THE REGIONAL OFFICE OF EDUCATION #1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2009 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)_part2

Lưu ý 13 - HỆ THỐNG GIÁO VIÊN nghỉ hưu của tiểu bang Illinois (Tiếp theo) Văn phòng Khu vực Giáo dục # 1 làm cho các loại khác các khoản đóng góp của người sử dụng lao động trực tiếp đến TRS. • 2,2 đóng góp công thức
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THE REGIONAL OFFICE OF EDUCATION #1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2009 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)_part2 REGIONAL OFFICE OF EDUCA n ON #1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2009Note 13 - TEACHERS RETIREMENT SYSTEM OF THE STATE OF ILLINOIS (Continued)The Regional Office o f Education #1 makes other types o f employer contributions directly to TRS. • 2.2 formula contributions. Employers contribute 0.58 percent o f creditable earnings for the 2.2 formula change. This rate is specified by statute. Contributions for the year ended June 30, 2009 were $527. Contributions for the years ending June 30, 2008, and June 30, 2007, were $347 and $342, respectively. • Federal and trust fund contributions. When TRS members are paid from federal and special trust funds administered b y the Regional Office o f Education #1, there is a statutory requirement for the Regional Office o f Education #1 to pay an employer pension contribution from those funds. Under a policy adopted by the TRS Board o f Trustees that was first effective in the fiscal year ended June 30, 2009, employer contributions for employees paid from federal and trust funds will be the same as the state contribution rate o fTRS. For the year ended June 30, 2009, the employer pension contribution was 17.08 percent o f salaries paid from federal and trust funds. For the year ended June 30, 2008, the employer contribution was 13 .11 percent o f salaries paid from federal and trust funds. For the year ended June 30, 2007, the employer pension contribution was 9.78 percent o f salaries paid from those funds. For the year ended June 30, 2009 salaries totaling $46,762 were paid from federal and trust funds that required employer contributions o f $7,987. For the years ended June 30, 2008 and June 30, 2007, required contributions were $2,983 and $2,131, respectively. • Early Retirement Option (ERO). The Regional Office o f Education #1 is also required to make one-time employer contributions to TRS for members retired under the Early Retirement Option (ERO). The payments vary depending on the age and salary o f the member and under which ERO program the member retires. Under Public Act 94-0004, a Pipeline ERO program is provided for members to retire under the same terms as the ERO program that expired June 30, 2005, provided they meet certain conditions and retire on or before July 1, 2007. I f members do not meet those conditions, they can retire under the Modified ERO program, which requires higher member and employer contributions to TRS. Also, under Modified ERO, Public Act 94-0004 eliminates the waiver o f member and employer ERO contributions that had been in effect for members with 34 years o f services (unless the member qualifies for Pipleline ERO). Under the ERO program that expired on June 30, 2005 and the Pipleline ERO, the maximum employer contribution is 100 percent o f the members highest salary used in the final average salary calculation. Under the Modified ERO, the maximum employer contribution is 117.5 percent. Both the 100 percent and 117.5 percent maximum apply when the member is age 55 at retirement. For the three years ended June 30, 2009, the Regional Office o f Education #1 paid no employer contributions under the Early Retirement Option. This is trial version 38 www.adultpdf.com REGIONAL OFFICE OF EDUCATION #1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2009Note 13 - TEACHERS RETIREMENT SYSTEM O F THE STATE OF ILLINOIS (Continued) Salary increases over 6 percent and excess sick leave. Public Act 94-0004 added two new • employer contributions to TRS. I f the employer grants salary increases over 6 percent and those salaries are used to calculate a retirees final average salary, the employer makes a contribution to TRS. The contribution will cover the difference in actuarial cost o f the benefit based on actual salary increases and the benefit based on salary increases o f up to 6 percent. For the three years ended June 30, 2009, the Regional Office o f Education #1 paid no employer contributions under salary increases over 6 percent. I f an employer grants sick leave days in excess o f no ...