36-4. Pension Pick Up
36-4.1. Amount of Pick Up.
The BOARD shall pick up for each teacher and other bargaining unit employee a sum equal to seven percent of the amount due each such employee as set forth in this Article and in the annual salary schedules set forth in Appendix A-1A through A-1D and A-1F through A-1H (except for Appendix A-1K(i) and A-3E) for the Public School Teachers’ Pension and Retirement Fund of Chicago and the Municipal Employees’, Officers’ and Officials’ Annuity and Benefit Fund to be applied to the retirement account of each such employee (not the survivors’ annuity account).
36-4.2. Claim to Funds Picked Up.
The employee shall have no right or claim to the funds so picked up, except as they may subsequently become available upon retirement or resignation from the Public School Teachers’ Pension and Retirement Fund of Chicago and the Municipal Employees’, Officers’ and Officials’ Annuity and Benefit Fund, or as provided under the laws governing the above two pension funds.
36-4.3. Indemnification.
The BOARD does not warrant that the payments made by the BOARD for the employees as set forth above are permissible prior to January 1, 1982, or that any of such payments are excludable from the employees’ gross wages, and as such, the UNION and each individual bargaining unit employee shall and does hereby agree to indemnify and hold harmless the BOARD and its members, officers, agents and employees from and against any and all claims, or liability by reason of payments of said contributions to the Public School Teachers’ Pension and Retirement Fund of Chicago and the Municipal Employees’, Officers’ and Officials’ Annuity and Benefit Fund made pursuant to the provisions of this Article.