The city shall make contributions of covered employees to the Police and Firemen’s Disability and Pension Fund of Ohio and to the Public Employees Retirement System of Ohio, whichever the case may be, consistent with the salary reduction plan requirements of § 414(h)(2) of the Internal Revenue Code. The 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 city to the Police and Firemen’s Disability and Pension Fund of Ohio or to the Public Employees Retirement System of Ohio, whichever the case may be.
(a) The city specifically acknowledges that the contributions, although designated as employee contributions for purposes of the Police and Firemen’s Disability and Pension Fund of Ohio and for purposes of the Public Employees Retirement System of Ohio, are to be paid by the city in lieu of contributions by its covered employees.
(b) The city shall pay to the Police and Firemen’s Disability and Pension Fund of Ohio and to the Public Employees Retirement System of Ohio the contributions designated as employee contributions, and it shall pay the same from the same source of funds used in paying salaries and/or wages to the covered employee.
(c) The Director of Finance is hereby directed to implement all procedures necessary in the administration of the pay of all persons to effect the salary reduction of all statutorily required contributions to the Police and Firemen’s Disability and Pension Fund of Ohio and to the Public Employees Retirement System of Ohio so as to enable the aforementioned covered employees to obtain the resulting federal and state tax deferments and other attendant benefits.
(d) The pick-up plan, as set forth in this section, may be amended from time to time to satisfy any additional requirements which may arise as a result of any future amendment to § 414(h)(2) of the Internal Revenue Code.
(e) The amount of the covered employees’ mandatory contributions to be picked-up by the city may be changed from time to time by legislation adopted by Council.
(Ord. 1998-25, passed 5-18-1998)