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PLACED ON 1st Reading 6 Referred <br />TO FINANCE COMMITTEE ON 10/6/97.) <br />PLACED ON 2nd Reading 10/20/97. <br /> <br />ORDINANCE NO.: 44-97 <br /> <br />BY: Corrigan, Flannery, George, <br /> Roth, Seelie, Smith <br /> <br /> AN EMERGENCY ORDINANCE authorizing and directing the City of Lakewood to implement <br />a plan to purchase additional service credit, from the Public Employees Retirement System, tax deferred <br />by payroll deduction. <br /> <br /> WHEREAS, Internal Revenue Code Section 414 (h) (2) permits employer "pick up" of the <br />employee contributions to a retirement plan, thereby resulting in tax deferral of such contributions; and, <br /> <br /> WHEREAS, Under Ohio Revised Code Section 145, members of the Public Employees <br />Retirement System of Ohio may be allowed to: I) redeposit contributions previously withdrawn plus <br />interest and/or 2) purchase additional forms of permissive service credit, and, <br /> <br /> WHEREAS, the City of Lakewood will not incur any additional costs in such deferment of <br />Federal and State income taxes pursuant to the provisions of this ordinance, and, <br /> <br /> WHEREAS, this ordinance constitutes an emergency measure providing for the usual daily <br />operation of a municipal department; now, therefore, <br /> <br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO, <br /> <br /> Section 1. Effective November 1, 1997, employees of the City of Lakewood, described in <br />Section 2 below, may purchase additional service credit, tax-deferred, and the City o{r Lakewood shall <br />withhold the required service credit deduction from the gross pay of each person who elects to do so and <br />shall pick up (assume and pay) such deduction to the Public Employees Retirement System of Ohio. A <br />person electing this pick up deduction shall not have the option of choosing to receive the payroll <br />deduction directly instead of having this deduction picked up by the City of Lakewood. Members who <br />have elected to participate in this plan cannot increase, decrease, or terminate the amount of the pick up <br />deduction. <br /> <br /> Section 2. The pick up deduction by the City of LakewOod as provided by this ordinance <br />shall apply to all employees of the City of Lakewood who are contributing members of the Public <br />Employees Retirement System of Ohio. <br /> <br /> Section 3. The Director of Finance is hereby authorized and directed to implement the <br />provisions of this ordinance to effect the pick up of the payroll deduction for the purchase of additional <br />service credit to the Public Employees Retirement System of Ohio for those persons described in Section <br />2 herein. <br /> <br /> Section 4. It is found and determined that all formal actions of this Council concerning and <br />relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all <br />such deliberation of the Council and of any of its committees that resulted in such formal action were in <br />meetings open to the public in compliance with all legal requirements. <br /> <br />Adopted: '~~ ~/~ ? <br /> <br /> Section 5. That this ordinance is hereby declared to be an emergency measure for the <br />reasons set forth in the preamble hereof and provided it receives the affirmative vote of two-thirds of all <br />members elected to Council, it shall take effect and be in force immediately upon its adoption and <br />approval by the Mayor; otherwise, it shall take effect and be in force after the earliest period allowed by <br /> <br /> President <br /> <br /> <br />