(A) (1)
It is the desire of the Town Council to pick-up all mandatory contributions by the employees who are members of PERF through a payroll reduction.
(2) It is the desire of the Town Council to pick-up 3% of employee contributions by employees who are members of the 1977 Police and Fire Fund through a payroll reduction.
(3) No contributions prior to the Town Council’s action shall be picked-up.
(B) Said contributions even though designated as employee contributions for state law purposes, are being paid by the town in lieu of said contributions by the employee.
(C) Said 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 PERF.
(D) Said contributions will be included in the gross income of the employees for employment tax purposes, as the contributions are made to PERF.
(E) Said employees shall not be entitled to any option of choosing to receive the contributed amounts directly instead of having them paid by the town to PERF.
(F) (1) The town elects to enlarge its participation in the Public Employees’ Retirement Fund by including additional classes of employees as stated below in the coverage under Chapter 340 of the Acts of 1945, all Acts amendatory and supplemental thereto. This agreement supplements the original dated November 28, 1977.
(2) The town agrees to make the required contributions under the Public Employees’ Retirement Fund Act, which is the Act of 1945, Chapter 340, and all Acts amendatory thereof and supplemental thereto, including specifically the Acts of 1955, Chapter 329, commonly designated as “The Indiana Public Employees’ Social Security Integration and Supplemental Retirement Benefit Act”.
(3) These positions are declared to be covered by the Fund:
(a) All full-time positions.
(G) (1) The town hereby amends and restates the deferred compensation plan (the “Plan”) in the form of the ICMA Retirement Corporation 457 Governmental Deferred Compensation Plan and Trust, to include the associated Roth amendment.
(2) The assets of the Plan shall be held in trust, with the town serving as trustee (“trustee”), for the exclusive benefit of Plan participants and their beneficiaries, and the assets shall not be diverted to any other purpose. The trustee’s beneficial ownership of Plan assets held in Vantage Trust shall be held for the further exclusive benefit of the Plan participants and their beneficiaries.
(3) The town hereby agrees to serve as trustee under the Plan.
(Res. 2005-46, passed 12-28-2005; Res. 2007-10, passed 4-9-2007; Res. passed 3-24-2008; Res. 2007-22, passed 9-28-2007; Res. 2013-10, passed 2-25-2013; Ord. 47-2021, passed 12-21-2021)