Board Restructuring of Employee Retirement Contribution Sample Clauses

Board Restructuring of Employee Retirement Contribution. The Board will implement the “pick-up” of the employee required contributions of the State Employees Retirement System (STRS) and the Board Treasurer is hereby authorized to contribute to STRS, in addition to the Board’s required employer contribution, an amount equal to each employee’s contribution to STRS in lieu of payment to such employee, and that such amount contributed by the Board on behalf of the employee shall be treated as a deferred salary from the contract salary otherwise payable to such employee in cash. An addendum shall be added to each employee’s contract which states (i) that the employee’s contract salary is being restated as consisting of (a) a cash salary component and (b) a “pick-up” component, which is equal to the amount of the employee contribution being “pick-up” by the Board on behalf of the employee;