"Basic compensation": Subject to Section 15-111.5, the gross basic rate of salary or wages payable by an employer, including: (1) the value of maintenance, board, living quarters, personal laundry, or other allowances furnished in lieu of salary which are considered gross income under the federal Internal Revenue Code of 1986, as amended; (2) the employee contributions required under Section 15-157; (3) the amount paid by any employer to a custodial account for investment in regulated investment company stocks for the benefit of the employee pursuant to the University Employees Custodial Accounts Act; (4) the amount of the premium payable by any employer to an insurance company or companies on an annuity contract, pursuant to the employee's election to accept a reduction in earnings or forego an increase in earnings under Section 30c of the State Finance Act, or a tax-sheltered annuity plan approved by any employer; and (5) the amount of any elective deferral to a deferred compensation plan established under this Article or Article 24 of this Code pursuant to Section 457(b) of the federal Internal Revenue Code of 1986, as amended. Basic compensation does not include (1) salary or wages for overtime or other extra service; (2) prospective salary or wages under a summer teaching contract not yet entered upon; and (3) overseas differential allowances, quarters allowances, post allowances, educational allowances and transportation allowances paid by an employer under a contract with the federal government or its agencies for services rendered in other countries. If an employee elects to receive in lieu of cash salary or wages, fringe benefits which are not taxable under the federal Internal Revenue Code of 1986, as amended, the amount of the cash salary or wages which is waived shall be included in determining basic compensation. personal laundry, or other allowances furnished in lieu of salary which are considered gross income under the federal Internal Revenue Code of 1986, as amended; 15-157; account for investment in regulated investment company stocks for the benefit of the employee pursuant to the University Employees Custodial Accounts Act; to an insurance company or companies on an annuity contract, pursuant to the employee's election to accept a reduction in earnings or forego an increase in earnings under Section 30c of the State Finance Act, or a tax-sheltered annuity plan approved by any employer; and compensation plan established under this Article or Article 24 of this Code pursuant to Section 457(b) of the federal Internal Revenue Code of 1986, as amended.
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