Common use of STRS PICKUP Clause in Contracts

STRS PICKUP. A. In accordance with Internal Revenue Service Rulings 77-462, 81-35 and 81-36, the Association and the Board agree the Board shall pick up each teacher’s mandatory contributions to the State Teachers Retirement System of Ohio (STRS), provided that no teacher’s total is increased by such pickup nor is the Board’s total contribution to STRS increased thereby. The dollar amount to be “picked up” by the Board: 1. Xxxxx equal the then-current percentage amount of the teacher’s mandatory STRS contribution; 2. Shall be credited by XXXX as employee contributions under authority of Ohio Attorney General Opinion 82-097; 3. Shall be included in computing final average salary; 4. Shall not be reported by the Board as subject to current federal and state income taxes; 5. Shall be reported by the Board as subject to city income taxes; 6. Shall not affect the calculation of a teacher’s rate of pay for any purpose whatsoever, including making salary adjustments because of absence, calculating severance pay, or in reporting teacher-authorized credit information to financial institutions. Each teacher 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.

STRS PICKUP. A. In accordance with Internal Revenue Service Rulings 77-462, 81-35 and 81-36, the Association and the Board agree the Board shall pick up each teacher’s mandatory contributions to the State Teachers Retirement System of Ohio (STRS), provided that no teacher’s total is increased by such pickup nor is the Board’s total contribution to STRS increased thereby. The dollar amount to be “picked up” by the Board: 1. Xxxxx Shall equal the then-current percentage amount of the teacher’s mandatory STRS contribution; 2. Shall be credited by XXXX STRS as employee contributions under authority of Ohio Attorney General Opinion 82-097; 3. Shall be included in computing final average salary; 4. Shall not be reported by the Board as subject to current federal and state income taxes; 5. Shall be reported by the Board as subject to city income taxes; 6. Shall not affect the calculation of a teacher’s rate of pay for any purpose whatsoever, including making salary adjustments because of absence, calculating severance pay, or in reporting teacher-authorized credit information to financial institutions. Each teacher 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.