Common use of STRS Pickup (Salary Reduction/Restatement) Clause in Contracts

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. A. The dollar amount to be "picked up" by the Board: 1. Shall be credited to the State Teachers Retirement System as employee contributions under authority of Ohio Attorney General Opinion 82-097; 2. Shall be included in computing an employee's final average salary for State Teachers Retirement System purposes and in reporting employee-authorized credit information to financial institutions; 3. Shall not be reported by the Board as subject to current federal and state income taxes; 4. Shall be reported by the Board as subject to city income taxes. B. Each employee will be responsible for compliance with Internal Revenue Service salary exclusion allowance regulations with respect to the "pickup" in combination with other tax deferred compensation plans. C. For purposes of this Provision, an employee's total annual salary and/or salary per pay period shall be the salary specified in Sections 5.01, 5.03, 5.05, 5.06, 5.08, and 5.11 of this Agreement. The total annual salary and/or salary per pay period shall be payable by the Board in two (2) components: 1) deferred salary and 2) cash salary.

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. A. 1. The dollar amount to be "picked up" by the Board: 1. Shall X. Xxxxx be credited to the State Teachers Retirement System as employee contributions under authority of Ohio Attorney General Opinion 82-097; 2. Shall X. Xxxxx be included in computing an employee's final average salary for State Teachers Retirement System purposes and in reporting employee-employee- authorized credit information to financial institutions; 3. Shall X. Xxxxx not be reported by the Board as subject to current federal and state income taxes; 4. Shall X. Xxxxx be reported by the Board as subject to city income taxes. B. 2. Each employee will be responsible for compliance with Internal Revenue Service salary exclusion allowance regulations with respect to the "pickup" in combination with other tax deferred compensation plans. C. 3. For purposes of this Provision, an employee's total annual salary and/or salary per pay period shall be the salary specified in Sections 5.01, 5.03, 5.05, 5.06, 5.08, and 5.11 of this Agreement. The total annual salary and/or salary per pay period shall be payable by the Board in two components: (2) components: 1) deferred salary and (2) cash salary.

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. A. 1. The dollar amount to be "picked up" by the Board: 1. A. Shall be credited to the State Teachers Retirement System as employee contributions under authority of Ohio Attorney General Opinion 82-097; 2. B. Shall be included in computing an employee's final average salary for State Teachers Retirement System purposes and in reporting employee-employee- authorized credit information to financial institutions; 3. C. Shall not be reported by the Board as subject to current federal and state income taxes; 4. D. Shall be reported by the Board as subject to city income taxes. B. 2. Each employee will be responsible for compliance with Internal Revenue Service salary exclusion allowance regulations with respect to the "pickup" in combination with other tax deferred compensation plans. C. 3. For purposes of this Provision, an employee's total annual salary and/or salary per pay period shall be the salary specified in Sections 5.01, 5.03, 5.05, 5.06, 5.08, and 5.11 of this Agreement. The total annual salary and/or salary per pay period shall be payable by the Board in two components: (2) components: 1) deferred salary and (2) cash salary.