Common use of State Teachers Retirement System STRS Clause in Contracts

State Teachers Retirement System STRS. PICKUP The total annual salary of each bargaining unit member shall be payable by the Board in two (2) parts: 1. Cash salary; and 2. Deferred salary (through the salary restatement method of picking-up the employee contribution to STRS). An employee's deferred salary shall equal the amount of the employee contribution to STRS required by law and shall be paid by the Board to STRS on behalf of the employee as a pickup (by means of the salary restatement method) of the employee contribution otherwise payable by the employee. An employee's annual cash salary shall be equal to the employee's total contracted annual salary less the employee's deferred salary, and shall be payable subject to applicable payroll deductions to the employee. The Board's total combined expenditure for total annual salary of all bargaining unit members (including deferred salary amounts) and its employer contributions to STRS shall not be greater than the amounts it would have paid for those items had this section of the Agreement not been in effect. The Board shall compute and remit its employer contributions to STRS based upon an employee's total annual salary including the deferred salary. The Board shall report for federal and Ohio income tax purposes as an employee's gross income the employee's total annual salary less the amount of the employee's deferred salary. The Board shall report for municipal income tax purposes as an employee's gross income the employee's total annual salary, including the amount of the employee's deferred salary. The Board shall compute income tax withholding based upon gross income as reported to the respective tax authorities. An employee's deferred salary shall be included in the member's total annual salary for the purpose of computing daily rate of pay for determining any particular salary adjustment to be made due to absence or for any other purpose.