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ORDINANCE NO.: 83-00 <br /> <br />PLEASE SUBSTITUTE FOR ORDINANCE NO. <br />83-00 PLACED ON 1~r READING AND <br />REFERRED TO FINANCE COM~IT['EE <br />12/4/00. Reported out of Committee <br />Placed on 2nd Read 12/18/00. <br /> <br /> BY:Corrigan, FitzGerald, George, <br />Roth, Seelie, Skindell, Smith. <br /> <br /> AN EMERGENCY ORDINANCE authorizing and dire~ng the ab/ of Lakewood to <br />implement a plan to purchase additional service credit, from the Police and Firemen's Disability <br />and Pension Fund of Ohio, tax deferred by payroll deductfon. <br /> <br /> WHEREAS, Internal Revenue Code Section 414(h)(2) permits employer 'pick up" of the <br />eFnployee con~rlbutions to a retirement plan, thereby resulting in tax deferral of such <br />contributions; and, <br /> <br /> WHEREAS, Under Ohio Revised Code Section 742, members of ~e Police and Firemen's <br />Disabilib/and Pension Fund of Ohio may be allowed to: 1) redeposit contributions previously <br />withdrawn plus interest and/or 2) purchase additional forms of permissive service credit; and, <br /> <br /> WHEREAS. an emergency exists to permit the immediate _Dartid_~ation and reauired <br />oavroll deduction for em_~loyees-of the City of Lakewood intera~d in enroll[na in this olan: <br />now. therefore. - ..... - - - <br /> <br />THEREFORE BE IT RESOLVED BY THE CITY OF LAKEWOOD, STATE OF OHIO, <br /> <br /> Section 1. Effective .~anuary 1, 2001, employees of the City of Lakewood, described <br />in Se~on 2 below, may purchase additional service credit, tax-deferred, and the City of <br />Lakewood shall withhold the required service credit deduction from the gross pay of each <br />person who elects to do so and shall pick up (assume and pay) such deduction to the Police <br />and Rremen's Disability and Pension Fund of Ohio. A person ele~ng this pick up deduction <br />shall not have the opUon of choosing to receive the payroll deduction directly instead of having <br />this dedu~on picked up by the City of Lakewood. Members who have elected to participate in <br />this plan cannot increase, decrease, or terminate the amount of the pick up deduction. <br /> <br /> Section 2. The pick up deduction by the Cib/ of Lakewood as provided by this <br />ordinance shall apply to all employees of the CiD/of Lakewood who are contributing members <br />of the Police and Rremen's Disability and Pension Fund of Ohio. <br /> <br /> Section 3. The Director of Finance is hereby authorized and directed to implement <br />the provisions of this Ordinance to effect the pick up of the payroll deduction for the purchase <br />of additional service credit to the Police and Rremen's Disabilib/and Pension Fund of Ohio for <br />those persons described in Section 2 herein. <br /> <br /> Section 4. It is found and determined that all formal actions of this Cbundl <br />concerning and relating to the passage of this ordinance were adopted in an open meeting of <br />thts Council, and that all such deliberation of the Council and of any of its committees that <br />resulted in such formal action were in meetings open to the public in compliance with all legal <br />requirements. <br /> <br />Approved: ~,~ [, ~'OI. <br /> <br />President <br /> <br /> <br />