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Meeting Date:
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8/24/2022 - 7:00 PM
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Category:
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Consent Agenda Items
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Type:
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Action
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Subject:
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Teachers' Retirement System (TRS) Supplemental Savings Plan (SSP)
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Vision 2026:
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Operational Excellence Strategies 2 Maintain strong fiscal health of the organization.
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Background
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In 2018, the Illinois legislature amended the Illinois Pension Code to add a requirement that the Teachers Retirement System (TRS) provide an optional defined contribution benefit to all eligible members of TRS beginning in 2021. The plan is known as the TRS Supplemental Savings Plan (“SSP”). All eligible TRS employers must adopt the Supplemental Savings Plan (SSP) by September 30, 2022, to meet the requirements of the state law.
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File Attachment:
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Summary:
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The SSP was established by TRS in accordance with 40 ILCS 5/16-204. This law requires employers to implement the SSP to provide current and future eligible members access to a supplemental retirement plan benefit. TRS has created a 457 (b) deferred compensation plan that will be managed by Voya Financial to meet the requirements of the law. A copy of the SSP Plan is attached.
In connection with the SSP, employers must adopt a SSP resolution (attached) and enter into an Employer Participation Agreement (also attached). The CUSD 200 SSP resolution includes disclaimers and indicates that CUSD 200 will not assume responsibility for any aspect of the SSP plan as authorized by TRS and administered by Yoya Financial. The Districts responsibility will include processing payroll deductions for those who choose to participate in the SSP and monitoring overall employee plan contributions to ensure IRS limits are not exceeded. CUSD 200 will work with the WWEA to create communications tools that will be provided to all TRS eligible employees.
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Funding:
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N/A
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Board Policy
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Recommendation:
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It is recommended that the Board of Education approve the Resolution and grant the Business Office authority to complete and submit Exhibit 1 to the TRS.
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Approvals:
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Recommended By:
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Signed By:
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Brian O'Keeffe - Asst Superintendent Business Services
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Signed By:
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Jeff Schuler - Superintendent
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Vote Results:
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| Original Motion | | Member Brad Paulsen Moved, Member Susan Booton seconded to approve the Original motion 'It is recommended that the Board of Education approve the Resolution and grant the Business Office authority to complete and submit Exhibit 1 to the TRS.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0. | | The motion Carried 7 - 0 | | | | | Brad Paulsen | Yes | | Chris Crabtree | Yes | | Rob Hanlon | Yes | | Susan Booton | Yes | | Dave Long | Yes | | Angela Blatner | Yes | | Julie Kulovits | Yes | |
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