All employees of the Village participate in one of two pension plans sponsored by the State of Ohio. All employees may elect to participate in a deferred compensation plan.
(a) Pension Plans.
(1) Full-time police. All full-time police participate in the Ohio Police and Fire Pension Fund. Participation in the Plan is subject to the laws of the State of Ohio and the rules of the Ohio Police and Fire Pension Fund. Employees participating in this Plan contribute a percentage of their salary as defined by Section 742.01 of the Ohio Revised Code (O.R.C.), to the fund on a pre-tax basis. The contribution percentage is set by the legislature in Section 742.31 of the O.R.C. The Village contributes an additional amount as established by Section 742.33 of the O.R.C.
(2) Full-time appointed, Service Department and part-time employees. All full- time appointed employees, all Service Department employees and all part- time employees participate in the Ohio Public Employees Retirement System (OPERS). Employees participating in this Plan contribute a percentage of their pay to the Plan on a pre-tax basis. The OPERS contribution rate is established by the Public Employees Retirement Board as provided by Section 145.47 of the O.R.C. The Village contributes an additional amount as established by the OPERS Board subject to Section 145.48 of the O.R.C.
(3) Deferred Compensation Plan. Employees may elect to participate in the Village’s deferred compensation plan (457(b) plans). The Village’s deferred compensation plan may offer employees the ability to contribute Pre-Tax Elective Deferrals and Roth (after tax) Elective Deferrals. These Plans are subject to the rules of the Internal Revenue Service and the rules of the plan administrator. Plan administrators are selected from time to time by the Hunting Valley Village Council. The Mayor and the Finance Director are authorized to take any action that may be necessary to provide for participation in the Plans, and the Mayor is authorized to consent to the adoption of any restatements and/or amendments to the Plans provided that such restatements and amendments do not materially change the Plans. A current copy of the Plans is maintained on file by the Finance Director.
(Ord. 2011-132. Passed 11-15-11.)