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.

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...

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

Examples of TRS Creditable Salary in a sentence

• Such Teachers will be removed from the salary schedule and extra-curricular salary schedule during their final year(s) of employment and will be paid according to one of the following three options: (1) 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 106% of previous year’s earnings.

• 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 106% of previous year’s earningsThe district shall endeavor to spread the increase throughout the school 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 106% of previous year’s earnings The district shall endeavor to spread the increase throughout the school year.

• Such teachers will be removed from the salary schedule and extra-curricular salary schedule during their last three, 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 six percent (6%) and each year thereafter, if applicable, for a maximum of three years.

• Such Teachers will be removed from the salaryschedule and extra-curricular salary schedule during their final year(s) of employment and will be paid according to one of the following three options: (1) 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 106% of previous year’s earnings.

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.