SERS PICKUP. 20.01 For purposes of this Article, total annual salary and salary per pay period for each bargaining unit member shall be the salary otherwise payable under this Agreement, as amended. The total annual salary and salary per pay period of each member shall be payable by the Board in two parts: (l) deferred salary and (2) cash salary. A member’s deferred salary shall be equal to that percentage of said member’s total annual salary or salary per pay period which is required from time to time by the School Employees Retirement System (“SERS”) to be paid as an employee contribution by said member and shall be paid by the Board to SERS on behalf of said member as a “pickup” of the SERS employee contribution otherwise payable by said member. A member’s cash salary shall be equal to said member’s total annual salary or salary per pay period less the amount of the pickup for said member and shall be payable, subject to applicable payroll deductions, to said member. The Board’s total combined expenditures for members’ total annual salaries otherwise payable under this Agreement, as amended, (including pickup amounts) and its employer contributions to SERS shall not be greater than the amounts it would have paid for those items had this provision not been in effect.
20.02 The Board shall compute and remit its employer contributions to SERS based upon total annual salary, including the “pickup”. The Board shall report for federal and Ohio income tax purposes as a member’s gross income said member’s total annual salary less the amount of the “pickup”. The Board shall report for municipal
20.03 The pickup shall be included in the member’s total annual salary for the purpose of computing daily rate of pay, for determining paid salary adjustments to be made due to absence, or for any other similar purpose.
20.04 Should the Internal Revenue Service determine that the deferred salary would be treated as current taxable income for federal income tax purposes, this section will be void and inoperable.
20.05 This provision will become effective with the first pay after the effective date of this Agreement.
SERS PICKUP. The EMPLOYER shall designate each employee's mandatory contributions to the State Employees Retirement System of Ohio as "picked up" by the EMPLOYER as contemplated by Internal Revenue Service Revenue Rulings 77-464 and 82-36, 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 total gross income reduced by the then-current percentage amount of the employee's mandatory State Employees Retirement System contribution which has been designated as "picked up" by the EMPLOYER, and that the amount designated as "picked up" by the EMPLOYER shall be included in computing final average earnings, provided that no employee's total earnings is increased by such "pick up", nor is the EMPLOYER's total contributions to the State employees Retirement System increased thereby.
A. The pick up percentage shall apply uniformly to all members of the bargaining unit as a condition of employment. The pick up shall apply to all compensation thereafter.
B. The parties agree that should the rules and regulations of the IRS, or retirement system change making this procedure unworkable, the parties agree to return, without penalty, to the former method of employee/employer contributions.
C. Payment for sick leave, personal leave and severance, including unemployment and worker's compensation, shall be based on the employee's daily gross pay prior to reduction as basis (e.g., gross pay divided by the number of days scheduled to work).
D. Such earnings reduction shall not result in any earnings which may be less than any minimum earnings required under State or Federal law. Should the reduction calculation result in an earning that is less than any minimum required under State or Federal law, a pro rata reduction shall result with the employee contributing that portion which falls below such minimum as may be required by State or Federal law.
E. It is to be understood by the parties that it is the responsibility of each individual employee to make any necessary adjustments in any other tax sheltered annuities he or she has in order to be in compliance with IRS law and regulations.
F. The EMPLOYER is not liable, nor will it be held responsible, for any related legal, IRS, SERS, or any other agencies' penalties or decisions concerning this plan, now or in the future.
G. The ASSOCIATIO...
SERS PICKUP. Each employee's wage shall be reduced in an amount equal to the employee's contribution to the School Employees Retirement System and paid to SERS on behalf of the employee.
1. The wage reduction method of SERS payment pickup shall apply uniformly to all employees and no employee covered by SERS shall be exempt.
2. The SERS payment pickup defined herein shall become effective with the first pay following January 1, 1989, and shall apply to all compensation earned after that date.
SERS PICKUP. Effective upon ratification by the Union and approval by the Board, the Board shall designate each employee's mandatory contributions to the School Employees Retirement System of Ohio as "picked up" by the Board as contemplated by Internal Revenue Service Revenue Rulings 77- 462 and 81-36, although they shall continue to be designated as employee contributions as permitted by the 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 total gross income reduced by the then-current percentage amount of the employee's mandatory School Employees Retirement System of Ohio contribution which has been designated as "picked up" by the Board shall be included in computing final average wage, provided that no employee's total wage is increased by such "pick up," nor is the Board's total contribution to the School Employees Retirement System of Ohio increased thereby.
SERS PICKUP. Salary consists of a cash salary component and a pick-up component, which is equal to the amount of employee contribution being “picked-up” by the Board required contribution to SERS for the employee’s account.
SERS PICKUP. Consistent with the provision of the Internal Revenue Service Rulings 77-461, 81-35, and 81-36, effective August 1, 1984, the Board shall pick up each employee’s mandatory contributions to the School Employees Retirement System of Ohio (SERS), provided that no employee’s total salary is increased by such pick up nor if the Board’s total contribution to SERS increased thereby. The dollar amount to be picked up by the Board:
A. Shall equal the then-current percentage amount of the employee’s mandatory SERS contribution;
B. Shall be credited by SERS as employee contributions under authority of Ohio Attorney General Opinion 82-097;
C. Shall be included in computing final average salary;
D. Shall not be reported by the Board as subject to current federal and state income taxes:
E. Shall be reported by the Board as subject to city income taxes;
F. Shall not affect the calculation of an employee’s daily rate of pay for any purpose whatsoever, including making salary adjustments because of absence, calculating severance pay, or in reporting employee-authorized credit information to financial institutions.
SERS PICKUP. The Board shall designate each employee’s mandatory contributions to the State Retirement System as “picked up” by the Board as contemplated by Internal Revenue Service Revenue Rulings 77-464 and 81-86, 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 state income tax shall be the employee’s total gross income reduced by the then--current percentage amount of the employee’s mandatory 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 total salary is increased by such “pick-up”, nor is the Board’s total contribution to the Retirement System increased thereby. The pick-up percentage shall apply uniformly to all members of the bargaining unit as a condition of employment. The pick-up shall apply to all compensation including supplemental earnings. The Board and the Association agree that should the rules and regulations of the Internal Revenue Service or the Retirement Systems change, making this procedure unworkable, the parties agree to return, without penalty, to the former method of employee/employer contributions. It is the responsibility of each individual employee to make any necessary adjustments in any other tax sheltered annuities he/she has in order to be in compliance with tax laws and regulations. The pick-up shall apply only to regular payroll and payroll requisitions.
SERS PICKUP. Section 13. 1 For purposes of this Article, salary per pay period for each bargaining unit member shall be the salary otherwise payable under this Agreement, as amended. The salary per pay period of each member shall be payable by the Board in two parts: (1) deferred salary and (2) cash salary. A member's deferred salary shall be equal to that percentage of said member's salary per pay period which is required from time to time by the Ohio State School Employees Retirement System (“SERS") to be paid as an employee contribution by said member and shall be paid by the Board to SERS on behalf of said member as a "pickup" of the SERS employee contribution otherwise payable by said member. A member's cash salary shall be equal to said member's salary per pay period less the amount of the pickup for said member and shall be payable, subject to applicable payroll deductions, to said member. The Board's total combined expenditures for members' total salaries otherwise payable under this Agreement, as amended, (including pickup amounts) and its employer contributions to SERS shall not be greater than the amounts it would have paid for those items had this provision not been in effect.
SERS PICKUP. 20.01 For purposes of this Article, total annual salary and salary per pay period for each bargaining unit member shall be the salary otherwise payable under this Agreement, as amended. The total annual salary and salary per pay period of each member shall be payable by the Board in two parts: (l) deferred salary and
SERS PICKUP. 33.1 The District shall contribute to the School Employees Retirement System (SERS), in addition to the Board’s required employer contribution, an amount equal to each Employee’s contribution in lieu of payment to each Employee. The amount contributed by the Board on behalf of the Employee shall be treated as a mandatory salary reduction from the contract salary otherwise payable to such Employee.
33.2 The total annual salary for each Employee shall be the salary otherwise payable under their contracts. The total annual salary shall be payable by the Board in two
