Common use of STRS Tax-Deferred Payroll Deduction Plan for the Purchase of Service Credit Clause in Contracts

STRS Tax-Deferred Payroll Deduction Plan for the Purchase of Service Credit. 1. The Board shall make the STRS Tax-Deferred Payroll Deductions Plan available to bargaining unit members. The Plan will be in accordance with IRS regulations governing employer pickup and STRS Ohio laws and rules. The implementation and ongoing maintenance of the Plan shall be at no cost to the Board. 2. Bargaining unit members are individually responsible for determining the appropriateness of their participation in the Tax-Deferred Payroll Deduction Plan or the After-Tax Payroll Deduction Plan. 3. It is understood that: a) Once an employee begins the purchase of credit by tax-deferred payroll deduction, it is irrevocable. An employee cannot stop or change the payments until the purchase is complete or employment if terminated. b) Employees who begin the purchase of credit by tax-deferred payroll deduction cannot make payments directly to STRS Ohio for the same credit. c) Overpayments on tax-deferred payroll deductions will be returned to the employer for proper tax accounting.