(A) Council has determined to treat 10.75% of the mandatory contributions by the employees who are members of the Ohio Police and Fire Pension Fund as a tax-deferred employee salary reduction.
(B) Council has determined to treat 11.50% of the mandatory contributions by the employees who are members of the Ohio Police and Fire Pension Fund as a tax-deferred employee salary reduction.
(C) Council has determined to treat 12.25% of the mandatory contributions by the employees who are members of the Ohio Police and Fire Pension Fund as a tax-deferred employee salary reduction.
(D) Said tax-deferred contributions paid through a payroll reduction, even though designated as employee contributions for state law purposes, are being paid by the Council in lieu of said contributions by the employee.
(E) Said tax-deferred contributions will not be included in the gross income of the employees for tax reporting purposes, that is, for federal or state income tax withholding taxes, until distributed from the Ohio Police and Fire Pension Fund.
(F) Said tax-deferred contributions will be included in the gross income of the employees, for employment tax purposes, as the contributions are made to the Ohio Police and Fire Pension Fund.
(G) Said employees shall not be entitled to any option of choosing to receive the contributed amounts directly instead of having them paid by the Council to the Ohio Police and Fire Pension Fund.
(Res. 13-18, passed 6-25-2013)