(a) The City shall continue to participate in the Public Employees Retirement System of Ohio as provided in the Ohio Revised Code.
(b) The City of Toledo shall implement a P.E.R.S. pickup program for bargaining unit employees. This plan will be in accordance with the Internal Revenue Service regulations and Ohio Attorney General opinions, whereby State and Federal Income Taxes on employee pension contributions by all bargaining unit members will be deferred.
(c) Effective the first full pay period in November, 2010, the employee will pay an increase of 1.5% of employee's pension contribution ("pension pick up"), the City will pay 7% of employees 10% share.
(d) Effective the first full pay period in July, 2011 the employee will pay an increase of 1.5% of employee's pension contribution ("pension pick up"), the City will pay 5.5% of employees 10% share.
(e) Effective the first full pay period in July, 2012 the employee will pay an increase of 1.5% of employee's pension contribution ("pension pick up"), the City will pay 4% of employees 10% share.
(f) Employees are prohibited from receiving the payments specified in the above paragraph(s) directly. Payment shall be made to the employee's P.E.R.S. account.
New hires and transfers from other bargaining units on or after the date of implementation of this contract will pay their entire pension pick-up. The City will pay no pension pick-up for such employees. New hires and transfers will pay their entire pension pick up.