STRS Pickup (Salary Reduction Method Sample Clauses

STRS Pickup (Salary Reduction Method. In accordance with Internal Revenue Code (“IRC”) Section 414(h)(2), the Board shall pick up all of the required member contributions of all employees to the State Teachers Retirement System (“STRS”) and School Employees Retirement System (“SERS”). The pick-up shall be a “salary reduction” pick-up of the entire amount of the member contribution which the employee is required to contribute to STRS or SERS, based upon the salary and all other “compensation” of the employee under Ohio Revised Code (“ORC”) Section 3307.01 or 3309. 01. Accordingly, the compensation of an employee covered by the salary reduction pick up shall be deemed to be reduced by the amount of the pick-up; and the Treasurer is hereby authorized to pay an equal amount the amount of the salary reduction pick-up directly to STRS or SERS as a member contribution of the employee. No employee shall have the option of receiving cash or other taxable benefits or amounts in lieu of having a pick-up in effect for all of the employee’s required member contributions to STRS or SERS. The Board's total combined expenditures for total annual salaries of all members of the bargaining unit (including "pickup" amounts) and its employer contributions to STRS shall not be greater than the amounts it would have paid for those items had this provision of this Agreement not been in effect.
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STRS Pickup (Salary Reduction Method. The Board and the Association herewith agree that the School District shall “pick-up” all of the contributions which, in accordance with Chapter 3307 of the Ohio Revised Code, are required to be paid by members of the unit (“employee contributions”) to the State Teachers Retirement System (“STRS”). The pick up of employee contributions to STRS shall constitute only an assumption and payment of the employee contribution to STRS in accordance with Section 414(h)(2) of the Internal Revenue Code (a “salary reduction” pickup); and shall be reported to STRS as an employee contribution. Accordingly, such pickup shall not (i) increase the gross annual compensation of members of the unit covered by the pickup, (ii) increase the contribution which is required to be paid by the School District to STRS in accordance with Chapter 3307 of the Ohio Revised Code, or (iii) otherwise be considered compensation of the member of the unit for any purpose. No member shall have the option of receiving a cash payment or other compensation in lieu of the pickup of his or her employee contribution to STRS. If the provisions of the Internal Revenue Code (and rulings and Attorney General Opinions thereunder) which authorize such pickup are altered or amended, or the taxation of picked up amounts is changed after execution of this agreement, the Board and School District shall be held harmless from any liability which may result from such changes.

Related to STRS Pickup (Salary Reduction Method

  • Salary Reduction A reduction in pay from one step to another, which is not below the minimum rate established for the position by the salary plan. A copy of the notice of reduction shall be sent promptly to the City Manager Department for inclusion in the employee's official personnel file.

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • Elective Deferrals (a) The Committee may establish procedures pursuant to which Employee may elect to defer, until a time or times later than the vesting of a Performance Share Unit, receipt of all or a portion of the shares of Common Stock deliverable in respect of a Performance Share Unit, all on such terms and conditions as the Committee (or its designee) shall determine in its sole discretion. If any such deferrals are permitted for Employee, then notwithstanding any provision of this Agreement or the Plan to the contrary, an Employee who elects such deferral shall not have any rights as a stockholder with respect to any such deferred shares of Common Stock unless and until the date the deferral expires and certificates representing such shares are required to be delivered to Employee. The foregoing notwithstanding, no deferrals of Dividend Equivalents related to any Performance Share Units under this Award will be permitted. Moreover, the Committee further retains the authority and discretion to modify and/or terminate existing deferral elections, procedures and distribution options. (b) Notwithstanding any provision to the contrary in this Agreement, if deferral of Performance Share Units is permitted, each provision of this Agreement shall be interpreted to permit the deferral of compensation only as allowed in compliance with the requirements of Section 409A of the Internal Revenue Code and any provision that would conflict with such requirements shall not be valid or enforceable. Employee acknowledges, without limitation, and consents that application of Section 409A of the Internal Revenue Code to this Agreement may require additional delay of payments otherwise payable under this Agreement. Employee and the Company further hereby agree to execute such further instruments and take such further action as reasonably may be necessary to comply with Section 409A of the Internal Revenue Code.

  • Salary Scale The salary scale applicable to Employees shall be set out hereinafter in the Wage Schedule.

  • 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. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Voluntary Employee Contributions (i) Subject to the governing rules of the relevant superannuation fund, an employee may, in writing, authorise their employer to pay on behalf of the employee a specified amount from the post- taxation wages of the employee into the same superannuation fund as the employer makes the superannuation contributions provided for in Clause 24(b). (ii) An employee may adjust the amount the employee has authorised their employer to pay from the wages of the employee from the first of the month following the giving of three months’ written notice to their employer. (iii) The employer must pay the amount authorised under Clauses 24(d)(i) or 24(d)(ii) no later than 28 days after the end of the month in which the deduction authorised under Clauses 24(d)(i) or 24(d)(ii) was made.

  • Salary Range The 20 20 - 2 0 2 1 salary range for returning teachers is $39,000 to $75,846. The 2021-2022 salary range for returning teachers is $40,500-$77,392. At the beginning of the 2022-2023 school year, the salaries of returning full-time teachers were between $40,000 and $79,346.

  • Salary and Bonus Awards of stock, stock options, and stock appreciation rights. Use the dollar amount recognized for financial statement reporting purposes with respect to the fiscal year in accordance with the Statement of Financial Accounting Standards No. 123 (Revised 2004) (FAS 123R), Shared Based Payments.

  • Base Pay The Company agrees to pay Employee gross annual compensation of $400,000 (“Base Salary”), less usual and customary withholdings, which shall be payable in arrears in accordance with the Company’s customary payroll practices. The Base Salary will be subject to normal periodic review, and such review will consider Employee’s contributions to the Company and the Company’s overall performance.

  • 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.

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