Common use of STRS PICK-UP WITH REDUCTION Clause in Contracts

STRS PICK-UP WITH REDUCTION. Annuitization of the employee’s share of retirement shall be as follows: The Alliance Board of Education shall designate each employee’s mandatory contributions to the State Teachers Retirement System of Ohio as “picked up” by the Board as interpreted by the Internal Revenue Service Rulings 77-462 and 81-36. Contributions “picked up” shall continue to be designated as employee contributions as permitted by Attorney General’s 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 State Teachers 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 salary, provided that no employee’s salary is increased by such “pick up”, nor is the Board’s total contribution to the State Teachers Retirement System of Ohio increased thereby.

STRS PICK-UP WITH REDUCTION. Annuitization of the employee’s share of retirement shall be as follows: The Alliance Board of Education shall designate each employee’s 's mandatory contributions to the State Teachers Teachers' Retirement System of Ohio as “picked "picked-up” " by the Board as interpreted contemplated by the Internal Revenue Service Rulings Ruling 77-462 464 and 81-36. Contributions “picked up” , although they shall continue to be designated as employee contributions as permitted by Attorney General’s General Opinion 82-097. In , in order that the amount of the employee’s 's income reported by the Board as subject to federal Federal and Ohio income tax Income Tax shall be the employee’s total gross 's income reduced reported by the then current percentage amount of the employee’s 's mandatory State Teachers Teacher's Retirement System System's contribution which has been designated as “picked up” picked-up by the Boardboard, and that the amount designated as “picked up” picked-up by the Board shall be included in computing final average salary, provided that no employee’s 's total salary is increased by such “pick "pick-up”", nor is the Board’s 's total contribution to the State Teachers Teacher's Retirement System of Ohio increased therebyincreased.