Common use of Creditable Earnings Contingency Clause in Contracts

Creditable Earnings Contingency. This provision shall only apply to employees eligible to retire and qualified for a retirement annuity under SURS rules and regulations and to any employee that is within ten (10) years of becoming eligible to retire and qualified for a retirement annuity under SURS rules and regulations, and, in either case, regardless of whether the employee is actually retiring or submitting a notice of retirement. For purposes of convenience and this provision only, such employees shall be referred to as “Eligible Employees.” The parties agree that any SURS creditable compensation and/or benefit increases, whether under this contract or otherwise, shall not exceed the maximum amount which results in an employee’s retirement annuity being fully funded by the State University Retirement System, without Board liability for any portion of the retirement annuity. This means that an employee’s SURS creditable earnings (including but not limited to vertical and horizontal salary schedule movement, stipends, salary increases and retirement incentives), whether under the contract or otherwise, shall not increase from one school year to the next by more than six (6) percent (or as mandated by SURS) or otherwise be increased so as to create Board liability for any portion of the retirement annuity or result in any Board-paid penalty to SURS. In no event will the compensation and/or benefit increases exceed the threshold amount which triggers any obligation for the Board to pay additional amounts (in the form of a one-time payment or payment over time) to cover all or part of an employee’s retirement annuity or cover any Board-paid penalty to SURS. Notwithstanding any contrary or other provision of this contract, including but not limited to any salary schedules, in the event an employee’s SURS creditable earnings would increase by more than six (6) percent (or as mandated by SURS) in any given year of this contract, that employee shall only receive the maximum increase allowed under this provision. Annually, but no later than July 1, the Board will provide to the Association a list of all Eligible Employees. The Board and the Association shall jointly confirm the accuracy of such list. If an Eligible Employee’s creditable earnings are affected by this provision, that employee shall notify the Board that he/she desires to receive as non-creditable earnings that amount over and above the six (6) percent (or as mandated by SURS) limit of this provision that he/she otherwise would have received but for this provision. In that event, the employee shall receive the compensation through non- creditable severance pay, due and payable after the employee’s receipt of his/her final paycheck and his/her last day of work at the College. In the event that an Eligible Employee’s creditable earnings inadvertently increases by more than six (6) percent (or as mandated by SURS), the employee and the Board agree to take appropriate, timely action to allow the Board to submit to SURS a report of an adjustment in the employee’s creditable earnings to limit the increase to a maximum of six (6) percent (or as mandated by SURS). This provision is subject to SURS rules and regulations.

Creditable Earnings Contingency. This provision shall only apply to employees eligible to retire and who are qualified for a retirement annuity under SURS the Teacher Retirement System (TRS) rules and regulations and to any employee that is within ten four (104) years of becoming eligible to retire and who are qualified for a retirement annuity under SURS TRS rules and regulations, and, in either case, regardless of whether the employee is actually retiring or submitting a notice of retirement. For purposes of convenience and this provision only, such employees shall be referred to as “Eligible Employees.” TRS rules and regulations provide that a teacher is eligible to retire and receive a retirement annuity if certain years-of-service and age criteria are met. These requirements can be found on the TRS website. The parties agree that any SURS TRS creditable compensation and/or benefit increases, whether increases under this contract or otherwise, shall not exceed the maximum amount which results in an employee’s retirement annuity being fully funded by the State University Retirement SystemIllinois TRS, without Board liability for any portion of the retirement annuity. This means that an eligible employee’s SURS TRS creditable earnings (including but not limited to vertical and horizontal salary schedule movement, stipends, salary increases increases, and retirement incentives), ) whether under the contract or otherwise, shall not increase from one school year to the next by more than six percent (6) percent (or as mandated by SURS%) or otherwise be increased so as to create Board liability for any portion of the retirement annuity or result in any a Board-paid penalty to SURSTRS. In no event will the compensation and/or benefit increases exceed the threshold amount which triggers any obligation for the Board to pay additional amounts (in the form of a one-time payment or payment payments over time) to cover all or part of an employee’s retirement annuity or cover any Board-paid penalty to SURSTRS. Notwithstanding any contrary or other provision of this contract, including but not limited to any salary schedules, in the event an employee’s SURS creditable earnings would increase by more than six percent (6) percent (or as mandated by SURS%) in any given year of this contract, that employee shall only receive the maximum increase allowed under this provision. CONSIDERATIONS Annually, but by no later than July February 1, the Board will provide to the Association union a list of all Eligible Employeeseligible employees. The Board and the Association Union shall jointly confirm the accuracy of such list. If Notwithstanding the above, an Eligible Employee’s eligible employee may receive increases in creditable earnings are affected by this provision, that employee shall notify the Board that he/she desires to receive as non-creditable earnings that amount over and above the greater than six percent (6%) percent (or as mandated by SURS) limit contingent upon and in consideration of this provision that he/she otherwise would have received but for this provision. In that event, the employee shall receive the compensation through non- creditable severance pay, due and payable after the employee’s receipt of his/her final paycheck and his/her last day of work at the College. In the event that an Eligible Employee’s creditable earnings inadvertently increases by more than six (6) percent (or as mandated by SURS), the employee and the Board agree to take appropriate, timely action to allow the Board to submit to SURS a report of an adjustment in the employee’s creditable earnings to limit the increase to a maximum of six (6) percent (or as mandated by SURS). This provision is subject to SURS rules and regulations.following:

Creditable Earnings Contingency. This provision shall only apply to employees eligible to retire and qualified for a retirement annuity under SURS TRS rules and regulations and to any employee that is within ten (10) four years of becoming eligible to retire and qualified for a retirement annuity under SURS TRS rules and regulations, and, and in either case, regardless of whether the employee is actually retiring or submitting a notice of retirement. For purposes of convenience and this provision only, such employees shall be referred to as “Eligible Employees.” ”. The current TRS rules and regulations provide that a teacher is eligible to retire and receive a retirement annuity if the following years of service and age criteria are met: Years of Service Age 5 62 10 60 20 55 (discounted) 35 55 (non-discounted) The parties agree that any SURS TRS creditable compensation and/or benefit increases, whether under this contract or otherwise, shall not exceed the maximum amount which results in an employee’s retirement annuity being fully funded by the State University Illinois Teacher Retirement System, without Board liability for any portion of the retirement annuity. This means that an employeeEligible Employee’s SURS TRS creditable earnings (including but not limited to vertical and horizontal salary schedule movement, stipends, salary increases and retirement incentives), whether under the contract or otherwise, shall not increase from one school year to the next by more than six (6) percent (or as mandated by SURS) % or otherwise be increased so as to create Board liability for any portion of the retirement annuity or result in any Board-paid penalty to SURSTRS. In no event will the compensation and/or benefit increases exceed the threshold amount which triggers any obligation for the Board to pay additional amounts (in the form of a one-time payment or payment payments over time) to cover all or part of an employee’s retirement annuity or cover any Board-paid penalty to SURSTRS. Notwithstanding any contrary or other provision of this contract, including but not limited to any salary schedules, in the event an employeeEligible Employee’s SURS TRS creditable earnings would increase by more than six (6) percent (or as mandated by SURS) % in any given year of this contract, that employee shall only receive the maximum increase allowed under this provision. Annually, but by no later than July February 1, the Board will provide to the Association a list of all Eligible Employees. The Board and the Association shall jointly confirm the accuracy of such list. If Notwithstanding the above, an Eligible Employee’s Employee may receive increases in creditable earnings are affected by this provision, that employee shall notify the Board that he/she desires to receive as non-creditable earnings that amount over and above the greater than six percent (6%) percent (or as mandated by SURS) limit contingent upon and in consideration of this provision that he/she otherwise would have received but for this provision. In that event, the employee shall receive the compensation through non- creditable severance pay, due and payable after the employee’s receipt of his/her final paycheck and his/her last day of work at the College. In the event that an Eligible Employee’s creditable earnings inadvertently increases by more than six (6) percent (or as mandated by SURS), the employee and the Board agree to take appropriate, timely action to allow the Board to submit to SURS a report of an adjustment in the employee’s creditable earnings to limit the increase to a maximum of six (6) percent (or as mandated by SURS). This provision is subject to SURS rules and regulations.following:

Creditable Earnings Contingency. This provision shall only apply to employees eligible to retire and qualified for a retirement annuity under SURS rules and regulations and to any employee that is within ten (10) years of becoming eligible to retire and qualified for a retirement annuity under SURS rules and regulations, and, in either case, regardless of whether the employee is actually retiring or submitting a notice of retirement. For purposes of convenience and this provision only, such employees shall be referred to as “Eligible Employees.” The parties agree that any SURS creditable compensation and/or benefit increases, whether under this contract or otherwise, shall not exceed the maximum amount which results in an employee’s retirement annuity being fully funded by the State University Retirement System, without Board liability for any portion of the retirement annuity. This means that an employee’s SURS creditable earnings (including but not limited to vertical and horizontal salary schedule movement, stipends, salary increases and retirement incentives), whether under the contract or otherwise, shall not increase from one school year to the next by more than six (6) percent (or as mandated by SURS) or otherwise be increased so as to create Board liability for any portion of the retirement annuity or result in any Board-paid penalty to SURS. In no event will the compensation and/or benefit increases exceed the threshold amount which triggers any obligation for the Board to pay additional amounts (in the form of a one-time payment or payment over time) to cover all or part of an employee’s retirement annuity or cover any Board-paid penalty to SURS. Notwithstanding any contrary or other provision of this contract, including but not limited to any salary schedules, in the event an employee’s SURS creditable earnings would increase by more than six (6) percent (or as mandated by SURS) in any given year of this contract, that employee shall only receive the maximum increase allowed under this provision. Annually, but no later than July 1, the Board will provide to the Association a list of all Eligible Employees. The Board and the Association shall jointly confirm the accuracy of such list. If an Eligible Employee’s creditable earnings are affected by this provision, that employee shall notify the Board that he/she they desires to receive as non-creditable earnings that amount over and above the six (6) percent (or as mandated by SURS) limit of this provision that he/she they otherwise would have received but for this provision. In that event, the employee shall receive the compensation through non- non-creditable severance pay, due and payable after the employee’s receipt of his/her their final paycheck and his/her their last day of work at the College. In the event that an Eligible Employee’s creditable earnings inadvertently increases by more than six (6) percent (or as mandated by SURS), the employee and the Board agree to take appropriate, timely action to allow the Board to submit to SURS a report of an adjustment in the employee’s creditable earnings to limit the increase to a maximum of six (6) percent (or as mandated by SURS). This provision is subject to SURS rules and regulations.six

Creditable Earnings Contingency. This provision shall only apply to employees eligible to retire and qualified for a retirement annuity under SURS rules and regulations and to any employee that is within ten (10) years of becoming eligible to retire and qualified for a retirement annuity under SURS rules and regulations, and, in either case, regardless of whether the employee is actually retiring or submitting a notice of retirement. For purposes of convenience and this provision only, such employees shall be referred to as “Eligible Employees.” The parties agree that any SURS creditable compensation and/or benefit increases, whether under this contract or otherwise, shall not exceed the maximum amount which results in an employee’s retirement annuity being fully funded by the State University Retirement System, without Board liability for any portion of the retirement annuity. This means that an employee’s SURS creditable earnings (including but not limited to vertical and horizontal salary schedule movement, stipends, salary increases and retirement incentives), whether under the contract or otherwise, shall not increase from one school year to the next by more than six (6) percent (or as mandated by SURS) or otherwise be increased so as to create Board liability for any portion of the retirement annuity or result in any Board-paid penalty to SURS. In no event will the compensation and/or benefit increases exceed the threshold amount which triggers any obligation for the Board to pay additional amounts (in the form of a one-time payment or payment over time) to cover all or part of an employee’s retirement annuity or cover any Board-paid penalty to SURS. Notwithstanding any contrary or other provision of this contract, including but not limited to any salary schedules, in the event an employee’s SURS creditable earnings would increase by more than six (6) percent (or as mandated by SURS) in any given year of this contract, that employee shall only receive the maximum increase allowed under this provision. Annually, but no later than July 1, the Board will provide to the Association a list of all Eligible Employees. The Board and the Association shall jointly confirm the accuracy of such list. If an Eligible Employee’s creditable earnings are affected by this provision, that employee shall notify the Board that he/she desires to receive as non-creditable earnings that amount over and above the six (6) percent (or as mandated by SURS) limit of this provision that he/she otherwise would have received but for this provision. In that event, the employee shall receive the compensation through non- non-creditable severance pay, due and payable after the employee’s receipt of his/her final paycheck and his/her last day of work at the College. In the event that an Eligible Employee’s creditable earnings inadvertently increases by more than six (6) percent (or as mandated by SURS), the employee and the Board agree to take appropriate, timely action to allow the Board to submit to SURS a report of an adjustment in the employee’s creditable earnings to limit the increase to a maximum of six (6) percent (or as mandated by SURS). This provision is subject to SURS rules and regulations.

Creditable Earnings Contingency. A. This provision shall only apply to employees eligible to retire and qualified for a retirement etirement annuity under SURS TRS rules and regulations and to any employee that is within ten (10) four years [alternatively: five years] of becoming eligible to retire and qualified for a retirement annuity under SURS TRS rules and regulations, and, in either case, regardless of whether the employee is actually retiring or submitting a notice of retirement. For purposes of convenience and this provision only, such employees shall be referred to as “Eligible Employees.” . The current TRS rules and regulations provide that a teacher is eligible to retire and receive a retirement annuity if the following years of service and age criteria are met: Years of Service Age 5 62 10 60 20 55 (discounted) 35 55 (nondiscounted) The parties agree that any SURS TRS creditable compensation and/or benefit increases, whether under this contract or otherwise, shall not exceed the maximum amount which results in an employee’s 's retirement annuity being fully funded by the State University Illinois Teacher Retirement System, without Board liability for any portion of the retirement annuity. This means that an employee’s SURS 's TRS creditable earnings (including but not limited to vertical and horizontal salary schedule movement, stipends, salary increases and retirement incentives), whether under the contract or otherwise, shall not increase from one school year to the next by more than six (6) percent (or as mandated by SURS) % or otherwise be increased so as to create Board liability for any portion of the retirement annuity or result in any Board-paid penalty to SURSTRS. In no event will the compensation and/or benefit increases exceed the threshold amount which triggers any obligation for the Board to pay additional amounts (in the form of a one-time payment or payment payments over time) to cover all or part of an employee’s 's retirement annuity or cover any Board-paid penalty to SURSTRS. Notwithstanding any contrary or other provision of this contract, including but not limited to any salary schedules, in the event an employee’s SURS 's TRS creditable earnings would increase by more than six (6) percent (or as mandated by SURS) % in any given year of this contract, that employee shall only receive the maximum increase allowed under this provision. Annually, but by no later than July February 1, the Board will provide to the Association a list of all Eligible Employees. The Board and the Association shall jointly confirm the accuracy of such list. If an Eligible Employee’s creditable earnings are affected by this provision, that employee shall notify the Board that he/she desires to receive as non-creditable earnings that amount over and above the six (6) percent (or as mandated by SURS) limit of this provision that he/she otherwise would have received but for this provision. In that event, the employee shall receive the compensation through non- creditable severance pay, due and payable after the employee’s receipt of his/her final paycheck and his/her last day of work at the College. In the event that an Eligible Employee’s creditable earnings inadvertently increases by more than six (6) percent (or as mandated by SURS), the employee and the Board agree to take appropriate, timely action to allow the Board to submit to SURS a report of an adjustment in the employee’s creditable earnings to limit the increase to a maximum of six (6) percent (or as mandated by SURS). This provision is subject to SURS rules and regulations.