Common use of Payroll Deduction for Purchase of Retirement Credit Clause in Contracts

Payroll Deduction for Purchase of Retirement Credit. 1. Any bargaining unit member who elects to purchase eligible retirement credit pursuant to ORC 3307.32 or 3307.33, shall notify the Treasurer in writing and provide approval of the purchase from the State Employee Retirement System (SERS), the amount to be deducted from his pay each month, the length of time such deduction shall be made and whether the deduction is pre or post tax. Such deduction shall be made each month and remitted to the SERS by the District Treasurer. 2. The bargaining unit member may elect to have the deduction from his income after the withholding of federal and state income taxes, or subject to the limitations of subsection C of this section, prior to the withholding of federal and state income taxes. 3. It is understood that, once begun, pretax deductions are irrevocable and may not be terminated or modified until the purchase is complete or the member is no longer employed by the Xxxx City School District, except as permitted by federal regulations due to unforeseen circumstances or financial hardship. A deduction requested to be on a pretax basis will remain as pretax so long as this is permitted by federal and state law so that income will be deferred upon the amount of the deduction.

Payroll Deduction for Purchase of Retirement Credit. 1. Any bargaining unit member who elects to purchase eligible retirement credit pursuant to ORC 3307.32 or 3307.33, shall notify the Treasurer in writing and provide approval of the purchase from the State Employee Retirement System (SERS), the amount to be deducted de- ducted from his pay each month, the length of time such deduction shall be made and whether the deduction is pre or post tax. Such deduction shall be made each month and remitted to the SERS by the District Treasurer. 2. The bargaining unit member may elect to have the deduction from his income after the withholding of federal and state income taxes, or subject to the limitations of subsection C of this section, prior to the withholding of federal and state income taxes. 3. It is understood that, once begun, pretax deductions are irrevocable and may not be terminated ter- minated or modified until the purchase is complete or the member is no longer employed by the Xxxx City School District, except as permitted by federal regulations due to unforeseen un- foreseen circumstances or financial hardship. A deduction requested to be on a pretax basis will remain as pretax so long as this is permitted by federal and state law so that income in- come will be deferred upon the amount of the deduction.