Common use of Deferred Salary Clause in Contracts

Deferred Salary. The total annual salary for each employee shall be the salary otherwise payable under their contracts. The total annual salary shall be payable by the Board in two (2) parts: (1) deferred salary, and (2) cash salary. An employee’s deferred salary shall be equal to that percentage of said employee’s total annual salary which is required by STRS to be paid as an employee contribution by said employee and shall be paid by the Board to STRS on behalf of said employee as a “pickup” of the STRS employee contribution otherwise payable by the employee. An employee’s cash salary shall be equal to said employee’s total annual salary less the amount of the “pickup” for said employee and shall be payable, subject to applicable payroll deductions, to said employee.