding the onset of the elected ERI Plan shall be increased by five percent (5%) and each year thereafter, if applicable, for a maximum of two years.


More Definitions of TRS Creditable Salary

TRS Creditable Salary means the teacher’s base salary together with all other amounts from all sources which are creditable earnings under TRS rules. Teachers who discontinue an extra-duty assignment in any year that the retirement incentive is paid shall have their yearly increase for that year reduced by the amount of pay for the extra duty assignment. In the event the Illinois Pension Code, regulations promulgated by TRS, or TRS interpretations are made, changed or modified during the effective period of this Agreement and such interpretations or modifications have the effect of requiring employer or member contributions under this ERI, this incentive shall be null and void and the parties shall engage in mid-term bargaining to amend this ERI in such a way that no employer or member costs shall be incurred.
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Related to TRS Creditable Salary

  • Creditable compensation means the full compensation payable annually to an employee working

  • Annual Cash Compensation means the sum of (a) the highest annual Base Salary in effect for the Executive and (b) the greater of (i) the Executive’s bonus for the most recently-completed year, if any, or (ii) the annualized amount of the Executive’s target bonus for the then current year.

  • Annual Salary means the salary given under this Part.

  • Earnable compensation means the full rate of the

  • Base Compensation means the amount equal to the sum of (i) the greater of Executive’s then-current Annual Base Salary or Executive’s Annual Base Salary as of the date one (1) day prior to the Change of Control; and (ii) the average of the Incentive Bonus paid (or payable) for the three (3) most recently completed fiscal years of the Company.

  • Special compensation means payment to an adult foster care facility to ensure the provision of a specialized program in addition to the basic payment for adult foster care. Special compensation does not include payment received directly from the Medicaid program for personal care services for a resident, or payment received under the supplemental security income program.

  • Cash Compensation means any discount, concession, fee, service fee, commission, sales charge, loan, override, or cash benefit received by a producer in connection with the recommendation or sale of an annuity from an insurer, intermediary, or directly from the consumer.

  • Availability Incentive Payments has the meaning set forth in the CAISO Tariff.

  • Final Average Compensation means the aggregate amount of a member's compensation earned within the averaging period in which the aggregate amount of compensation was highest divided by the member's number of years, including any fraction of a year, of credited service during the averaging period. The averaging period shall be 36 consecutive calendar months if the member contributes to the member investment plan except for a member who contributes to the member investment plan and first became a member on or after July 1, 2010; otherwise, the averaging period shall be 60 consecutive calendar months. A member who contributes to the member investment plan and first became a member on or after July 1, 2010 shall also have an averaging period of 60 consecutive calendar months. If the member has less than 1 year of credited service in the averaging period, the number of consecutive calendar months in the averaging period shall be increased to the lowest number of consecutive calendar months that contains 1 year of credited service.

  • Accrued Base Salary means the amount of Executive's Base Salary which is accrued but not yet paid as of the Date of Termination.

  • Creditable service means membership service plus prior

  • Non-Cash Compensation Expense means any non-cash expenses and costs that result from the issuance of stock-based awards, partnership interest-based awards and similar incentive based compensation awards or arrangements.

  • Base Salary shall have the meaning set forth in Section 3(a) hereof.

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Normal salary means the salary that would be paid to a participating employee if that person was not participating in a Plan and includes salary expressed as an annual rate, fortnightly rate, weekly rate, daily rate or hourly rate. It includes all allowances that are paid as an annual rate, fortnightly rate, weekly rate, daily rate or hourly rate but not overtime payments and shift work penalty rates unless they are paid as a component of an annualised rate.

  • Bonus Compensation shall have the meaning set forth in Section 3(b).

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Basic Compensation means Salary and Benefits.

  • Basic Salary shall have the meaning assigned to it in Section 5 of this Agreement.

  • Final average salary means whichever of the following is greater:

  • Annual Compensation means the wages paid to the member during covered employment within the meaning of Section 3401(a) of the Internal Revenue Code, but determined without regard to any rules that limit the remuneration included in wages based upon the nature or location of employment or services performed during the plan year plus amounts excluded under Section 414(h)(2) of the Internal Revenue Code and less reimbursements or other expense allowances, cash, or noncash fringe benefits or both, deferred compensation, and welfare benefits. Annual compensation for determining benefits during any determination period may not exceed the maximum compensation allowed as adjusted for cost of living in accordance with §5-10D-7 of this code and Section 401(a)(17) of the Internal Revenue Code.

  • Accrued Compensation means an amount which shall include all amounts earned or accrued through the "Termination Date" (as hereinafter defined) but not paid as of the Termination Date, including (i) base salary, (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date, (iii) vacation pay and (iv) bonuses and incentive compensation (other than the "Pro Rata Bonus" (as hereinafter defined)).

  • Annual Deferral Amount means that portion of a Participant's Base Annual Salary and Annual Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year. In the event of a Participant's Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount withheld prior to such event.

  • Accrued Bonus means the bonus, which may be negative or positive, which is calculated in the manner set forth in Section V.A.

  • Non-cash compensation means any form of compensation that is not cash compensation, including, but not limited to, health insurance, office rent, office support and retirement benefits.

  • Accrued Professional Compensation means, at any given moment, all accrued, contingent and/or unpaid fees and expenses (including, without limitation, success fees) for legal, financial advisory, accounting and other services and reimbursement of expenses that are awardable and allowable under section 328, 330(a) or 331 of the Bankruptcy Code and were rendered before the Effective Date by any Retained Professional in the Chapter 11 Cases, or that are awardable and allowable under section 503 of the Bankruptcy Code, that have not been denied by a Final Order, all to the extent that any such fees and expenses have not been previously paid (regardless of whether a fee application has been filed for any such amount). To the extent that the Bankruptcy Court or any higher court denies or reduces by a Final Order any amount of a Retained Professional’s fees or expenses, then those reduced or denied amounts shall no longer constitute Accrued Professional Compensation.