A. PROGRAM - 1 (OPEDC):
All eligible staff members of the City shall have the opportunity to join the Ohio Public Employees Deferred Compensation Program. The Mayor and City Clerk shall execute an agreement with the Ohio Public Employees Deferred Compensation Board on terms and conditions in the best interest of the City, which agreement shall authorize the Ohio Public Employees Deferred Compensation Board to offer the Program to include all eligible staff members of the City and to administer the Program on behalf of them.
B. CITY CONTRIBUTION LIMITS FOR DEFERRED COMPENSATION - PROGRAM 2:
The City shall contribute to Deferred Compensation· Program 2, a monthly amount as follows:
(1) Pay Bands A, B, and C, an amount not to exceed Six Percent (6%) of the employees annual salary.
(2) Pay Band D, an amount not to exceed Three Percent (3%) of the employee's annual salary.
(3) Pay Band E, an amount equal to staff member's voluntary contribution not to exceed Three Percent (3%) of the employees annual wage rate.
The annual wage rate will be based upon 2080 hours.
C. DEFERRED COMPENSATION BENEFITS - PROGRAM - 2:
Benefits shall be paid to the staff member or the staff member's named beneficiary in the event of death, disability, or separation from service in accordance with the terms of the 457 Deferred Compensation Program and applicable Federal law.
D. DEFERRED COMPENSATION - PROGRAM- 2 - VESTING. (REPEALED)
EDITOR'S NOTE: Former Subsection D. hereof was repealed by Ordinance 53-2007, passed April 17, 2007.
E. DEFERRED COMPENSATION - PROGRAM - 2 EMERGENCY WITHDRAWALS.
Withdrawals for the emergency needs of a covered staff member may be made in
accordance with the terms of the Ohio Municipal League Master Deferred Compensation Program and applicable Federal law.
(Ord. 26-2022. Passed 4-5-22.)