Common use of STRS PICKUP Clause in Contracts

STRS PICKUP. Effective upon ratification by the Union and approval by the Board, the Board shall designate each employee's mandatory contributions to the School Teachers Retirement System of Ohio as "picked up" by the Board as contemplated by Internal Revenue Service Revenue Rulings 77-462 and 81-36, although they shall continue to be designated as employee contributions as permitted by Attorney General Opinion 82-097, in order that the amount of the employee's income reported by the Board as subject to federal and Ohio income tax shall be the employee's total gross income reduced by then-current percentage amount of the employee's mandatory School Teachers Retirement System of Ohio contribution which has been designated as "picked up" by the Board, and that the amount designated as "picked up" by the Board shall be included in computing final average salary, provided that no employee's total salary is increased by such "pick up", nor is the Board's total contribution to the School Teachers Retirement System of Ohio increased thereby.

STRS PICKUP. Effective upon ratification by the Union and approval by the Board, the Board shall designate each employee's mandatory contributions to the School Teachers Retirement System of Ohio as "picked up" by the Board as contemplated by Internal Revenue Service Revenue Rulings 77-462 and 81-36, although they shall continue to be designated as employee contributions as permitted by Attorney General Opinion 82-097, in order that the amount of the employee's income reported by the Board as subject to federal and Ohio income tax shall be the employee's total gross income reduced by then-current percentage amount of the employee's mandatory School Teachers Retirement System of Ohio contribution which has been designated as "picked up" by the Board, and that the amount designated as "picked up" by the Board shall be included in computing final average salary, provided that no employee's total salary is increased by such "pick up", nor is the Board's total contribution to the School Teachers Retirement System of Ohio increased thereby.thereby.‌