Pension Pickup. Wages shall be paid bi-weekly, via direct deposit, every other Friday. When a holiday falls on a Friday, employees shall be paid on the preceding Thursday. When a pair of holidays falls on both a Thursday and Friday, employees shall be paid on the preceding Wednesday. Such wage compensation shall include payments previously termed “longevity” and shall include payments for pension pickup as currently pay rolled for all bargaining unit members.
Pension Pickup. 32.01 As permitted by the Internal Revenue Service and Public Employees Retirement System, the Employer agrees to continue to implement the "salary reduction" method for pension "pick-up".
Pension Pickup. In accordance with applicable IRS provisions, the City shall pick up the pension fund contributions required of each employee under the provisions of 40 ILCS 5/3-125.1. The intent of this provision is to defer the employee’s pension contribution from being taxed at the time of the contribution, subject to and in accordance with applicable IRS provisions. This provision does not decrease the employee’s obligations to make required pension contributions, nor does it increase the City’s obligations to make pension contributions other than as a conduit for employees’ contributions. The City makes no guarantee concerning the tax effect of the terms of this section upon employees.
Pension Pickup. The City shall “pick-up” the police officer’s pension contributions out of the police officer’s salary as authorized by 40 ILCS Section 5/3-125.2 of the Illinois Pension Code.
Pension Pickup. 35.01 The Employer shall designate the Employee’s contribution of gross wages paid each year by individual bargaining unit members to the Public Employees Retirement System of the State of Ohio or Employer-paid for the purpose of deferred state and federal income taxes under the Pension pickup plan commonly referred to as “Salary Reduction Plan,” each bargaining unit member will continue to pay the required amount of Employee’s contribution of gross salary to PERS. The Employer will continue to pay its required share as defined by the statutory laws of the State of Ohio.
Pension Pickup. Any employee of the police department of the City of North Canton who is a member of the Ohio Police and Fire Pension Fund or the Public Employees Retirement System of Ohio shall have his compensation reduced by an amount equivalent to that employee’s contribution to the Ohio Police and Fire Pension Fund or the Public Employees Retirement System of Ohio, as the case may be, and that the amount of the employee’s contribution to the Ohio Police and Fire Pension Fund or the Public Employees Retirement System of Ohio, as the case may be, be paid by the City of North Canton on behalf of the employee, and that the amount of the contribution so paid on behalf of the employee by the Employer be added to the salary or wage of the employee in the calculation of pensions and other benefits and is subject to the City of North Canton income tax. In respect to the employee’s contribution to the Public Employees Retirement System of Ohio, that contribution shall be the employee’s contribution to the employee’s savings fund defined at R.C. 145.47.
Pension Pickup. Notwithstanding the foregoing provisions on member's compensation, and unless otherwise specified in this agreement, the parties agree that:
Pension Pickup. In addition to the above wage increases, the Employer shall pay or pick-up the following percentages of each rank’s gross income to the appropriate state retirement system: six percent (6%) as it is now. Should the pension pick-up by the Employer no longer be permitted by the General Assembly then the parties agree to a wage reopener that is cost neutral to the Township.
Pension Pickup. The Board agrees to continue pension pickup as per past practice during the term of this Agreement.
Pension Pickup. Notwithstanding the foregoing provisions on Member’s compensation, and unless otherwise specified in this Agreement, the parties agree that: The City shall reduce each Member’s gross compensation which is subject to and qualifies as compensation subject to contributions to the Ohio Police and Firemen’s Disability and Pension Fund and shall contribute to the Ohio Police and Firemen’s Disability and Pension Fund in addition to the City’s required employer contribution, the applicable reduction in lieu of payment as proscribed by the Ohio Police and Fire Pension Fund by City of such amount to such Member. This treatment of compensation shall be mandatory as to each Member. The City shall, in reporting and making remittances to the Ohio Police and Firemen’s Disability and Pension Fund, report that each Member’s contribution has been made as provided by statute. The parties further agree that a Member’s contract salary for purposes of (1) determining the contribution base for contributions to the fund, and (2) determining any benefits which are determined by reference to the Member’s rate of pay, shall consist of: the Member’s cash salary as actually payable to the Member in accordance with paragraph 14.06 A, plus the amount of contribution to the fund paid by the City in lieu of payment by the Member pursuant to paragraph 14.06 A. The parties further agree that the pick-up described in paragraph 14.06 A shall remain in effect only so long as Revenue Ruling No. 81-36 remains substantially unchanged, that such pick-up is intended to be without cost to the City, and that the City has made no representations as to the effects of such pickup on any Member’s benefits or level of taxable income. For the purposes of this Agreement, the City agrees to a pension pick-up in the percentage amount as set forth in Appendix B of the Member’s statutory portion.
