Common use of STRS Contributions Clause in Contracts

STRS Contributions. The Board shall pay the employer’s share of STRS contributions as required by law. In addition, the Board shall “pick-up” (pay directly) the employee’s share of retirement contributions to the State Teachers Retirement System on behalf of Superintendent, at the rate in effect, plus all retirement contributions on this picked-up amount (i.e. the Board shall pay the “pick-up on the pick-up” of the employer’s share of Superintendent’s STRS contributions). During the term of this contract, this pick-up shall be a condition of Superintendent’s employment in the School District and shall not be at the Superintendent’s option. It is the intention of the parties that this picked-up amount be included in Superintendent’s compensation for the purpose of calculating retirement benefits. It is also the intention of the parties that this pick-up, together with contributions on the pick- up, be made with respect to all amounts paid under this contract which are recognized by STRS as compensation for retirement purposes. If, during the term of this Contract, legislation is enacted, becomes effective, and is applicable to this Contract, and such legislation would prohibit the payment by the Board of the employee’s share of retirement contributions on Superintendent’s behalf as a fringe benefit pick-up, the Board shall add to Superintendent’s salary the amount of the employee contribution previously picked up as a fringe benefit. The Board shall then deduct such amount from Superintendent’s salary and pay such amount directly to the STRS on Superintendent’s behalf (a salary reduction pick-up). Such salary reduction pick-up shall become a condition of Superintendent’s employment under this Contract, and not at Superintendent’s option. Such adjustments to the salary of Superintendent shall not have the effect of increasing the per diem pay calculations made under any other provision of this Contract.

STRS Contributions. The Board shall pay the employer’s share of STRS contributions as required by law. In addition, the Board shall “pick-up” (pay directly) the employee’s share of retirement contributions to the State Teachers Retirement System on behalf of Superintendent, at the rate in effect, plus all retirement contributions on this picked-picked- up amount (i.e. the Board shall pay the “pick-up on the pick-up” of the employer’s share of Superintendent’s STRS contributions). As reflected in Section 6.B., below, Superintendent’s tax-sheltered annuity shall be included in Superintendent’s compensation for retirement purposes, including any “pick-up on the pick-up” paid by the Board. During the term of this contractContract, this pick-up shall be a condition of Superintendent’s employment in the School District and shall not be at the Superintendent’s option. It is the intention of the parties that this picked-up amount be included in Superintendent’s compensation for the purpose of calculating retirement benefits. It is also the intention of the parties that this pick-up, together with contributions on the pick- pick-up, be made with respect to all amounts paid under this contract which are recognized by STRS as compensation for retirement purposes. If, during the term of this Contract, legislation is enacted, becomes effective, and is applicable to this Contract, and such legislation would prohibit the payment by the Board of the employee’s share of retirement contributions on Superintendent’s behalf as a fringe benefit pick-up, the Board shall add to Superintendent’s salary the amount of the employee contribution previously picked up as a fringe benefit. The Board shall then deduct such amount from Superintendent’s salary and pay such amount directly to the STRS on Superintendent’s behalf (a salary reduction pick-up). Such salary reduction pick-up shall become a condition of Superintendent’s employment under this Contract, and not at Superintendent’s option. Such adjustments to the salary of Superintendent shall not have the effect of increasing the per diem pay calculations made under any other provision of this Contract.