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...
STRS PICK-UP. 1. The Board agrees to STRS "pick-up" utilizing the salary reduction method of contributions to the State Teachers Retirement System paid upon behalf of the teachers, at no cost to the Board, under the following conditions:
a. The amount to be "picked-up" on behalf of each teacher shall be the current teacher contribution percentage of the teacher's gross annual compensation as determined by STRS. The teacher's annual compensation shall be reduced, at no cost to the Board, by an amount equal to the amount "picked-up" by the Board for the purposes of state and federal tax only.
b. The "pick-up" percentage shall apply uniformly to all teachers and shall become effective with the first pay in the new school year.
c. No teacher covered by this provision shall have the option to elect a wage increase or other benefit in lieu of the employer "pick-up".
d. Payment for all paid leaves, sick leave, personal leave, severance, and supplementals including unemployment and Worker's Compensation shall be based on the teacher's daily gross pay prior to reduction as basis (e.g., gross pay divided by the number of days in a teacher's contract).
2. Each teacher will be responsible for compliance with Internal Revenue Service salary exclusion allowance regulations with respect to the "pick-up" in combination with other tax deferred compensation plans.
3. If the foregoing "pick-up" provisions are nullified by subsequent Internal Revenue Service Rulings, Ohio Attorney General Opinions, or other governing regulations, the Board will be held harmless and this article of the agreement shall be declared null and void.
STRS PICK-UP. The Board agrees to continue to treat a unit member’s own individual STRS contribution (as opposed to the Board’s own STRS contribution on the employee’s behalf) as a mandatory salary reduction from the contract salary otherwise payable to such unit member. The unit member’s contract salary shall thus be restated (1) as consisting of (a) a cash salary component and (b) a pick-up component, which is equal to the amount of the unit member’s contribution being picked up by the Board on behalf of the unit member; (2) that the Board will contribute to STRS an amount equal to the unit member’s required contribution to STRS for the account of each unit member; and (3) that sick leave, severance, vacation, supplemental, and extended service pay and insurance benefits which are indexed to or otherwise determinable by reference to the unit member’s rate of pay shall be calculated upon both the cash salary component and pick-up component of the unit member’s restated salary.
STRS PICK-UP. The Board herewith agrees with the Association to pick-up, utilizing the salary reduction method, contributions to the State Teachers Retirement System paid on behalf of the employees in the bargaining unit under the following terms and conditions.
A. The amount to be “picked-up” on behalf of each unit member shall be the percent mandated by STRS of the unit member’s gross annual compensation. The unit members annual compensation shall be reduced by an amount equal to the amount “picked-up” by the Board for the purpose of State and Federal taxes only.
B. The pick-up percentage shall apply uniformly to all unit members as a condition of employment.
C. The pick-up shall apply to all compensation including supplemental earnings thereafter.
D. The parties agree that should the rules and regulations of the IRS or retirement system change, making this procedure unworkable, the parties agree to return, without penalty, to the former method of employee/employer contributions.
E. Payment for sick leave, personal leave, severance and supplemental contracts, including unemployment and worker’s compensation, shall be based on the unit member’s daily gross pay prior to reduction (e.g., gross pay divided by the number of days in a unit member’s contract).
STRS PICK-UP. The Board herewith agrees to pick up (assume and pay) contributions to the State Teachers Retirement System (or State Employees Retirement System) on behalf of the unit members in the bargaining unit on the following terms and conditions:
1. The amount to be picked up and paid on behalf of each unit member shall be the then- existing unit member's contribution as determined by STRS (or SERS) and required by law. The unit member'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 shall apply uniformly to all unit members.
3. No unit member covered by this provision shall have the option to elect a wage increase or other benefits in lieu of the employer pick-up.
4. The pick-up shall apply to all compensation including supplemental earnings. Section F.
STRS PICK-UP. The Board of Education of the Colonel Xxxxxxxx Local Schools herewith agrees with the Colonel Xxxxxxxx Education Association to pick-up contributions to the State Teachers Retirement System on behalf of the employees in the bargaining unit on the following terms and conditions using the salary reduction method of “pick-up.”
STRS PICK-UP. Effective January 1, 1984, the Board of Education agrees to pick-up and tax shelter contributions to the State Teachers Retirement System on behalf of all teachers represented by the New Xxxxxx Education Association. The amount to be picked-up on behalf of each teacher shall be ten percent (10%) or as otherwise specified by the STRS as the teacher contribution on the teacher’s compensation including all supplemental earnings.
STRS PICK-UP. The Board of Education agrees to designate each employee’s mandatory contributions to the State Teachers Retirement System as “picked up” by the Board as contemplated by Internal Revenue Service rulings 77-462 and 81-36, although they shall continue to be designated as employee contributions as permitted by Attorney General Opinion 82-097. 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 STRS contribution which has been designated as “picked up” by the Board. The amount designated as “picked up” by the Board shall be included when computing final average salary, daily rate of pay, severance pay, supplemental salary, and extended service pay. This policy applies without exception to all employees represented by the Clyde-Green Springs Education Association. The pick-up shall become effective July 1, 1984 and shall be applied to all earnings paid after that date. The amount to be tax sheltered on behalf of each employee shall be eight and three-fourths percent (8.75%) of the employee’s total compensation, or such higher rates as may be imposed by the STRS as required employee contributions.
STRS PICK-UP. The Board agrees with the Association to pick-up (salary reduction- restatement method) contributions to the State Teachers Retirement System upon behalf of the members on the following terms and conditions:
(1) The amount to be picked up and paid on behalf of each member shall be the current statutory rate of the member's compensation. The member'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 shall apply uniformly to all members.
(3) No member covered by this provision shall have the option to elect a wage increase or other benefit in lieu of the employer pick-up.
(4) The pick-up shall apply to all compensation including supplemental earnings.
(5) For Internal Revenue Service purposes the W-2 form for each individual shall reflect the actual amount as indicated on the negotiated salary schedule minus the STRS pick-up.
(6) The negotiated salary schedule amount for each member shall be utilized for all other calculations for the purpose of compensation such as, but not limited to, unemployment compensation, sick leave, workmen's compensation, and severance pay.
STRS PICK-UP. (Salary Reduction Method)
A. The Board agrees to STRS "pick-up" utilizing the salary reduction method. Contributions to the State Teachers Retirement System will be paid on behalf of the employees in the bargaining unit, at no cost to the Board, under the following terms and conditions:
1. The amount to be "picked-up" on behalf of each employee shall be a percentage of the employee's gross annual compensation which equals the rate established by STRS as required employee contributions. The employee's annual compensation shall be reduced, at no cost to the Board, by an amount equal to the amount "picked-up" by the Board for the purpose of state and federal tax only.
2. The pick-up percentage shall apply uniformly to all members of the bargaining unit as a condition of employment.
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. Payment of all paid leaves, sick leave, personal leave, and severance including unemployment and workers' compensation, shall be based on the employee's daily gross pay prior to reduction as basis (ex: gross pay divided by the number of days worked).
B. Each employee will be responsible for compliance with Internal Revenue salary exclusion allowance regulations, with respect to the "pick-up" in combination with other tax deferred compensation plans.
C. If the foregoing "pick-up" provisions are nullified by subsequent Internal Revenue Service rulings, Ohio Attorney General Opinions, or other governing regulations, the Board will be held harmless and this article of agreement shall be declared null and void. The Board shall then return to the former method of employer and employee retirement system contributions as soon as is necessary.
