S.T.R.S. SHELTER Sample Clauses

S.T.R.S. SHELTER. (cont’d) 2. The total annual salary for each employee shall be the salary otherwise payable under their contracts. The total annual salary shall be payable by the Board in two (2) parts: (1) deferred salary and (2) cash salary. An employee's deferred salary shall be equal to that percentage of said employee's total annual salary which is required by STRS to be paid as an employee contribution by said employee and shall be paid by the Board to STRS on behalf of said employee as a "pick-up" of the STRS employee contribution otherwise payable by the employee. An employee's cash salary shall be equal to said employee's total annual salary less the amount of the "pick-up" for said employee and shall be payable, subject to applicable payroll deductions, to said employee. 3. The Board's total combined expenditures for employee's total annual salaries otherwise payable under their contracts (including "pick-up" amounts) and its employer contribution to STRS shall not be greater than the amounts it would have paid for those items had this provision not been in effect. 4. The Board shall compute and remit its employer contributions to STRS based upon the total annual salary, including the "pick-up". The Board shall report for federal and Ohio income tax purposes as an employee's gross income said employee's total annual salary less the amount of the "pick-up". The Board shall report for municipal income tax purposes as an employee's gross income said employee's total annual salary, including the amount of the "pick-up". The Board shall compute income tax withholding based upon gross income as reported to the respective tax authorities. 5. The "pick-up" shall be included in the employee's total annual salary for the purpose of computing daily rate of pay, for determining salary adjustments to be made due to absence, or for any other similar purpose. 6. The "pick-up" shall be a uniform percent for all certified employees, and it shall apply to all payroll payments made after the effective date of this provision and shall not be at the individual employee's option.
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S.T.R.S. SHELTER. 1. The Treasurer of the Steubenville Board of Education shall contribute to the State Teacher's Retirement system (STRS), in addition to the Board’s required employer contribution, an amount equal to each employee's contribution in lieu of payment to such employee beginning with the payroll of January 3, 1986. The amount contributed by the Board on behalf of the employee shall be treated as a mandatory salary reduction from the contract salary otherwise payable to such certified employees.
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S.T.R.S. SHELTER. (cont'd) 7. This provision shall be effective and the "pick-up" shall apply to all payroll payments made after January 3, 1986. 8. The current taxation or deferred taxation of the "pick-up" is determined solely by the Internal Revenue Service (IRS) and compliance with this section does not guarantee that the tax on the "pick-up" will be deferred. If the IRS or other governmental entity declares the "pick- up" not to be tax deferred, this section shall be null and void and the STRS contribution procedure in place prior to the effective date of this provision shall be in effect. 9. 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.
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S.T.R.S. SHELTER. The Board of Education shall designate each employee's mandatory contribution to the State Teachers' Retirement System of Ohio as "picked up" by the Board as contemplated by Internal Revenue Service Ruling 77-464 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 the then-current percentage amount of the employee's mandatory State Teachers' Retirement System 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 the 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 State Teachers' Retirement System of Ohio increased thereby. In the event that there is a determination that the foregoing adversely affects the qualified status under the Internal Revenue Code of the contributions by the Board of the "pick up" contributions or of the STRS retirement plan, this "pick up" provision shall be null and void.
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S.T.R.S. SHELTER. 1. The Board of Education will designate each bargaining unit member's mandatory contribution to the State Teachers' Retirement System of Ohio as "picked up" by the Board as contemplated by Internal Revenue Service Ruling 77-464 and 81-36, although they will continue to be designated as employee contributions as permitted by Attorney General Opinion 82-097, in order that the amount of the bargaining unit member's income reported by the Board as subject to federal and Ohio income tax will be the bargaining unit member's total gross income reduced by the then-current percentage amount of the bargaining unit member's mandatory State Teachers' Retirement System contribution which has been designated as "picked up" by the board, and that the amount designated as "picked up" by the Board will be included in the final average salary, provided that no bargaining unit member's total salary is increased by such "pick up" nor is the Board's total contribution to the State Teachers' Retirement System of Ohio increased thereby.
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S.T.R.S. SHELTER. The Board shall shelter the employees' STRS payments as provided by law.
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