STRS PICKUP (Salary Reduction/Restatement. In accordance with Internal Revenue Service Rulings 77-462, 81-35 and 81-36, the GEA and the Board agree that the Board shall contribute to the State Teachers Retirement System, in addition to the Board's required employer contribution, an amount equal to each employee's contribution to the State Teachers Retirement System in lieu of payment of said amount to each employee and that such amount contributed by the Board on behalf of the employee shall be treated as a mandatory salary reduction from the contract salary or hourly rate otherwise payable to each employee.
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STRS PICKUP (Salary Reduction/Restatement. In accordance with Internal Revenue Service Rulings 77-77- 462, 81-35 and 81-36, the GEA and the Board agree that the Board shall contribute to the State Teachers Retirement System, in addition to the Board's required employer contribution, an amount equal to each employee's contribution to the State Teachers Retirement System in lieu of payment of said amount to each employee and that such amount contributed by the Board on behalf of the employee shall be treated as a mandatory salary reduction from the contract salary or hourly rate otherwise payable to each employee.
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