PERS Pick Up Requirement. Effective January 1, 1995 the participants in PERS shall be required to pay an employee contribution of six percent (6%) of their gross wages to the Individual Account Program (IAP). All contributions to OPSRP and IAP shall be made pursuant to Article IX, Section 10 of the Oregon Constitution and such contribution shall be deemed "pick up" for purposes of Section 414(h) of the Internal Revenue Code. No bargaining unit employee shall have the option of receiving the money and directly making the contribution.
Appears in 6 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
PERS Pick Up Requirement. Effective January 1, 1995 the participants in PERS shall be required to pay an employee contribution of six percent (6%) of their gross wages to the Individual Account Program (IAP). All contributions to OPSRP and IAP shall be made pursuant to Article IX, Section 10 of the Oregon Constitution and such contribution shall be deemed "pick up" for purposes of Section 414(h) of the Internal Revenue Code. No bargaining unit employee shall have the option of receiving the money and directly making the contribution.
Appears in 3 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
