STRS Sers Pick Up Sample Clauses

STRS Sers Pick Up. 101 The Treasurer of the Board shall contribute to the State Teachers' Retirement System (STRS) or State Employees Retirement System (SERS), whichever is appropriate, in addition to the Board's required member contribution, an amount equal to each member’s contribution in lieu of payment to such member. The amount contributed by the Board on behalf of the member shall be treated as a mandatory salary reduction from the salary otherwise payable to such certified member.
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STRS Sers Pick Up. The Board of Education's automatic "pick-up" of the bargaining unit member's portion of the retirement system salary contribution through the salary reduction/reinstatement method will continue for the duration of this Agreement. The Board of Education will not deduct federal or state taxes on the amount of the member's contribution to the retirement system, and appropriate notations will be made on the member's W-2 form. The amount designated as "picked up" by the Board of Education shall be included in computing the employee's daily rate for the purpose of sick leave conversion upon retirement, provided however, that no employee's total gross income shall be increased by such "pick up" nor shall the Board of Education's total contribution to the STRS/SERS be increased thereby. This procedure shall remain in effect so long as the revenue rulings permit such "pick-up" and it is otherwise legal.
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STRS Sers Pick Up. 011 In addition to the required employer contribution to State Teachers Retirement System (STRS) or State Employees Retirement System (SERS), the Board will as a condition of employment continue to contribute an amount equal to each employee's contribution in lieu of payment to such employee. Such amount contributed by the Board to STRS/SERS on behalf of the employee shall be treated as a mandatory salary reduction otherwise payable to the employee.
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STRS Sers Pick Up. The Board will pick-up (assume and pay) contributions to the State Teachers Retirement System, or State Employees Retirement System whichever is applicable, upon behalf of the employees 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 toward STRS, or SERS. The employee's annual compensation shall be reduced by an amount equal to the amount picked-up and paid by the Board. 2. The pick-up percentage otherwise required for all members of the bargaining unit contributing to STRS, or SERS shall apply uniformly to all such members of the bargaining unit. 3. 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. The Board Treasurer will prepare and distribute an addendum to each employee's contract which states: 1. That the employee's contract salary consists of: a. A cash salary component and b. 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; 2. That the Board will contribute to STRS, or SERS an amount equal to the employee's otherwise required contribution to STRS, or SERS for the account of each employee; and 3. That sick leave, severance, vacation, supplemental, extended service pay, insurance benefits or any other pay or benefit which are indexed to or otherwise determinable by reference to the employee's rate of pay shall be calculated upon both the cash salary component and pick-up component of the employee's restated salary. All subsequent contracts and salary notices for those affected employees will include the provisions of the above addendum.
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STRS Sers Pick Up. The Board agrees to the “Pick-Up” system (non-pay 10.0% SERS, non-pay 11% STRS) of contributions to the State Teachers Retirement System or the School Employees Retirement System, whichever is applicable. 1. The Board shall compute and remit all applicable contributions to STRS/SERS based upon annual salary and/or earned compensation which includes the amount of the “pick-up” computed herein. 2. The “pick-up” percentage shall apply uniformly to all bargaining unit members, and 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”. 3. The present “pick-up” system (non-pay 10.0% SERS, non-pay 11% STRS) that is in effect will remain in effect during the life of this contract. 4. For IRS purposes only, annual compensation listed on the W-2 form shall be the bargaining unit member’s annual compensation reduced by 10.0 % (currently).
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STRS Sers Pick Up. The Board agrees with the Association to pick up (assume and pay) contributions to the State Teachers Retirement System and the State Employees Retirement System upon behalf of the members in the bargaining unit on the following terms and conditions: A. An amount equal to 3% of the members total contribution will be picked up and paid on behalf of each bargaining unit member B. The board shall compute and remit 3% of all applicable contributions to STRS and SERS based upon annual salaries and any other earned compensation. C. The pick-up percentage shall apply uniformly to all members of the bargaining unit and no member covered by this provision shall have the option to elect a wage or benefit in lieu of the employer pick up. D. Said pick-up shall not result in any additional cost to the Board. E. The pick-up shall become effective upon the signing of this agreement.
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STRS Sers Pick Up 
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Related to STRS Sers Pick Up

  • STRS PICK-UP The Board agrees, as a condition of employment, to tax shelter employee contributions to the State Teacher's Retirement System (STRS) in accordance with State Retirement System and Federal Internal Revenue Service guidelines and restrictions. This section in no way implies that the Board will contribute any portion of the employee's share of retirement contributions. For purposes of this paragraph, total annual salary and salary per pay period of each bargaining unit member shall be the salary otherwise payable under this Agreement, as amended. The total annual salary and salary per pay period of each member shall be payable by the Board in two parts: (1) deferred salary and (2) cash salary. A member's deferred salary shall be equal to that percentage of said member's total annual salary or salary per pay period which is required from time to time by the State Teachers Retirement System (STRS) to be paid as an employee contribution by said member as a pickup of the STRS employee contribution otherwise payable by said member. A member's cash salary shall be equal to said member's total annual salary or salary per period less the amount of the pickup for said member and shall be payable, subject to applicable payroll deductions, to said member. The Board's total combined expenditures for members' total annual salaries otherwise payable under this Agreement, as amended, (including pickup amounts) and its employer contributions to STRS shall not be greater than the amounts it would have paid for those items had this provision not been in effect. The Board shall compute and remit its employer contributions to STRS based upon total annual salary, including the "pickup". The Board shall report for Federal and Ohio income tax purposes as a member's gross income said member's total annual salary less the amount of the "pickup". The Board shall report for municipal income tax purposes as a member's gross income said member's total annual salary, including the amount of the pickup. The pickup shall be included in the member's total annual salary for the purpose of computing daily rate of pay, for determining paid salary adjustments to be made due to absence, or for any other similar purpose. The pickup shall apply to all payroll payments made after the effective date of this provision. Should the Board's payment of deferred salary cause an individual bargaining unit member's annuity contributions to exceed the IRS permissible level, any such individual shall have the right to adjust annuity deductions within thirty (30) days of the effective date of this provision.

  • Sell-Off Period Notwithstanding expiration or termination of this Agreement, Fig may continue to exercise its rights under the Distribution License for a period of sixty (60) days following expiration or termination, whereupon Fig shall exercise reasonable efforts to terminate any Fig Sales, and to cause any Distributor of Fig to terminate any such sales. Fig shall exercise reasonable efforts to remove or cause any Distributor of Fig to remove from publication or display any advertising relating to the Licensed Game posted by Fig or any such Distributor within the Sell-Off Period.

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  • Lock-Ups The Purchaser acknowledges that the Securities will be subject to the Lock-ups contained in the Insider Letter.

  • Employee leaving during notice period An employee given notice of termination in circumstances of redundancy may terminate their employment during the period of notice. The employee is entitled to receive the benefits and payments they would have received under this clause had they remained in employment until the expiry of the notice, but is not entitled to any payment in lieu of any remaining notice.

  • Lock-Up Period Participant hereby agrees that Participant shall not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Stock (or other securities) of the Company or enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Common Stock (or other securities) of the Company held by Participant (other than those included in the registration) for a period specified by the representative of the underwriters of Common Stock (or other securities) of the Company not to exceed one hundred and eighty (180) days following the effective date of any registration statement of the Company filed under the Securities Act (or such other period as may be requested by the Company or the underwriters to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto). Participant agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or the representative of the underwriters of Common Stock (or other securities) of the Company, Participant shall provide, within ten (10) days of such request, such information as may be required by the Company or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section 4 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of said one hundred and eighty (180) day (or other) period. Participant agrees that any transferee of the Option or shares acquired pursuant to the Option shall be bound by this Section 4.

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  • Employee Leaving During Notice An employee whose employment is to be terminated for reasons set out in this clause may terminate employment during the period of notice and, if so, shall be entitled to the same benefits and payments under this clause had the employee remained with the employer until the expiry of such notice. This is with the provision that in such circumstances the employee shall not be entitled to payment instead of notice.

  • Removal from any Boards and Positions Upon Executive’s termination of employment for any reason under this Agreement, Executive shall be deemed to resign (i) if a member, from the Board and the board of directors of any Affiliate and any other board to which Executive has been appointed or nominated by or on behalf of the Company or an Affiliate, (ii) from each position with the Company and any Affiliate, including as an officer of the Company or an Affiliate and (iii) as a fiduciary of any employee benefit plan of the Company and any Affiliate.

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