TRS Requires Submission of Grandfathered Contracts And Collective Bargaining Agreements By March 29, 2019
- Posted on: Feb 7 2019
TRS has just issued Employer Bulletin 19-12 dated February 2019, which is available on the TRS website at: https://www.trsil.org/employers/employer-bulletins/FY19-12. This bulletin requires that all TRS employers submit all grandfathered individual employment contracts and collective bargaining agreements (“CBAs”) to the TRS CBA/Contract Collection Portal by March 29, 2019. Grandfathered contracts and CBAs are those entered into prior to June 4, 2018, which provide for salary (i.e., TRS credible earnings) increases greater than 3%. According to the TRS Bulletin, if the employer’s grandfathered contracts and CBAs are not submitted as required, any increase in a member’s TRS creditable earnings for 2018-19 and future years will be subject to the 3% limitation on creditable earnings used to determine a member’s final average salary upon retirement. The CBA/Contract Collection Portal is accessed at https://employer.trsil.org/subsections/employeraccess/security/signIn.aspx.
Should you have any questions regarding this obligation, please contact our attorneys in our Flossmoor Office at 708-799-6766 or our Oak Brook Office at 630-928-1200.