Common use of SERS Pick-Up of Employees’ Share for Tax Sheltering Clause in Contracts

SERS Pick-Up of Employees’ Share for Tax Sheltering. 1. The Board shall implement an SERS retirement pickup (tax shelter) in accordance with the direction given by the Treasurer and it shall apply to all compensation paid to employees. On behalf of each employee who is a SERS member, the Board shall pick up (i.e., assume and pay) the contributions required to be made to SERS by each employee subject to the following terms and conditions: a. For each employee, the amount to be picked up by the Board shall be equal to but shall not exceed the amount such employee would otherwise have been required to contribute to SERS. The employee’s annual compensation shall be reduced by an amount equal to the amount picked up and paid by the Board. b. The pickup percentage shall apply uniformly to all bargaining unit members. No employee covered by this provision shall be permitted to waive SERS pick-up by the Board or elect a wage increase or other benefit in lieu of the employee pick-up.

SERS Pick-Up of Employees’ Share for Tax Sheltering. 1. The Board shall implement an a SERS retirement pickup (tax shelter) in accordance with the direction given by the Treasurer and it shall apply to all compensation paid to employees. On behalf of each employee who is a SERS member, the Board shall pick up (i.e., assume and pay) the contributions required to be made to SERS by each employee subject to the following terms and conditions: a. For each employee, the amount to be picked up by the Board shall be equal to but shall not exceed the amount such employee would otherwise have been required to contribute to SERS. The employee’s annual compensation shall be reduced by an amount equal to the amount picked up and paid by the Board. b. The pickup percentage shall apply uniformly to all bargaining unit members. No employee covered by this provision shall be permitted to waive SERS pick-up by the Board or elect a wage increase or other benefit in lieu of the employee pick-up.

SERS Pick-Up of Employees’ Share for Tax Sheltering. 1. The Board shall implement an SERS retirement pickup (tax shelter) in accordance with the direction given by the Treasurer and it shall apply to all compensation paid to employees. 2. On behalf of each employee who is a SERS member, the Board shall pick up (i.e., assume and pay) the contributions required to be made to SERS by each employee subject to the following terms and conditions: a. For each employee, the amount to be picked up by the Board shall be equal to but shall not exceed the amount such employee would otherwise have been required to contribute to SERS. The employee’s annual compensation shall be reduced by an amount equal to the amount picked up and paid by the Board. b. The pickup percentage shall apply uniformly to all bargaining unit members. No employee covered by this provision shall be permitted to waive SERS pick-up by the Board or elect a wage increase or other benefit in lieu of the employee pick-up.