(A) The village shall adopt a voluntary retirement incentive plan to take effect immediately. This plan is pursuant to R.C. § 145.297. A complete text of the voluntary retirement incentive plan is attached to the resolution codified herein and incorporated herein and marked as exhibit “A”. The plan is in writing and provides for the village’s purchase and payment of OPERS service credit. The service credit shall be up to four years. This plan is approved and incorporated by the village.
(B) The plan shall allow for the purchase or up to four years of service credit. This is the only plan in effect for the village. The plan is offered to a minimum and shall not exceed 8% of the OPERS covered employees of the village. The procedure for grievances is established herein and may be amended.
(C) Military service credit shall qualify for the retirement incentive plan.
(D) The Clerk of the village confirms that the village has the necessary funds available to make this purchase of the retirement incentive plan and the Clerk so certifies. The Finance Director is authorized to establish the necessary funds for receipt and disbursement for the purchase by the covered employees not to exceed 8%.
(E) The village finds that the Clerk is immediately authorized to expend monies for the purchase of military service credit and any other credit time contemplated by R.C. § 145.297.
(F) The Clerk of the village shall submit a completed form F-11A or F-l1B along with a certified copy of the board minutes, ordinances, resolutions, and the plan document to OPERS for approval.
(Res. 2007-016, passed 7-23-2007)