(a) There is hereby authorized and adopted a pick-up plan under which the Village shall pick up four and one-half percent of the contributions of the covered employees to the Police and Fire Pension Fund of Ohio (the “Fund”).
(b) The pick-up plan is intended to comply with the requirements of Section 414(h)(2) of the Internal Revenue Code of 1986, as amended.
(c) The aforementioned pick-up is mandatory and 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.
(d) The Village specifically acknowledges that the contributions, although designated as employee contributions for purposes of the Fund, are to be paid by the Village in lieu of contributions by its covered employees.
(e) The Village shall pay to the Fund the contributions designated as employee contributions from the same source of funds as used in paying salaries.
(f) The pick-up by the Village, as provided for in this section, shall apply to the following covered employees:
(1) All full-time police officers, as set forth in Section 242.01; and
(2) All full-time members of the Fire Department as set forth in Section 244.01.
(g) The Chief Fiscal Officer is hereby directed, as of the effective date of this section, to implement all procedures necessary in the administration of the pay of all persons described in subsection (f) hereof to effect the pick-up of a portion of the statutorily required contributions to the Fund so as to enable the aforementioned covered employees to obtain the resulting Federal and Ohio tax deferments and other attendant benefits.
(h) The pick-up plan as hereinbefore 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 Internal Revenue Code of 1986, as amended.
(i) The portion of the covered employees' mandatory contributions to be picked- up by the Village may be changed from time to time by legislation adopted by Council.
(Ord. 2017-83. Passed 12-13-17.)