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

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:

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 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: