(A) Effective September 1, 1997, employees of the city may choose to purchase additional service credit, tax-deferred, and the city shall withhold the required service credit deduction from the gross pay of each person who elects to do so and shall pick up (assume and pay) such deduction to the Public Employees Retirement System of Ohio. A person electing this pick up deduction shall not have the option of choosing to receive the payroll deduction directly instead of having this deduction picked up by the city. Members of the Public Employees Retirement System of Ohio who have elected to participate in this plan of tax-deferred payroll deduction cannot increase, decrease, or terminate the amount of the pick up deduction.
(B) The pick up deduction by the city as provided by this section shall apply to any city employee who is a contributing member of the Public Employees Retirement System of Ohio, and who elects to use this tax-deferred option for past service credit payments.
(C) The Finance Director is hereby authorized and directed to implement the provisions of this section to effect the pick up of the payroll deduction for the purchase of additional service credit to the Public Employees Retirement System of Ohio for those persons choosing to do so as set forth in this section.
(Ord. 3057, passed 6-24-97)