TRS Contributions. The Board will pay on behalf of each teacher 9.4% (actual rate 10.3753%) of his/her Illinois Teacher Retirement System contribution on each teacher’s taxable salary set out in the salary schedule and for extra duty stipends considered “creditable earnings”. The Board shall also pay on behalf of each teacher a maximum of 0.5% for each teacher’s contribution to the Teacher’s Health Insurance Security Fund, which contribution will not be reported to TRS as creditable earnings. It is the intent of the parties to qualify the payments made under this paragraph as “pick-up” contributions within the meaning of Section 414 (a)(2) of the Internal Revenue Code so as to be excludable from the gross income of all teachers. The teachers shall have no right or claim to the funds so remitted except as they may subsequently become available from TRS upon retirement or resignation of the teacher.
Appears in 2 contracts
Sources: Professional Agreement, Professional Agreement