If your school is using a service bureau to process your payroll, you should be receiving information from them. TRS has been cooperating with these firms to make the necessary changes to implement provisions of HB1873. Establishes annual credit amount State will pay toward each teacher's retirement contributions. The purpose of the new law is to provide an increase in compensation to all eligible employees. Requires the state credit be divided by the number of pay periods in the employee's contract and the monthly credit be added to the teacher's compensation.
Payment begins with the first full month of employment.
The teacher forfeits the state's contribution to his or her retirement account if employment terminates prior to the end of the school year. Calculate the eligible member's retirement contribution in the regular manner and subtract the monthly credit to be paid by the State. School districts must adjust their payroll procedures to include the monthly credit and adjust remittance reports to TRS to reflect the amount paid by the school and the credit taken as a result of the state payment. If a school pays a teacher's retirement contribution in addition to other compensation , the school must deduct the appropriate amount from the teacher's monthly retirement contribution and add that amount to the teacher's compensation. The amount paid by the State to the member's retirement account cannot be treated as regular annual compensation or count as compensation toward meeting the minimum salary schedule of the State or the local school district's pay plan.