(A) The Town Police Department elects to become a participating unit in the 1977 Police and Firefighters’ Pension and Disability Fund (the “1997 Fund”), being I.C. 36-8-8-0.1 et seq., as established by Pub. Law No. 9 (Special Session 1977), and all acts amendatory thereof and supplemental thereto.
(1) The Town agrees to make the required contributions to the 1997 Fund.
(2) The following are declared to be covered by the 1977 Fund: all full-time police officers presently employed by the Town Police Department who have met the minimum medical standards of the 1977 Fund and all subsequent employees hired as full-time police officers for the Town Police Department. Any other resolution for a retirement system for the Town full-time police officers presently employed is superceded by this section.
(3) The active date of the participation membership of the Town Police Department shall begin on 1-1-2015.
(B) The Town elects to become a participant in the Public Employees Retirement Fund as established by the Acts of 1945, Chapter 340 and all Acts amendatory and supplemental thereto.
(1) The Town elects to make the required contributions under the Public Employees Retirement Fund Act which is the Acts 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 Benefits Act”.
(2) (a) The following are declared to be covered by the Fund: all eligible Town of Walkerton employees and including the Clerk-Treasurer.
(b) Effective 1-1-2016, the Town shall pick up all of the mandatory contribution by all except EMT employees.
(c) 1. The above contributions, even though designated as employee contributions for state law purposes, are being paid by the employer in addition to regular compensation as a supplemental contribution that is separate and distinct from the employees’ current or future compensation, and in lieu of contributions by the employees.
2. Such contributions will not be included in the gross income of the employees for any fax reporting purposes, that is for federal, state or local income tax withholding, or FICA taxes, until distributed either through a pension benefit or a lump sum payment. These contributions are made on a pre-tax basis and are paid by the employer on behalf of the employee.
(d) Said employees shall not be entitled the option of choosing to receive the contributed amounts directly instead of having them paid by the employer to the specified pension fund.
(3) It is hereby declared that none of the classifications or positions specified in division (B)(2) above are compensated on a fee basis or of an emergency nature, or in a part-time category.
(4) The active participating membership of the Town shall begin on 7-1-1971.
(5) This section shall be in full force and effect from date of passage and upon approval of the Town Council of the Public Employees Retirement Fund of Indiana, except that active participation membership shall begin on the date set forth in division (B)(4) above.
(Res. passed 6-15-1971; Res. passed 12-15-2014; Res. passed 10-5-2015)