PERS Pick Up Requirement. The participants in the Oregon Public Employees Retirement Systems (PERS) shall be required to pay, as an employee contribution, six percent (6%) of their gross wages. All contributions to PERS shall be made pursuant to Article IX, Section 10 of the Oregon Constitution and such contribution shall be deemed “picked up” for purposes of Section 414 (h) of the Internal Revenue Code. No bargaining unit employees shall have the option of receiving the money and directly making the contribution. The amount of any contribution made by an employee pursuant to Article IX, Section 10 of the Oregon Constitution shall not be included in or reported as gross income for income tax purposes. Pursuant to federal law, the "pick-up” contribution shall be subject to FICA and Medicare taxes.
Appears in 8 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
PERS Pick Up Requirement. The participants in the Oregon Public Employees Retirement Systems (PERS) shall be required to pay, as an employee contribution, six percent (6%) of their gross wages. All contributions to PERS shall be made pursuant to Article IX, Section 10 of the Oregon Constitution and such contribution shall be deemed “picked up” for purposes of Section 414 (h) of the Internal Revenue Code. No bargaining unit employees shall have the option of receiving the money and directly making the contribution. The amount of any contribution made by an employee pursuant to Article IX, Section 10 of the Oregon Constitution shall not be included in or reported as gross income for income tax purposes. Pursuant to federal law, the "pick-up” contribution shall be subject to FICA and Medicare taxes. Effective July 1, 2024, the County will pay the employee’s contributions to PERS in accordance with the rules and regulations of the Public Employee Retirement Board.
Appears in 1 contract
Samples: Collective Bargaining Agreement