Common use of Determination of Pickup Clause in Contracts

Determination of Pickup. The current taxation or deferred taxation of the “pickup” is determined solely by the Internal Revenue Service (IRS), and compliance with this section does not guarantee that the tax on the “pickup” will be deferred. If the IRS or other governmental entity declares the “pickup” not to be tax deferred, this section shall be null and void and the STRS contribution procedure in place prior to the effective date of this provision shall be in effect.

Appears in 4 contracts

Samples: Negotiated Agreement, Negotiated Agreement, Negotiated Agreement

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