Title
TO ALLOW ELIGIBLE CITY EMPLOYEES TO PURCHASE SERVICE CREDIT THROUGH OHIO POLICE AND FIRE PENSION FUND ON A PRE-TAX BASIS, DEFERRING THE FEDERAL AND STATE INCOME TAXES ON THE PURCHASE AMOUNT.
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WHEREAS, the eligible employees of the Police Department participate in the Ohio Police and Fire Pension Fund (OP&F) through Capital City Lodge #9; and
WHEREAS, the City desires to offer a pick-up for the voluntary purchase of service credit, as provided for in Section 742.56 of the Ohio Revised Code and 742-5-08 of the Ohio Administrative Code, for participating employees of the Police Department who are members of the OP&F and who are members of the bargaining unit;
WHEREAS, OP&F has adopted procedures for reporting picked up contributions in order to properly prepare 1099-R forms for its members pursuant to Section 742.32 of the Ohio Revised Code and Section 742-7-14 of the Ohio Administrative Code; and
WHEREAS, employers may pay all or part of the voluntary contributions for the purchase of service credit for employees participating in the OP&F;
NO, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. That the City desires to offer to pick-up all or part of the voluntary contributions through a payroll deduction for the purchase of service credit by employees who are members of the OP&F and who are members of bargaining unit known as Capital City Lodge #9.
Section 2. That said picked up contributions paid through a payroll reduction, even though designated as employee contributions for state law purposes, are being paid by the City in lieu of said contributions by the employee.
Section 3. That the pickup treatment does not apply to contributions made prior to the later of the date the ordinance is signed or effective.
Section 4. That said employees shall not be entitled to any option of choosing to receive the contributions amounts directly instead of having them paid...
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