PERS Pick Up Requirement Sample Clauses

PERS Pick Up Requirement. The participants in the Oregon Public Employees Retirement Systems (PERS) shall be required to pay, as an employee contribution, six percent (6%) of their gross wages. All contributions to PERS shall be made pursuant to Article IX, Section 10 of the Oregon Constitution and such contribution shall be deemed “picked up” for purposes of Section 414 (h) of the Internal Revenue Code. No bargaining unit employees shall have the option of receiving the money and directly making the contribution. The amount of any contribution made by an employee pursuant to Article IX, Section 10 of the Oregon Constitution shall not be included in or reported as gross income for income tax purposes. Pursuant to federal law, the "pick-up” contribution shall be subject to FICA and Medicare taxes.
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PERS Pick Up Requirement. Effective January 1, 1995 the participants in PERS shall be required to pay an employee contribution of six percent (6%) of their gross wages to the Individual Account Program (IAP). All contributions to OPSRP and IAP shall be made pursuant to Article IX, Section 10 of the Oregon Constitution and such contribution shall be deemed "pick up" for purposes of Section 414(h) of the Internal Revenue Code. No bargaining unit employee shall have the option of receiving the money and directly making the contribution.
Sample 1Sample 2Sample 3See All (9)
PERS Pick Up Requirement. Effective January 1, 1995 the participants in PERS shall be required to pay as an employee contribution of six percent (6%) of their gross wages to the Individual Account Program (IAP).
Sample 1Sample 2Sample 3See All (5)
PERS Pick Up Requirement. All County employees are required to pay six percent (6%) of their gross monthly wages to the Oregon Public Employees Retirement System after six (6) months of continuous employment. Effective July 1, 2020, for all members of the union, County shall assume and pay the six percent (6%) amount to the Oregon Public Employees Retirement System for purposes of ORS 238A.335(2)(b) and, further, the required PERS employee contribution for said employees is deemed to be “picked up” for purposes of IRC Section 414(h). Eligibility and participation requirements are set by PERS, and participation is not optional.
Sample 1Sample 2Sample 3
PERS Pick Up Requirement. Effective January 1, 1995 the participants in PERS shall be required to pay as an employee contribution of six percent (6%) of their gross wages. All contributions to PERS shall be made pursuant to Article IX, Section 10 of the Oregon Constitution and such contribution shall be deemed "pick up" for purposes of Section 414(h) of the Internal Revenue Code. No bargaining unit employee shall have the option of receiving the money and directly making the contribution. The amount of any contribution made by an employee pursuant to Article IX, Section 10 of the Oregon Constitution shall not be included in or reported as gross income for income tax purposes. Pursuant to federal law the "pick up" contribution shall be subject to FICA and Medicare taxes.
Sample 1

Related to PERS Pick Up Requirement

  • Service Requirement Except as otherwise provided in Section 6(e) of the Plan or Section 2 of this Agreement, this Option may be exercised only while you continue to provide Service to the Company or any Affiliate, and only if you have continuously provided such Service since the Grant Date of this Option.

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