Common use of RETIREMENT PICK-UP Clause in Contracts

RETIREMENT PICK-UP. The District shall "pick-up" and pay a six percent (6%) average employee contribution (as allowed by ORS 238.205) to 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 and shall also be applicable to employees who first begin to participate in the System after the effective date of this Agreement and to the termination of this Agreement. The District will follow the rules and regulations established by the Public Employees Retirement System applicable to the "pick up" of the Public Employees Retirement System contribution by the District.