STRS Pickup (Salary Reduction Method Sample Clauses

STRS Pickup (Salary Reduction Method. In accordance with Internal Revenue Code (“IRC”) Section 414(h)(2), the Board shall pick up all of the required member contributions of all employees to the State Teachers Retirement System (“STRS”) and School Employees Retirement System (“SERS”). The pick-up shall be a “salary reduction” pick-up of the entire amount of the member contribution which the employee is required to contribute to STRS or SERS, based upon the salary and all other “compensation” of the employee under Ohio Revised Code (“ORC”) Section 3307.01 or 3309.01. Accordingly, the compensation of an employee covered by the salary reduction pick up shall be deemed to be reduced by the amount of the pick-up; and the Treasurer is hereby authorized to pay an equal amount the amount of the salary reduction pick-up directly to STRS or SERS as a member contribution of the employee. No employee shall have the option of receiving cash or other taxable benefits or amounts in lieu of having a pick-up in effect for all of the employee’s required member contributions to STRS or SERS. The Board's total combined expenditures for total annual salaries of all members of the bargaining unit (including "pickup" amounts) and its employer contributions to STRS shall not be greater than the amounts it would have paid for those items had this provision of this Agreement not been in effect.
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STRS Pickup (Salary Reduction Method. The Board and the Association herewith agree that the School District shall “pick-up” all of the contributions which, in accordance with Chapter 3307 of the Ohio Revised Code, are required to be paid by members of the unit (“employee contributions”) to the State Teachers Retirement System (“STRS”). The pick up of employee contributions to STRS shall constitute only an assumption and payment of the employee contribution to STRS in accordance with Section 414(h)(2) of the Internal Revenue Code (a “salary reduction” pickup); and shall be reported to STRS as an employee contribution. Accordingly, such pickup shall not (i) increase the gross annual compensation of members of the unit covered by the pickup, (ii) increase the contribution which is required to be paid by the School District to STRS in accordance with Chapter 3307 of the Ohio Revised Code, or (iii) otherwise be considered compensation of the member of the unit for any purpose. No member shall have the option of receiving a cash payment or other compensation in lieu of the pickup of his or her employee contribution to STRS. If the provisions of the Internal Revenue Code (and rulings and Attorney General Opinions thereunder) which authorize such pickup are altered or amended, or the taxation of picked up amounts is changed after execution of this agreement, the Board and School District shall be held harmless from any liability which may result from such changes.
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Related to STRS Pickup (Salary Reduction Method

  • Salary Reduction A reduction in pay from one step to another, which is not below the minimum rate established for the position by the salary plan. A copy of the notice of reduction shall be sent promptly to the City Manager Department for inclusion in the employee's official personnel file.

  • Dependent Care Salary Reduction Plan The Employer agrees to maintain the current dependent care salary reduction plan that allows eligible employees, covered by this Agreement, the option to participate in a dependent care reimbursement program for work-related dependent care expenses on a pretax basis as permitted by federal tax law or regulation.

  • Full Employer Contribution - Basic Eligibility Employees covered by this Agreement who are scheduled to work at least seventy-five (75) percent of the time are eligible for the full Employer Contribution. This means:

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Elective Deferrals An Employee will be eligible to become a Contributing Participant in the Plan (and thus be eligible to make Elective Deferrals) and receive Matching Contributions (including Qualified Matching Contributions, if applicable) after completing 1 (enter 0, 1 or any fraction less than 1) Years of Eligibility Service.

  • How Are Contributions to a Xxxxxxxxx Education Savings Account Reported for Federal Tax Purposes? Contributions to a Xxxxxxxxx Education Savings Account are reported on IRS Form 5498-ESA.

  • Partial Employer Contribution - Basic Eligibility The following employees covered by this Agreement receive the full Employer Contribution for basic life coverage, and at the employee's option, a partial Employer Contribution for health and dental coverages if they are scheduled to work at least fifty (50) percent but less than seventy-five (75) percent of the time. This means:

  • Reallocation to a Class with a Higher Salary Range Maximum Upon appointment to the higher class, the employee’s base salary will be increased to a step of the range for the new class that is nearest to five percent (5.0%) higher than the amount of the pre-promotional step, or to the entry step of the new range, whichever is higher.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law.

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

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