SERS PICKUP UTILIZING THE EARNINGS REDUCTION METHOD Sample Clauses

SERS PICKUP UTILIZING THE EARNINGS REDUCTION METHOD. The Board shall designate each employee’s mandatory contributions to the School Employees Retirement System of Ohio as “picked up” by the Board as contemplated by the Internal Revenue Service revenue rulings 77-464 and 81-36, although they shall continue to be designated as employee contributions as permitted by Attorney General Opinion 82-097, in order that 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 mandatory School Employees Retirement System contribution which has been designated as “picked up” by the Board, and that the amount designated as “picked up” by the Board shall be included in computing final average earnings, provided that no employee’s total earnings is increased by such “pickup”, nor is the Board’s total contribution to the School Employees Retirement System increased thereby.
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