(a) The City will continue to participate in the Police and Firemen's Disability and Pension Fund as provided in the Ohio Revised Code.
(b) The City will implement a pension "pick up" plan in accordance with Internal Revenue Service regulations and Ohio Attorney General opinions, whereby State and Federal Income Taxes on employee pension contributions by all bargaining unit members may be deferred.
(c) In addition to and apart from the "designated pick up" plan above, the City shall pick-up and pay the one percent (1%) increase in employee contributions to the Fund, which became effective in 1986 pursuant to H.B. 721, as of the date said contributions become due. Effective March 30, 2000, said payment shall be considered as being made in lieu of the employee paying same. It is intended that this payment, and those specified in paragraphs (D) through (I) below, qualify as non-taxable pick-ups in accordance with Internal Revenue Code § 414 (H)(2).
(d) Effective January 1, 1997, the City will pick-up and pay one half percent (0.5%) of each individual employee's 9.0% pension contribution (employee payment reduced from 9.0% to 8.5%) in lieu of the employee paying the same.
(e) Effective January 1, 1998, the City will pick-up and pay an additional one percent (1.0%) of each individual employee's 8.5% pension contribution (employee payment reduced from 8.5% to 7.5%) in lieu of the employee paying the same.
(f) Effective January 1, 1999, the City will pick-up and pay an additional one and one-half percent (1.5%) of each individual employee's 7.5% pension contribution (employee payment reduced from 7.5% to 6.0%) in lieu of the employee paying the same.
(g) Effective the first full pay period in January of 2000 the City will pick-up and pay an additional one-half percent (0.5%) of each individual employee's pension contribution (employee payment reduced from 6.0% to 5.5%) in lieu of the employee paying the same.
(h) Effective the first full pay period in January of 2001, the City will pick-up and pay an additional one-quarter percent (0.25%) of each individual employee's pension contribution (employee payment reduced from 5.5% to 5.25%) in lieu of the employee paying the same.
(i) Effective the first full pay period in January of 2002, the City will pick-up and pay an additional one-quarter percent (0.25%) of each individual employee's pension contribution (employee payment reduced from 5.25% to 5.0%) in lieu of the employee paying the same.
(j) Effective the first full pay period of July 2004, the City will pay an additional one half percent (½%) of each individual employee's pension contribution (employee payment reduced from 5% to 4.5%) in lieu of the employee paying the same.
(k) Effective the first full pay period of July 2005, the City will pay an additional three quarter percent (3/4%) of each individual employee's pension contribution (employee payment reduced from 4.5% to 3.75%) in lieu of the employee paying the same.
(l) Effective the first full pay period of January of 2007, the city will pay an additional two and one-quarter percent (2.25%) of each individual employee's pension contribution (employee payment reduced from 3.75% to 1.5%) in lieu of the employee paying the same.
(m) Effective the first full pay period of January of 2008, the city will pay an additional one and one-half percent (1.5%) of each individual employee's pension contribution (employee payment reduced from 1.5% to 0.0%) in lieu of the employee paying the same.
(n) Employees are prohibited from receiving the payments specified in paragraphs (c) through (m) directly instead of having them paid by the City to the pension plan.
(Ord. 594-06. Passed 8-22-06.)