2013-062 Resolution - Laserfiche WebLink

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-- SECTION 2: Effective with the adoption of this Resolution, the City of North ?. Olmsted has determined in the future to continue to tax defer all of the mandatory contributions by the employees of the Police and Fire Divisions who are members of the Ohio Police and Fire Pension Fund through a payroll reduction as follows: July 6, 2013-July 4, 2014 10.75% July 5, 2014-July 3, 2015 11.50% July 4, 2015-and thereafter 12.25% SECTION 3: That said tax deferred contributions paid through a payroll reduction, even though designated as employee contributions for state law purposes, are being paid by the City of North Olmsted in lieu of said contributions by the employee; SECTION 4: That said tax deferred 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 5: That said tax deferred 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. SECTION 6: That said employees shall not be entitled to any option of choosing to receive the contributed amounts directly instead of having them paid by the City of North ? Olmsted to the Ohio Police and Fire Pension Fund. SECTION 7: That this Resolution shall take effect and be in force on and after the earliest period provided for by law. PASSED: First Reading: ?1(d1..3 Second Reading: SDf'{1c ?'.?''C"t Third Reading.• =ndc4t- Committee: ATTEST: MAR GALLO Clerk of Council 4 ? . NICOLE DAILEY JO President of Counci APPROVED: ? KEV N M. KENNEDY Mayor APPROVED AS TO LEGAL FORM: /s/ Michael R. Gareau, Jr. MICHAEL R. GAREA U, JR. Director of Law