Common use of SERS PICKUP Clause in Contracts

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. 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- 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 TSAs 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.