SERS PICK-UP WITH REDUCTION Sample Clauses

SERS PICK-UP WITH REDUCTION. The Board herewith agrees with the Association to pick up (assume and pay) contributions to the School Employees Retirement System on behalf of the individuals in the bargaining unit with the following terms and conditions:
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SERS PICK-UP WITH REDUCTION. The Board shall designate each employee’s mandatory contributions to the State Employees Retirement System of Ohio as “picked-up” by the Board as contemplated by Internal Revenue Service Ruling 77-464 and 81-36, although they shall continue to be designated as employee contributions as permitted by Attorney General 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 income reported by the then current percentage amount of the employee’s mandatory State Bus Driver’s Retirement System’s contribution which has been designated as picked-up by the Board, and that the amount designated as pick-up by the Board shall be included in computing final average salary, provided that no employee’s total salary is increased by such “pick-up,” nor is the Board’s total contribution to the State Employees Retirement System of Ohio increased.
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SERS PICK-UP WITH REDUCTION. Annuitization of the entire employee's share of retirement shall be as follows: The Alliance Board of Education shall designate each employee's mandatory contributions to the School Employees Retirement System of Ohio as "picked up" by the Board as interpreted by Internal Revenue Service Rulings 77-462 and 81-36. Contributions "picked up" shall continue to be designated as employee contributions as permitted by Attorney Generals 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 School Employees 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 School Employees Retirement System of Ohio increased thereby. The Board herewith agrees with the Association to pick-up (assume and pay) contributions to the school employees retirement system upon behalf of the individuals in the bargaining unit on the following terms and condition:
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SERS PICK-UP WITH REDUCTION. A. Annuitization of the employee’s share of retirement shall be as follows:
Sample 1
SERS PICK-UP WITH REDUCTION. The Board herewith agrees with the Association to pick up (assume and pay) contributions to the School Employees Retirement System (SERS) upon behalf of the employees in the bargaining unit on the following terms and conditions: The amount to be picked up and paid on behalf of each such employee shall be nine (9.00) percent or the current percentage of the employee's compensation as established by the School Employees Retirement System. The employee's annual compensation shall be reduced by an amount equal to the amount picked up and paid by the Board. This pick up shall not result in any expenditure of funds by the Board.
Sample 1

Related to SERS PICK-UP WITH REDUCTION

  • T ermination In the event that either party seeks to terminate this DPA, they may do so by mutual written consent and as long as any service agreement or terms of service, to the extent one exists, has lapsed or has been terminated. The LEA may terminate this DPA and any service agreement or contract with the Provider if the Provider breaches any terms of this DPA.

  • 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.

  • Reallocation to a Class with a Lower Salary Range Maximum 1. If the employee meets the skills and abilities requirements of the position and chooses to remain in the reallocated position, the employee retains existing appointment status and has the right to be placed on the Employer’s internal layoff list for the classification occupied prior to the reallocation.

  • STRS PICK-UP A. The Board shall pick-up contributions to the State Teachers’ Retirement System paid on behalf of the employees in the bargaining unit utilizing the salary reduction method under the following terms and conditions:

  • WORKFORCE REDUCTION In the event that funding reductions or shortfalls in funding occur in a department or are expected, which may result in layoffs, the department will notify the union and take the following actions:

  • Staff Reduction In the event the District adopts a reduced educational program by reason of financial necessity, including but not limited to, levy failure and/or decreased State or Federal support, certificated employees who will be retained to implement the District’s reduced or modified program and those certificated employees who will be non-renewed from employment or adversely affected in contract status shall be identified by the provisions contained in this Article. If the District is only reducing provisional employees, the following procedures do not need to be implemented.

  • Reduction in Scope of the Project 16.6.1 If the Concessionaire shall have failed to complete any Construction Works on account of Force Majeure or for reasons solely attributable to the Authority, the Authority may, in its discretion, require the Concessionaire to pay 80% (eighty percent) of the sum saved therefrom, and upon such payment to the Authority, the obligations of the Concessionaire in respect of such works shall be deemed to have been fulfilled. For the avoidance of doubt, it is agreed that in the event such reduction in Scope of the Project causes or will cause a reduction in net after-tax return of the Concessionaire, the Parties shall meet, as soon as reasonably practical, and agree on a full or partial waiver of the aforesaid payment of 80% (eighty per cent) so as to place the Concessionaire in the same financial position as it would have enjoyed had there been no reduction in Scope of the Project. It is further agreed that the liability of the Authority under this Clause 16.6 shall not extend beyond waiver of the aforesaid 80% (eighty per cent). It is also agreed that in the event of a dispute, the Dispute Resolution Procedure shall apply.

  • SERS PICK-UP A. For purposes of this Article, total annual salary and salary per pay period for each member shall be the salary otherwise payable under this Agreement, as amended. The total annual salary and salary per pay period of each member shall be payable by the Board in two parts: (1) deferred salary and (2) cash salary. A member’s deferred salary shall be equal to that percentage of said member’s total annual salary or salary per pay period which is required from time to time by the State Employment Retirement System (“SERS”) to be paid as an employee contribution by said member and shall be paid by the Board to SERS on behalf of said member as a “pickup” of the SERS employee contribution otherwise payable by said member. A member’s cash salary shall be equal to said member’s total annual salary or salary per pay period less the amount, subject to applicable payroll deductions, to said member. The Board’s total combined expenditures for members’ total annual salaries otherwise payable under this Agreement, as amended, (including pickup amounts) and its employer contributions to SERS shall not be greater than the amounts it would have paid for those items had this provision not been in effect.

  • 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.

  • Reduction in scope of agreement for fault 19.1.1 If the Grantee does not comply with an obligation under this Agreement and the Commonwealth believes that the non‐compliance is incapable of remedy, or if the Grantee has failed to comply with a notice to remedy, the Commonwealth may by written notice reduce the scope of the Agreement.

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