Common use of SERS PICKUP Clause in Contracts

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. 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 Xxxxx 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.