SERS TAX DEFERRAL PICK-UP Sample Clauses

SERS TAX DEFERRAL PICK-UP. The Treasurer of the Board shall contribute to the State 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 such 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 classified employee. The total annual salary for each employee shall be the salary otherwise payable under his/her contracts. The total annual salary shall be payable by the Board in two (2) parts: (1) deferred salary and (2) cash salary. An employee’s deferred salary shall be equal to that percentage of said employee’s total annual salary which is required by SERS to be paid as an employee contribution by said employee and shall be paid by the Board on behalf of said employee as a “pick-up” of the SERS employee contribution otherwise payable by the employee. An employee’s cash salary shall be equal to said employee and shall be payable, subject to applicable payroll deductions, to said employee. The Board’s total combined expenditures for employees’ total annual salaries otherwise payable under their contracts (including pick-up amounts) and its employer contributions to SERS shall not be greater than the amount it would have paid for those items had this provision not been in effect. The Board shall compute and remit its employee contributions to SERS based upon the total annual salary, including the “pick-up.” The Board shall report for federal and Ohio income tax purposes as an employee’s gross income said employee’s total annual salary less the amount of the “pick-up.” The Board shall compute income tax withholding based upon gross income as reported to the respective tax authorities. Total Annual Salary Computation The “pick-up” shall be included in the employee’s total annual salary for the purpose of computing daily rate of pay, for determining salary adjustments to be made due to absence, or for any other similar purpose.
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SERS TAX DEFERRAL PICK-UP. Employees will participate in the State Employees’ Retirement Systems (SERS) tax deferral pick-up. This defers state and local income tax payments on the employee portion paid toward retirement in accordance with SERS and Internal Revenue Service regulations.
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Related to SERS TAX DEFERRAL PICK-UP

  • Full Employer Contribution - Basic Eligibility Employees covered by this Agreement who are scheduled to work at least seventy-five (75) percent of the time are eligible for the full Employer Contribution. This means:

  • Tax Deferred Annuities The Board of Directors for the District shall provide and pay for such tax deferred annuities pursuant to RCW 28A.400.250 as the union shall request and the Board of Directors shall authorize. Payment for said annuities shall be at the option of the employee and deducted from the monthly salary as authorized by the individual employee.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Partial Employer Contribution - Basic Eligibility The following employees covered by this Agreement receive the full Employer Contribution for basic life coverage, and at the employee's option, a partial Employer Contribution for health and dental coverages if they are scheduled to work at least fifty (50) percent but less than seventy-five (75) percent of the time. This means:

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law.

  • Deferrals If permitted by the Company, the Participant may elect, subject to the terms and conditions of the Plan and any other applicable written plan or procedure adopted by the Company from time to time for purposes of such election, to defer the distribution of all or any portion of the shares of Common Stock that would otherwise be distributed to the Participant hereunder (the “Deferred Shares”), consistent with the requirements of Section 409A of the Code. Upon the vesting of RSUs that have been so deferred, the applicable number of Deferred Shares shall be credited to a bookkeeping account established on the Participant’s behalf (the “Account”). Subject to Section 5 hereof, the number of shares of Common Stock equal to the number of Deferred Shares credited to the Participant’s Account shall be distributed to the Participant in accordance with the terms and conditions of the Plan and the other applicable written plans or procedures of the Company, consistent with the requirements of Section 409A of the Code.

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