Common use of STRS PICK-UP UTILIZING THE SALARY REDUCTION METHOD Clause in Contracts

STRS PICK-UP UTILIZING THE SALARY REDUCTION METHOD. 1. The Board of Education of the Lake Local School District herewith agrees with the Lake Education Association to pick-up at no cost to the Board and utilizing the salary reduction method, contributions to the State Teachers Retirement System paid on behalf of unit members under the following terms and conditions: a. The amount to be “picked-up” on behalf of each employee shall be the prevailing rate per the Ohio Revised Code, of the employee’s gross annual compensation. 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. b. Shall be uniformly applied to all members of the bargaining unit. c. The pick-up became effective January 1, 1986 and shall apply to all compensation including supplemental earnings thereafter. 2. 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. 3. 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 shall be declared null and void.

STRS PICK-UP UTILIZING THE SALARY REDUCTION METHOD. 1. The Board of Education of the Lake Local School District herewith agrees with the Lake Education Association to pick-up at no cost to the Board and utilizing the salary reduction method, contributions to the State Teachers Retirement System paid on behalf of unit members under the following terms and conditions: a. The amount to be “picked-up” on behalf of each employee shall be 9.3 percent (9.3%), or the prevailing rate per the Ohio Revised Code, of the employee’s gross annual compensation. 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. b. Shall be uniformly applied to all members of the bargaining unit. c. The pick-up became effective January 1, 1986 and shall apply to all compensation including supplemental earnings thereafter. 2. 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. 3. 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 shall be declared null and void.