Common use of EMPLOYER PICKUP Clause in Contracts

EMPLOYER PICKUP. The City shall pickup the employee contributions required of employees for all compensation earned after the effective date of this provision, January 1, 1995. The contributions, so picked up, shall be treated as employer contributions in determining tax treatment under the United States Internal Revenue Code. The City shall pick up these employees contributions from funds established and available in the employees deferred pension contribution account, which funds would otherwise have been designated as employee contributions and paid to the retirement fund. Employee contributions picked up by the City, pursuant to this provision, shall be treated for all other purposes, in the same manner and to the same extent, as employee contributions made prior to the effective date of this provision. Pursuant to Section 414 (h) of the United States Internal Revenue Code, these employee contributions so picked up shall not be included in total income for income tax purposes.

EMPLOYER PICKUP. The City shall pickup pick up the employee contributions required of employees for all compensation earned after the effective date of this provision, January 1, 1995. The contributionscontribution, so picked up, shall be treated as employer contributions in determining tax treatment under the United States Internal Revenue Code. The City shall pick up these employees employee contributions from funds established and available in the employees employee’s deferred pension contribution account, which funds would otherwise have been designated as employee contributions and paid to the retirement fund. Employee contributions picked up by the City, pursuant to this provision, shall be treated for all other purposes, in the same manner and to the same extent, as employee contributions made prior to the effective date of this provision. Pursuant to Section 414 (h414(h) of the United States Internal Revenue Code, these employee contributions so picked up shall not be included in total income for income tax purposes.

EMPLOYER PICKUP. The City shall pickup pick up the employee contributions required of employees for all compensation earned after the effective date of this provision, January 1, 1995. The contributionscontribution, so picked up, shall be treated as employer contributions in determining tax treatment under the United States Internal Revenue Code. The City shall pick up these employees employee contributions from funds established and available in the employees deferred pension contribution account, which funds would otherwise have been designated as employee contributions and paid to the retirement fund. Employee contributions picked up by the City, pursuant to this provision, shall be treated for all other purposes, in the same manner and to the same extent, as employee contributions made prior to the effective date of this provision. Pursuant to Section 414 (h414(h) of the United States Sates Internal Revenue Code, these employee contributions so picked up shall not be included in total income for income tax purposes.