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.,_ <br />..~,. <br />,~,.. <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 87-130 <br />By: MAYOR M. YVONNE PETRIGAC <br />AN ORDINANCE ESTABLISHING A PENSION <br />PICK-UP PLAN FOR EMPLOYEES OF THE <br />CITY OF NORTH OLMSTED, AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, The Internal Revenue Service Regulations provide <br />that contributions of employees to the Employees Pension Systems <br />be non-taxable until retirement of such employee, and <br />WHEREAS, the City of North Olmsted desires to establish a <br />"Pension Pick-Up Plan where such employee's pay is reduced by the <br />contribution that the employee paid to the Pension System and the <br />employer, the City of North Olmsted, paid the pension amount as <br />employer contribution, and <br />WHEREAS, this plan will be established for all employees of <br />the City of North Olmsted: <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF <br />NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: <br />Section 1: That the Council of the City of North Olmsted <br />does hereby establish a "Pension Pick-Up Plan", pursuant to <br />Section 414 (H) (2) of the Internal Revenue Code under which an <br />employee may not be given the option of choosing to receive the <br />contributed amounts directly instead of having them paid by the <br />employer to the pension plan, and employeecontributions must be <br />paid by the employer in lieu of contributions by the employee. <br />SECTION 2: That (a) An employee's compensation shall be <br />separated into the amount that he is to be paid less an amount <br />that such employee is compelled to contribute to the Employees <br />Pension System; (b) that the amount which was to be contributed <br />by the employee as a deduction for contribution to the Employee <br />Pension System shall henceforth be designated as an Employer s <br />Contribution". <br />Section 3: That the provisions of the ordinance shall be <br />applicable to all employees of the City who contributed to the <br />Employees Pension System. <br />SECTION 4: That it is found and determined that all formal <br />actions of this Council concerning and relating to the adoption <br />of this ordinance were adopted in an open meeting of the Council, <br />and that all deliberations of this Council and of any of its <br />committees that resulted in such formal action were in meetings <br />open to the public in compli~nce.iaith all legal requirements <br />including Section 121.22 of the Ohio Revised Code. <br />