Tax Sheltering of Retirement Contributions Sample Clauses

Tax Sheltering of Retirement Contributions. The Board shall provide their unit members the STRS pick-up paid through salary reduction/salary restatement method. This method permits the employee's taxes to be deferred on the "picked-up" contributions to STRS until retirement or withdrawal, but shall not require additional expenditures of payroll funds by the employer. The Board shall not deduct state or federal taxes on the amount of the teacher's total required contribution to State Teachers Retirement System, and such shall be noted on or with the individual unit member's W-2 form.
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Tax Sheltering of Retirement Contributions. The Board shall provide their employees the SERS pick-up paid through salary reduction/salary restatement method. This method permits the employee's taxes to be deferred on the "picked-up" contributions to SERS until retirement or withdrawal, but shall not require additional expenditures of payroll funds by the employer. The Board shall not deduct state or federal taxes on the amount of the employee's total required contribution to School Employees Retirement System, and such shall be noted on or with the individual employee's W-2 form.
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Related to Tax Sheltering of Retirement Contributions

  • Retirement Contribution The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications. Corrections Firearms Instructor Oil & Hazardous Material Responder I Oil & Hazardous Material Responder II

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • 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.

  • Payment of Contributions The College and eligible academic staff members shall each contribute one-half of the contributions to the Academic and Administrative Pension Plan.

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