Common use of TRS Clause in Contracts

TRS. The Board shall pick up and pay on the Superintendent’s behalf, the Superintendent’s contribution to the Illinois Teachers’ Retirement System (“TRS”) pursuant to the Illinois Pension Code, up to a maximum of 9% of the Superintendent’s TRS-creditable earnings. The Board’s obligation to pick up and pay this TRS contribution shall never exceed 9% of the Superintendent’s TRS-creditable earnings. The Superintendent shall be solely responsible for all TRS contributions attributable to that portion of the contribution rate above that exceeds 9% of the Superintendent’s TRS-creditable earnings. The Superintendent shall be solely responsible for any and all other required contributions to TRS, including but not limited to, all TRS contributions payable by reason of any other compensation payable to the Superintendent pursuant to this Contract. Provided, however, the Board shall pay the Superintendent’s contribution the Illinois Teachers’ Health Insurance Security Fund (THIS), up to a maximum of 1.18% of the Superintendent’s TRS-creditable earnings; the Superintendent shall be solely responsible for all THIS contributions that exceed 1.18% of the Superintendent’s TRS-creditable earnings. Although designated by the Illinois Pension Code as employee contributions, the amounts herein required to be picked up and paid by the Board shall be paid by the Board in lieu 5 of contributions by the Superintendent pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amended. 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 Illinois Pension Code and TRS rules and regulations.

TRS. The Board shall pick up and pay on the Superintendent’s behalf, the Superintendent’s contribution to the Illinois Teachers’ Retirement System (“TRS”) pursuant to the Illinois Pension Code, up at the rate to a maximum the Board of 98.5% of the Superintendent’s TRS-creditable earnings. The Board’s obligation to pick up and pay this TRS contribution shall never exceed 98.5% of the Superintendent’s TRS-creditable earnings. The Superintendent shall be solely responsible for all TRS contributions attributable to that portion of the contribution rate above that exceeds 98.5% of the Superintendent’s TRS-creditable earnings. The Superintendent shall be solely responsible for any and all other required contributions to TRS, including but not limited to, all TRS contributions payable by reason of any other compensation payable to the Superintendent pursuant to this Contract. Provided, however, the Board shall pay the Superintendent’s contribution the Illinois Teachers’ Health Insurance Security Fund (THIS), up to a maximum of 1.18which shall not exceed 1% of the Superintendent’s TRS-creditable earnings; the Superintendent shall be solely responsible for all THIS contributions that exceed 1.181% of the Superintendent’s TRS-creditable earnings. Although designated by the Illinois Pension Code as employee contributions, the amounts herein required to be picked up and paid by the Board shall be paid by the Board in lieu 5 of contributions by the Superintendent pursuant to Section 414(h) of the Internal Revenue Code of 1986, as amended. 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 Illinois Pension Code and TRS rules and regulations.