Retirement Deduction. Every teacher automatically becomes a member of the Ohio State Teachers Retirement System (STRS). This service provides for retirement or for life pension in case of permanent illness or certain types of disability. Regular salary deductions for the Ohio State Teachers Retirement System are based on the current STRS rate. The Board shall designate each employee's mandatory contributions to the Ohio State Teachers Retirement System as "picked up" by the Board as specified by Internal Revenue Service Revenue rulings 77-462 and 81-36, although they shall continue to be designated as employee contributions as permitted by the Attorney General Opinion 82-097, in order that the amount of the employee's income reported by the Board as subject to federal and Ohio income tax shall be the employee's total gross income reduced by the then current percentage amount of the employee's mandatory State Teachers Retirement System contribution which has been designated as "picked up" by the Board, and that the amount designated as picked up by the Board shall be included in computing final average salary, provided that no employee's total salary is increased by such "pick up", nor is the Board's total contribution to the State Retirement System of Ohio increased thereby.
Appears in 5 contracts
Samples: Negotiated Agreement, Negotiated Agreement, Negotiated Agreement
