Common use of STRS PICKUP Clause in Contracts

STRS PICKUP. All employee contributions to the State Teachers Retirement System, if any, will be picked-up by the Board on behalf of each employee in the bargaining unit on the following terms and conditions: 1. The amount to be picked-up and paid on behalf of each employee shall be the full amount of the employee's contribution towards STRS. The employee's annual compensation shall be reduced for purposes of State and Federal income tax only by an amount equal to that picked-up and paid by the Board. 2. The Board shall compute and remit its statutory required contributions to STRS based upon annual salary and/or earned compensation, which includes the amount of pick-up computed herein. 3. The pick-up percentage shall apply uniformly to all members of the bargaining unit as a condition of employment. No employee covered by this provision shall have the option to elect a wage increase or other benefit in lieu of the employer pick-up. 4. Payment for all leaves - sick leave, personal leave, professional leave; severance, vacation, supplemental and extended service pay and insurance benefits which are indexed to or otherwise determinable by reference to the employee's rate of pay shall be calculated based upon the employee's daily gross pay prior to any reduction for "pick-up" purposes (e.g. gross pay divided by the number of days in the individual's contract). If necessary, the Board Treasurer will prepare and distribute an addendum to each employee's contract, which states that the employee's salary consists of: 1. A cash component; 2. A pick-up component, which is equal to the amount of the employee's contribution being "picked-up" by the Board on behalf of the employee.