STRS PICK-UP. The Board agrees with the Association to pick-up (salary reduction- restatement method) contributions to the State Teachers Retirement System upon behalf of the members on the following terms and conditions: (1) The amount to be picked up and paid on behalf of each member shall be the current statutory rate of the member's compensation. The member's annual compensation shall be reduced by an amount equal to the amount picked up and paid by the Board. (2) The pick-up percentage shall apply uniformly to all members. (3) No member covered by this provision shall have the option to elect a wage increase or other benefit in lieu of the employer pick-up. (4) The pick-up shall apply to all compensation including supplemental earnings. (5) For Internal Revenue Service purposes the W-2 form for each individual shall reflect the actual amount as indicated on the negotiated salary schedule minus the STRS pick-up. (6) The negotiated salary schedule amount for each member shall be utilized for all other calculations for the purpose of compensation such as, but not limited to, unemployment compensation, sick leave, workmen's compensation, and severance pay.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
STRS PICK-UP. The Board agrees with the Association to pick-up (salary reduction- reduction-restatement method) contributions to the State Teachers Retirement System upon behalf of the members on the following terms and conditions:
(1) The amount to be picked up and paid on behalf of each member shall be the current statutory rate of the member's ’s compensation. The member's ’s annual compensation shall be reduced by an amount equal to the amount picked up and paid by the Board.
(2) The pick-up percentage shall apply uniformly to all members.
(3) No member covered by this provision shall have the option to elect a wage increase or other benefit in lieu of the employer pick-up.
(4) The pick-up shall apply to all compensation including supplemental earnings.
(5) For Internal Revenue Service purposes the W-2 form for each individual shall reflect the actual amount as indicated on the negotiated salary schedule minus the STRS pick-up.
(6) The negotiated salary schedule amount for each member shall be utilized for all other calculations for the purpose of compensation such as, but not limited to, unemployment compensation, sick leave, workmen's ’s compensation, and severance pay.
Appears in 2 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement
