Retirement Procedures. 1. The classified employees shall contribute the applicable rate of retirement from their salary to the School Employees Retirement System (SERS) with the Board contributing funds as specified by the State. 2. SERS Pick-Up The Board agrees to pick up (annuity type) contributions to the School Employees Retirement System upon behalf of the employees in the bargaining unit on the following terms and conditions: a. The amount to be picked up and paid on behalf of each employee shall be 1.5% of the employee's compensation; except that effective for the 2019-2020 and 2020-2021 contract years only, the Board will pick up and pay to the School Employees Retirement System on behalf of each employee 2.5% of the employee’s compensation during the 2019-2020 and 2020-2021 contract years. b. The pick-up percentage shall apply uniformly to all members of the bargaining unit. c. No employee covered by this provision shall have the option to elect a wage increase or other benefit in lieu of the employer annuity type pick up.
Appears in 3 contracts
Sources: Negotiated Agreement, Negotiated Agreement, Negotiated Agreement