(a) There is hereby authorized and adopted a plan under which the required contributions of covered employees to the Ohio Police and Fire Pension Fund (“Fund”), as defined in paragraph (f)(1) hereof, and to the Ohio Public Employees Retirement System (“PERS”), as defined in paragraph (f)(2) hereof, shall be made via employee salary or compensation reduction, to the extent not otherwise paid by the Village under Sections 254.20 and 254.21 of the Village Code, respectively.
(b) The salary reduction plan is intended to comply with the requirements of Section 414(h)(2) of the Internal Revenue Code of 1986 (the “Code”).
(c) The aforementioned salary reduction plan is mandatory. The amount of said contributions paid to the Fund and to PERS by the Village via said salary reduction plan shall be withheld from the gross compensation of each covered employee. No covered employee shall have the option of choosing to receive the contributed amounts directly instead of having them paid by the Village to the Fund and to PERS.
(d) The Village specifically acknowledges that the contributions, although designated as employee contributions for purposes of the Fund and PERS, are to be paid by the Village in lieu of contributions by its covered employees.
(e) The Village shall pay to the Fund and to PERS the contributions designated as employee contributions from the same source of funds as is used in paying salaries.
(f) The salary reduction plan, adopted by the Village as provided in this section, shall apply to the following covered employees:
(2) With respect to PERS, all employees of the Village who are required to make contributions to PERS.
(g) The Chief Fiscal Officer is hereby directed to implement all procedures necessary in the administration of the pay of all persons described in subsection (f) hereof to effect the salary reduction plan, as of the effective date of this section, of a portion of the statutorily required contributions to the Fund and of all of the statutorily required contributions to the Fund and of all of the statutorily required contributions to PERS so as to enable the aforementioned covered employees to obtain the resulting Federal and Ohio tax deferments and other attendant benefits.
(h) The Chief Fiscal Officer is hereby directed to obtain the approval of the Fund and PERS regarding the Village's implementation of the salary reduction plan and to implement all administrative procedures required by the Fund and PERS.
(i) The salary reduction pick-up plan as herein set forth may be amended from time to time to satisfy any additional requirements which may arise as a result of any future amendment to Section 414(h)(2) of the Code.
(j) The portion of the covered employees' mandatory contributions to be made, via salary reduction, by the Village, may be changed from time to time by legislation adopted by Council.
(Ord. 1990-74. Passed 6-27-90; Ord. 2013-92. Passed 10-9-13; Ord. 2017-83. Passed 12-13-17.)