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Y,.:: <br />CITY OF NORTH OLMSTED <br />RESOLUTION N0.97-111 <br />BY: The Mayor and Council <br />A RESOLUTION AUTHORIZING THE CITY OF NORTH <br />OLMSTED TO IMPLEMENT A PLAN TO PURCHASE <br />ADDITIONAL SERVICE CREDIT TAX-DEFERRED BY <br />PAYROLL DEDUCTION, AND DECLARING AN <br />EMERGENCY. <br />WHEREAS, Internal Revenue Code Section 414(h) (2) permits employer "pick <br />up" of the employee contribution to a retirement plan, thereby resulting in tax deferral of <br />such contributions; and <br />WHEREAS, under Ohio Revised Code Chapter 145 members of the Public <br />Employees Retirement System of Ohio may be allowed to: 1) re-deposit contributions <br />previously withdrawn plus interest and/or 2) purchase additional forms of permissive <br />service credit. <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF NORTH <br />OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: <br />Section 1: That effective December 15, 1997 employees of the City of North <br />Olmsted, described in Section 2 below, may purchase additional service credit, tax- <br />deferred, and the City of North Olmsted shall withhold the required service credit <br />deduction from the gross pay of each person who elects to do so and shall pick up <br />(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 <br />payroll deduction directly instead of having this deduction picked up by the City of North <br />Olmsted. Members who have elected to participate in this plan cannot increase, decrease, <br />or terminate the amount of the pick up deduction. <br />Section 2: The pick up deduction by the City of North Olmsted as provided by <br />this Resolution shall apply to all persons who are contributing members of the Public <br />Employees Retirement System of Ohio making the proper election. <br />Section 3: The Director of Finance is hereby authorized and directed to <br />implement the provisions of this Resolution to effect the pick up of the payroll deduction <br />for the purchase of additional service credit to the Public Employees Retirement System <br />of Ohio for those making the proper election. <br /> <br />