Common use of STRS PICK-UP Clause in Contracts

STRS PICK-UP. The Board of Education agrees to designate each employee’s mandatory contributions to the State Teachers Retirement System as “picked up” by the Board as contemplated by Internal Revenue Service rulings 77-462 and 81-36, although they shall continue to be designated as employee contributions as permitted by Attorney General Opinion 82-097. 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 STRS contribution which has been designated as “picked up” by the Board. The amount designated as “picked up” by the Board shall be included when computing final average salary, daily rate of pay, severance pay, supplemental salary, and extended service pay. This policy applies without exception to all employees represented by the Clyde-Green Springs Education Association. The pick-up shall become effective July 1, 1984 and shall be applied to all earnings paid after that date. The amount to be tax sheltered on behalf of each employee shall be eight and three-fourths percent (8.75%) of the employee’s total compensation, or such higher rates as may be imposed by the STRS as required employee contributions.

STRS PICK-UP. The Board of Education agrees to designate each employee’s mandatory contributions to the State Teachers Retirement System as “picked up” by the Board as contemplated by Internal Revenue Service rulings Rulings 77-462 and 81-36, although they shall continue to be designated as employee contributions as permitted by Attorney General Opinion 82-097. 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-then current percentage amount of the employee’s STRS contribution which has been designated as “picked up” by the Board. The amount designated as “picked up” by the Board shall be included when computing final average salary, daily rate of pay, severance pay, supplemental salary, and extended service pay. This policy applies without exception to all employees represented by the ClydeLiberty-Green Springs Education Xxxxxx Teachers’ Association. The pick-up shall become effective July April 1, 1984 1984, and shall be applied to all earnings paid after that date. The amount to be tax sheltered on behalf of each employee shall be eight and three-fourths percent (8.75%) the rate of the employee’s total compensation, or such higher rates as may employee contribution established by STRS. Any modification in the rate will be imposed adjusted upon publication by the STRS as required employee contributionsSTRS.