Retirement Compensation. 4.1 All employees are contributing members of the School Employees Retirement System and entitled to all benefits. The Treasurer will deduct ten percent (10%) of the annual salary of each employee for retirement contribution. The Board will “pick up” this employee’s share. The pick up amount will be subtracted from the salary as listed on the salary schedule, thus reducing gross pay by a like amount. This procedure shall be in compliance with the A.G. Opinion 82-097, which permits the amount picked up by the employer to be used in the calculation of final average salary for retirement purposes.
Appears in 4 contracts
Samples: Negotiated Agreement, School District Classified Employees, Negotiated Agreement
Retirement Compensation. 4.1 All employees are contributing members of the School Employees Retirement System and entitled to all benefits. The Treasurer will deduct ten percent (10%) of the annual salary of each employee for retirement contribution. The Board will “pick up” this employee’s share. The pick up amount will be subtracted from the salary as listed on the salary schedule, thus reducing gross pay by a like amount. This procedure shall be in compliance with the A.G. Opinion 82-097, which permits the amount picked up by the employer to be used in the calculation of final average salary for retirement purposes. S.E.R.S. will credit the reported pick up amounts to individual member accounts and such amounts will be included as part of the accumulated contributions by the individual member.
Appears in 2 contracts
Samples: Negotiated Agreement, Negotiated Agreement
