Common use of Public Employees Retirement System Pickup Clause in Contracts

Public Employees Retirement System Pickup. The District shall not withhold from employee's monthly salaries the contributions required by O.R.S. 237.071; and shall continue to "pick-up," assume, and pay a six percent (6%) average employee contribution to the Public Employees Retirement Fund for the employee members then participating in the Public Employees Retirement System. Such "pick-up" or payment of employee member monthly contributions to the system shall continue until the termination of this agreement. The full amount of required employee contributions "picked-up" or paid by the District on behalf of the employees pursuant to this agreement shall be considered as "salary" within the meaning of O.R.S. 237.003 (8) for the purpose of computing an employee member's "final average salary" within the meaning of O.R.S. 237.003 (12) but shall not be considered as "salary" for the purposes of determining the amount of employee contributions required to be contributed pursuant to O.R.S. 237.071. Such "picked-up" or paid employee contributions shall be credited to employee accounts pursuant to O.R.S. 237.001 (2) and shall be considered to be employee contributions for the purpose of O.R.S. 237.001 to O.R.S. 237.320.

Public Employees Retirement System Pickup. The District shall not withhold from employee's ’s monthly salaries the contributions required by O.R.S. ORS 237.071; and shall continue to "“pick-up," ” assume, and pay a six percent (6%) average employee contribution to the Public Employees Retirement Fund for the employee members then participating in the Public Employees Retirement System. Such "“pick-up" ” or payment of employee member monthly contributions to the system shall continue until the termination of this agreementAgreement. The full amount of required employee contributions "“picked-up" ” or paid by the District on behalf of the employees pursuant to this agreement Agreement shall be considered as "“salary" ” within the meaning of O.R.S. ORS 237.003 (8) for the purpose of computing an employee member's "’s “final average salary" ” within the meaning of O.R.S. ORS 237.003 (12) but shall not be considered as "“salary" ” for the purposes of determining the amount of employee contributions required to be contributed pursuant to O.R.S. ORS 237.071. Such "“picked-up" ” or paid employee contributions shall be credited to employee accounts pursuant to O.R.S. ORS 237.001 (2) and shall be considered to be employee contributions for the purpose of O.R.S. ORS 237.001 to O.R.S. ORS 237.320.