Retirement Pickup. In accordance with Internal Revenue Code Section 414 (h) (2) and applicable IRS ruling there under, the Board agrees to pick-up an Employee's required contribution to the State Employees Retirement System (SERS). The pick-up shall be a "salary reduction" pick-up of the entire amount of the Employee contribution, which the Employee is required to contribute to SERS, based upon the salary provided in this contract. Thus, the cash salary that is payable to the Employee shall be reduced by the amount of the salary reduction pick-up amount; in furtherance of the foregoing, the Treasurer is hereby authorized to pay the amount of the pick-up directly to SERS as an employee contribution of the Employee; and the amount paid to SERS by the Treasurer shall not be considered as current taxable income for Federal, State and School District Income Tax for the Employee. No Employee shall have the option of receiving cash in lieu of the fringe benefit. The salary reduction pick-up amount shall be included in the contract salary of the Employee for all other purposes, including calculations of daily rate of pay, salary to be paid due to absences from employment, severance pay, life insurance or other employee benefits; and unless otherwise required by law, considered as compensation of the Employee for purposes of Ohio Revised Code Section 33107.01 (U). This section is not to be misconstrued as pick-up or pick-up on the pick-up for salary increase purposes.
Retirement Pickup. A. The City shall utilize the salary reduction method of Pension Pick Up for the full amount of the statutorily required employee contribution to the Police and Fire Pension Fund (“The Fund”). This full amount shall be withheld from the gross pay of members, shall be “picked- up” by the City, shall be designated as public employee contributions, and shall be in lieu of contributions to the Fund by each such member. No member subject to this “pick-up” shall have the option of choosing to receive the statutorily required employee contribution to the Fund instead of having it “picked-up” by the City or of being excluded from the “pick-up”. The parties agree that the City will not incur any additional costs in the deferment of said Federal and State income taxes. This “pick up” shall be accomplished under applicable regulations of the Fund and the Internal Revenue Service.
Retirement Pickup. 166. Effective July 1, 2007, rRepresented employees who are members of SFERS agree to pay their own employee retirement contribution to SFERS in an amount equal to seven and one-half percent (7.5%) of covered gross salary. For employees who became members of SFERS prior to November 2, 1976 (Charter Section A8.509 Miscellaneous Plan), the City shall pick up the remaining one-half percent (0.5%) of the total eight percent (8%) employee retirement contribution to SFERS.
Retirement Pickup. A. Employee’s will pay their entire portion of their pension contributions.
Retirement Pickup. 139. The City shall pick up the full amount of the employees’ contribution to retirement.
Retirement Pickup. 221. The parties acknowledge that the San Francisco Charter establishes the levels, terms and conditions of retirement benefits for members of the San Francisco Employees Retirement System (SFERS). The fact that an MOU does not specify that a certain item of compensation is excluded from retirement benefits should not be construed to mean that the item is included by the Retirement Board when calculating retirement benefits.
Retirement Pickup. 8 In the 2007/2008 fiscal year, the District agreed to pick up the employee’s 9 contribution costs to the San Francisco Employees Retirement System or the 10 Public Employees Retirement System (PERS), whichever is applicable, at the rate 11 of seven and one-half percent (7.5%), or eight percent (8%) for those employees 12 who were enrolled in the Retirement System prior to November 2, 1976. 14 Effective January 1, 2011, employees received a base wage increase of seven 15 percent (7%) and shall pay their employee contribution in an amount equal to seven 16 and on-half percent (7.5%) of covered gross salary. For employees who became 17 members of the Retirement System prior to November 2, 1976, the District shall 18 pick up the remaining one-half percent (0.5%) of the total eight percent (8%) 19 employee retirement contribution. For Institutional Police Officers enrolled in 20 CalPERS, employees received an increase in base wages of seven percent (7%) 21 and shall pay their own employee contributions in an amount equal to seven 22 percent (7%) of covered gross salary.
Retirement Pickup. The Association and the Board agree that the Board shall implement the “pick-up” of these certificated teacher-employee’s required contributions to the State Teachers Retirement System (STRS), and with the Board having agreed to do so, the Treasurer is hereby authorized, effective with the first payroll payment in the 1987-88 school year, to contribute to STRS, in addition to the Board’s required employer contribution, an amount equal to each certificated employee’s contribution to STRS in lieu of payment by such employee, and that such amount contributed by the Board on behalf of the certificated employee shall be treated as deferred salary paid by the Board to STRS from the contract salary otherwise payable to such certificated employee in cash. The Treasurer is also directed to prepare and distribute an addendum to each certificated employee’s contract which states (1) that the employee’s contract salary is being restated as consisting of (A) a cash salary component and (B) a “pick-up” component, which is equal to the amount of the employee contribution being “picked-up” by the Board on behalf of the employee; (2) that the Board will contribute to the STRS an amount equal to the employee’s required contribution to STRS for the account for each certificated employee; and (3) that sick leave, severance, vacation, supplemental and extended service pay shall be calculated upon both the cash salary component and “picked-up” component of the employee’s restated salary. The Board’s total combined expenditures for the employees’ total contract salaries payable pursuant hereto (including “picked-up” amounts) and its employer contributions to STRS shall not be greater than the amount it would have paid for those items had this resolution not been in effect. The Board shall compute and remit its total employer contributions to STRS based upon total contract salary, including the “pick-up.” The Board shall report each employee’s taxable income to the appropriate federal, state and municipal taxing authorities in such a manner as may from time to time be required by the governing tax laws. At the present time, the Board and the Association understand that federal and Ohio income tax laws require the Board to report as an employee’s gross income said employee’s total contract salary less the amount of the “pick-up” and that the relevant municipal income tax laws require it to report as an employee’s gross income said employee’s total contract salary, including the am...
Retirement Pickup. The County will continue to "pickup" or pay six percent (6%) employee's retirement contribution for employees earning less than $1,500 per month and seven percent (7%) for those at or above $1,500 per month. Employees will “vest” plan benefits after sixty (60) months of continuous service with the County.
Retirement Pickup. City and County of San Francisco and Municipal Executives Association July 1, 200612 - June 30, 20124 279.305. The parties acknowledge that the San Francisco Charter establishes the levels, terms and conditions of retirement benefits for members of the San Francisco Employees Retirement System (SFERS). The fact that an MOU does not specify that a certain item of compensation is excluded from retirement benefits should not be construed to mean that the item is included by the Retirement Board when calculating retirement benefits. Formatted: Strikethrough Formatted: Strikethrough 280.306. Effective July 1, 2006, rRepresented employees who are members of SFERS agree to pay their own retirement contribution to SFERSin an amount equal to seven and one-half percent (7.5%) of covered gross salary. For employees who became members of SFERS prior to November 2, 1976 (Charter Section A8.509 Miscellaneous Plan), the City shall pick up the remaining one-half percent (0.5%) of the total eight percent (8%) employee retirement contribution to SFERS.
