7879-04 Police & Fire Pension Funds

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RESOLUTION NO. 7879-04 FitzGerald, Madigan, Seelie. AN EMERGENCY RESOLUTION amending the pick-up of contributions by the employees who are members of the Ohio Police and Fire Pension Fund, through payroll reduction, and declaring an emergency. WHEREAS, the eligible employees of' the Lakewood Police Department paKcicipate in the Ohio Pot;ce and Fire Pension Fund (OP&F); and WHEREAS, this Council has previously adopted a pick-up of the ton percent (10%) mandatory contributions required under Section 742.31 of the Ohio Revised Code for participating employees of the Lakewood Police Department who are members of the OP & F; and WHEREAS, OP&F has adoptod new procedures for reporting picked up contributions in order to propedy prepare 1099-R forms for its members; and WHEREAs, this Council wishes to reaffirm and amend and restate its prior resolution in order to continue the pick-up under the new procedures; and WHEREAS, this Council by a vote of at least five (5) members elected thereto detormines that this resolution is an emergency measure, and that this resolution shall take effect at the earliest dato possible as set forth in AR~FICLE I~, SECTONS 10 and 13 of the SECOND AMENDED CHARTER OF THE CiTY OF LAKEWOOD, and that it is necessary for the immediate preservation of the public property, health and safety, and to provide for the usual daily operation of municipal departments in that the position of Director of Public Works is currently vacant. Now Therefore, BE IT RESOLVED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1: That effective as of .lanuary 1, 2004, this Council has determined to continue to pick-up all of the ten percent (10%) mandatory contributions by the employees who are members of the Ohio Police and Fire Pension fund through a payroll reduction. 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 of Lakewood in lieu of said contributions by the employee; Section 3: That said picked up contributions will not be included in the gross income of the employees for tax reporting purposes, that is, for federal or state income tax withholding taxes, until distributed from the Ohio Police and Fire Pension Fund; Section 4: That said picked up contributions will be included in the gross income of the employees, for employment tax purposes, as the contributions are made to the Ohio Police and Fire Pension Fund; and Section 5: That said employees shall not be en;dtled to any option of choosing to receive the contributed amounts directly instead of having them paid by the City of Lakewood to the Ohio Police and Fire Pension Fund.