Common use of SERS PICKUP Clause in Contracts

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 on behalf of employee; and the Board will contribute to SERS an amount equal to SERS for the employee’s account. Addendum stating salary component and pick-up component shall be attached to each salary notice.

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 on behalf of employee; and the Board will contribute to SERS an amount equal required contribution to SERS for the employee’s account. Addendum stating salary component and pick-up component shall be attached to each salary notice.