2023 18 ORDINANCE - Laserfiche WebLink

Home Browse Search

ORDINANCE NO. 2023-18 Page 19 153.21 DEFERRED COMPENSATION PROGRAM a) The Village hereby adopts a plan under the Ohio Public Employees Deferred Compensation Program which extends to all eligible employees of the Municipality the opportunity to join such program. b) The Mayor is hereby authorized and directed to execute an agreement with the Ohio Public Employees Deferred Compensation Board, which agreement shall be in a form approved by the Finance Director and Director of Law, and which agreement shall authorize the Ohio Public Employees Deferred Compensation Board to offer a plan under the Ohio Public Employees Deferred Compensation Program to all eligible employees of the Municipality and thereafter to administer the plan on behalf of such employees. c) The Mayor is hereby authorized and directed to execute agreements with additional deferred compensation providers, which agreements shall be in a form approved by the Finance Director and Director of Law, and which shall authorize the offering of deferred compensation programs to eligible employees of the Municipality and thereafter to administer the plan on behalf of such employees. 153.22 PICKUP OF EMPLOYEE CONTRIBUTIONS TO OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEMS a) The provisions of this section shall apply to all full-time and part-time employees of the Municipality who choose to participate in the program. The contributions required to be made by each such employee to the Ohio Public Employees Retirement System (PERS), or the Police and Firemen's Pension and Disability Fund (OP&F), as an employee contribution under the Ohio R.C. Chapters 145 and 741 shall be paid by the Municipality on behalf of the employee in lieu of contribution by the employee and in accordance with the provisions of this section. b) The total compensation payable by the Municipality to each such employee in any pay period shall be reduced by the amount payable by the Village to PERS or OP&F on behalf of each such employee under Subsection (a) hereof. c) No employee shall have the option to receive direct payment of the amounts contributed by the Municipality to PERS on his or her behalf instead of having them contributed to PERS. d) The Finance Director or his designee is hereby directed to take all acts necessary and appropriate to initiate implementation of the provisions of this section, including, but not limited to, making applications to the Internal Revenue Service for private letter rulings concerning federal tax treatment of the provisions of this plan and making applications to the appropriate state retirement boards. e) Subject to any requirements imposed by the Internal Revenue Service, the Ohio PERS Board, the Firemen's Pension Fund, or the Police Relief Fund, the provisions of this section shall apply to all payroll payments payable by the Municipality to such employees after proper and full