Common use of STRS “PICK-UP” SALARY REDUCTION METHOD Clause in Contracts

STRS “PICK-UP” SALARY REDUCTION METHOD. A. The Board herewith agrees with the Association to “pick-up” utilizing the salary reduction method at no cost to the Board, contributions to the State Teachers Retirement System paid upon behalf of unit members under the following terms and conditions: 1. The amount to be “picked-up” on behalf of each employee shall be the percentage of the employee’s gross annual compensation required as the employee contribution by the Retirement Board or Ohio Revised Code. The employee’s annual compensation shall be reduced by an amount equal to the amount “picked- up” by the Board for the purpose of state and federal tax only. 2. Shall be uniformly applied to all members of the bargaining unit. 3. The “pick-up” shall apply to compensation including supplemental earnings. 4. Payment for all paid leaves, sick leave, personal leave, severance leave, and supplementals, including unemployment and xxxxxxx’x compensation, shall be based on the employee’s daily gross pay prior to reduction as basis (i.e. gross pay divided by the number of days in a teacher’s contract). B. Each teacher will be responsible for compliance with Internal Revenue Service salary exclusion allowance regulations with respect to the “pick-up” in combination with other tax deferred compensation plans. C. If the foregoing “pick-up” provisions are nullified by subsequent Internal Revenue Rulings, Ohio Attorney General Opinions, or other governing regulations, the Board will be held harmless and this article of the agreement shall be declared null and void.

STRS “PICK-UP” SALARY REDUCTION METHOD. A. The Board herewith agrees with the Association to “pick-up” utilizing the salary reduction method at no cost to the Board, contributions to the State Teachers Retirement System paid upon behalf of unit members under the following terms and conditions: 1. The amount to be “picked-up” on behalf of each employee shall be the percentage of the employee’s gross annual compensation required as the employee contribution by the Retirement Board or Ohio Revised Code. The employee’s annual compensation shall be reduced by an amount equal to the amount “picked- picked-up” by the Board for the purpose of state and federal tax only. 2. Shall be uniformly applied to all members of the bargaining unit. 3. The “pick-up” shall apply to compensation including supplemental earnings. 4. Payment for all paid leaves, sick leave, personal leave, severance leave, and supplementals, including unemployment and xxxxxxx’x compensation, shall be based on the employee’s daily gross pay prior to reduction as basis (i.e. gross pay divided by the number of days in a teacher’s contract). B. Each teacher will be responsible for compliance with Internal Revenue Service salary exclusion allowance regulations with respect to the “pick-up” in combination with other tax deferred compensation plans. C. If the foregoing “pick-up” provisions are nullified by subsequent Internal Revenue Rulings, Ohio Attorney General Opinions, or other governing regulations, the Board will be held harmless and this article of the agreement shall be declared null and void.

STRS “PICK-UP” SALARY REDUCTION METHOD. A. The Board herewith agrees with the Association to “STRS "pick-up” " utilizing the salary reduction method method. Contributions to the State Teacher Retirement System will be paid on behalf of the employees in the bargaining unit, at no cost to the Board, contributions to the State Teachers Retirement System paid upon behalf of unit members under the following terms and conditions: 1. The amount to be “"picked-up” " on behalf of each employee shall be the percentage of the employee’s 's gross annual compensation required established by statute or STRS regulation as the employee contribution by the Retirement Board or Ohio Revised Codeemployee's retirement contribution. The employee’s 's annual compensation shall be reduced reduced, at no cost to the Board, by an amount equal to the amount “picked- "picked-up” " by the Board for the purpose of state State and federal Federal tax only. 2. Shall be The pick-up percentage shall apply uniformly applied to all members of the bargaining unitunit as a condition of employment. 3. The “No employee covered by this provision shall have the option to elect a wage increase or other benefit in lieu of the employer pick-up” shall apply to compensation including supplemental earnings. 4. Payment for of all paid leaves, sick leave, personal leave, leave and severance leave, and supplementals, including unemployment and xxxxxxx’x compensation, worker's compensation shall be based on the employee’s 's daily gross pay prior to reduction as basis (i.e. ex: gross pay divided by the number of days in a teacher’s contractworked). B. Each teacher employee will be responsible for compliance with Internal Revenue Service salary exclusion allowance regulations regulations, with respect to the “"pick-up” " in combination with other tax deferred compensation plans. C. If the foregoing “"pick-up” " provisions are nullified by subsequent Internal Revenue Service Rulings, Ohio Attorney General Opinions, or other governing regulations, the Board will be held harmless and this article of the agreement Agreement shall be declared null and void. The Board shall then return to the former method of employer and employee retirement system contributions as soon as is necessary.

STRS “PICK-UP” SALARY REDUCTION METHOD. A. The Board herewith agrees with the Association to “STRS "pick-up” " utilizing the salary reduction method method. Contributions to the State Teacher Retirement System will be paid on behalf of the employees in the bargaining unit, at no cost to the Board, contributions to the State Teachers Retirement System paid upon behalf of unit members under the following terms and conditions:. 1. The amount to be “"picked-up” " on behalf of each employee shall be the percentage of the employee’s 's gross annual compensation required established by statute or STRS regulation as the employee contribution by the Retirement Board or Ohio Revised Codeemployee's retirement contribution. The employee’s 's annual compensation shall be reduced reduced, at no cost to the Board, by an amount equal to the amount “picked- "picked-up” " by the Board for the purpose of state State and federal Federal tax only. 2. Shall be The pick-up percentage shall apply uniformly applied to all members of the bargaining unitunit as a condition of employment. 3. The “No employee covered by this provision shall have the option to elect a wage increase or other benefit in lieu of the employer pick-up” shall apply to compensation including supplemental earnings. 4. Payment for of all paid leaves, sick leave, personal leave, leave and severance leave, and supplementals, including unemployment and xxxxxxx’x compensation, worker's compensation shall be based on the employee’s 's daily gross pay prior to reduction as basis (i.e. ex: gross pay divided by the number of days in a teacher’s contractworked). B. Each teacher employee will be responsible for compliance with Internal Revenue Service salary exclusion allowance regulations regulations, with respect to the “"pick-up” " in combination with other tax deferred compensation plans. C. If the foregoing “"pick-up” " provisions are nullified by subsequent Internal Revenue Service Rulings, Ohio Attorney General Opinions, or other governing regulations, the Board will be held harmless and this article of the agreement Agreement shall be declared null and void. The Board shall then return to the former method of employer and employee retirement system contributions as soon as is necessary.