Common use of SERS PICK-UP WITH REDUCTION Clause in Contracts

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.