Common use of SERS PICK-UP Clause in Contracts

SERS PICK-UP. The Board hereby agrees with OAPSE to pick-up, utilizing the salary reduction method, contributions to the School Employee’s Retirement System to be paid on behalf of the employees in the bargaining unit under the following terms and conditions: 1. The amount to be picked-up on behalf of each employee shall be paid as determined by the SERS employee contribution percentage of the employee’s gross annual compensation. The employee’s annual compensation shall be reduced by the 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. The pick-up shall become effective with the inception of this agreement and shall apply to all compensation. 4. The parties agree, that should the rules and regulations of IRS or the School Employee’s Retirement System or the laws of the State of Ohio change making this procedure illegal, the method of contribution will be commensurate with the law in returning to the former method of employee/employer contribution without penalty to the employee.

SERS PICK-UP. The Board hereby agrees with OAPSE to pick-up, utilizing the salary reduction method, contributions to the School Employee’s Retirement System to be paid on behalf of the employees in the bargaining unit under the following terms and conditions: 1. The amount to be picked-up on behalf of each employee shall be paid as determined by the SERS employee contribution percentage of the employee’s gross annual compensation. The employee’s annual compensation shall be reduced by the amount equal to the amount picked-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. The pick-up shall become effective with the inception of this agreement and shall apply to all compensation. 4. The parties agree, that should the rules and regulations of IRS or the School Employee’s Retirement System or the laws of the State of Ohio change making this procedure illegal, the method of contribution will be commensurate with the law in returning to the former method of employee/employer contribution without penalty to the employee.

SERS PICK-UP. The Board hereby agrees with OAPSE to pick-up, utilizing the salary reduction method, contributions to the School Employee’s Retirement System (SERS) to be paid on behalf of the employees in the bargaining unit under the following terms and conditions: 1. The amount to be picked-up on behalf of each employee shall be paid as determined by the SERS employee contribution percentage of the employee’s gross annual compensation. The employee’s annual compensation shall be reduced by the 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. The pick-up shall become effective with the inception of this agreement Agreement and shall apply to all compensation. 4. The parties agree, that should the rules and regulations of IRS or the School Employee’s Retirement System SERS or the laws of the State of Ohio change making this procedure illegal, the method of contribution will be commensurate with the law in returning to the former method of employee/employer contribution without penalty to the employee.