SERS PICK-UP WITH REDUCTION Clause Samples

The "SERS PICK-UP WITH REDUCTION" clause establishes a mechanism for adjusting the amount of SERS (likely referring to a specific service, resource, or financial obligation) that is to be picked up or assumed by a party, with the possibility of reducing the original amount under certain conditions. In practice, this clause might apply when a party is initially obligated to take on a set quantity or value, but circumstances such as changes in demand, project scope, or regulatory requirements allow for a reduction in that obligation. The core function of this clause is to provide flexibility and fairness by permitting adjustments to commitments, thereby preventing over-allocation of resources or unnecessary costs when the original terms become excessive or impractical.

SERS PICK-UP WITH REDUCTION. The Board shall designate each employee’s mandatory contributions to the State Employees Retirement System of Ohio as “picked-up” by the Board as contemplated by Internal Revenue Service Ruling 77-464 and 81-36, although they shall continue to be designated as employee contributions as permitted by 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 income reported by the then current percentage amount of the employee’s mandatory State Bus Driver’s Retirement System’s contribution which has been designated as picked-up by the Board, and that the amount designated as pick-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 Employees Retirement System of Ohio increased.

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SERS PICK-UP WITH REDUCTION. Annuitization of the entire employee's share of retirement shall be as follows: The Alliance Board of Education shall designate each employee's mandatory contributions to the School Employees Retirement System of Ohio as "picked up" by the Board as interpreted by Internal Revenue Service Rulings 77-462 and 81-36. Contributions "picked up" shall continue to be designated as employee contributions as permitted by Attorney Generals 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 School Employees 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 salary is increased by such "pick-up", nor is the Board's total contribution to the School Employees Retirement System of Ohio increased thereby. The Board herewith agrees with the Association to pick-up (assume and pay) contributions to the school employees retirement system upon behalf of the individuals in the bargaining unit on the following terms and condition: 1. The amount to be picked-up and paid on behalf of each employee shall be the entire amount of the employee's contribution to the retirement system. The employee's annual compensation shall be reduced by an amount equal to the amount picked-up and paid by the Board. 2. The pick-up percentage shall apply uniformly to all members of the bargaining unit. 3. No employee covered by this provision shall have the option to elect a wage increase or other benefit in lieu of the employer pick-up. 4. The pick-up shall apply to all compensation including supplemental earnings. 5. For federal and state tax purposes, the W-2 form shall show the total amount of compensation reduced by the amount picked-up. For SERS purposes, the total amount of compensation shall not be reduced. 6. SERS pick-up shall in no way affect unemployment compensation, sick leave, workers' compensation, severance pay, daily rate of pay, or any other calculation based on current adopted salary schedule.

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SERS PICK-UP WITH REDUCTION. The Board herewith agrees with the Association to pick up (assume and pay) contributions to the School Employees Retirement System on behalf of the individuals in the bargaining unit with the following terms and conditions:

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SERS PICK-UP WITH REDUCTION. 26.01 The Board herewith agrees with the Association to pick-up (assume and pay) contributions to the School Employees' Retirement System (SERS) on behalf of the individuals in the bargaining unit on the following terms and conditions: A. The amount to be picked up and paid on behalf of the individual shall be the individual employee's required contribution. The individual's annual compensation shall be reduced by an amount picked-up and paid by the Board. B. The pick-up percentage shall apply uniformly to all individuals in the bargaining unit. C. No individual covered by this provision shall have the option to elect a wage increase or other benefit in-lieu of the employer pick-up. D. The pick-up shall apply to all compensation including supplemental earnings E. For federal and state tax purposes, the W-2 form shall show the total amount of compensation reduced by the individual employee's required contribution. For SERS purposes the total amount of compensation shall not be reduced. F. SERS pick-up shall in no way affect unemployment compensation, sick leave, worker's compensation, severance pay, daily rate of pay or any other calculation based on the salary schedules contained in Article XXV.

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SERS PICK-UP WITH REDUCTION. A. Annuitization of the employee’s share of retirement shall be as follows: 1. The Alliance Board of Education shall designate each employee’s mandatory contributions to the School Employees Retirement System of Ohio as “picked up” by the Board as interpreted by Internal Revenue Service Rulings 77-462 and 81-36. Contributions “picked up” shall continue to be designated as employee contributions as permitted by Attorney Generals 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 gross income reduced by the then current percentage amount of the employee’s mandatory School Employees Retirement System contribution which has been designated as “picked up” by the Board shall be included in computing final average salary, provided that no employee’s salary is increased by such “pick up”, nor is the Board’s total contribution to the School Employees Retirement System of Ohio increased thereby.

SERS PICK-UP WITH REDUCTION. The Board herewith agrees with the Association to pick up (assume and pay) contributions to the School Employees Retirement System (SERS) upon behalf of the employees in the bargaining unit on the following terms and conditions: The amount to be picked up and paid on behalf of each such employee shall be nine (9.00) percent or the current percentage of the employee's compensation as established by the School Employees Retirement System. The employee's annual compensation shall be reduced by an amount equal to the amount picked up and paid by the Board. This pick up shall not result in any expenditure of funds by the Board.

SERS PICK-UP WITH REDUCTION. The Board herewith agrees with the Association to pick-up (assume and pay) contributions to the School Employees Retirement System on behalf of the individuals in the bargaining unit with the following terms and conditions: 1. The amount to be picked-up and paid on behalf of each employee shall be the employee's contribution. The employee's annual compensation shall be reduced by an amount equal to the amount picked-up and paid by the Board. 2. The pick-up percentage shall apply uniformly to all members of the bargaining unit.

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