2022-052 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2022 - 52 BY: Mayor lones AN ORDINANCE AL'TIIORIZI.NC THE MAYOR, ON BEIIALF OF THE CITY OF NORTH OLMSTED, TO ENTER INTO AN AGREEMENT WITH THE OHIO DEFERRED COMPENSATION BOARD TO ENABLE CITY E.MPLOYFES OPTIONAL PARTICIPATION IN AND CONTRIBUTIONS TO ROTH 457(6) RETIRE'ME'NT S'AVINCS ACCOUNTS, AND DECLARING AN EMERGENCY. WHEREAS, it is the recommendation of the Director of Finance that the City of North Olmsted encourage its employees to Voluntarily enroll for relirement savings accounts offered by the Ohio Deferred Compensation Board. including the optional Roth 457(6) plan. if qualified; and WHEREAS. Cit}employees are also encouraged to seek out the advice of their private financial and/or tax advisors to reNicw the risks and benefit of Roth contributions of "alter tax" dollars. which if qualified, may grow and be distributed ager retirement "tax Gee'. subject however to Various IRS limitations on Roth 457(6) contributions, including but not limited to the combined total of all pre-tax and Roth contributions: and WHEREAS, it is the desire of this Council to so authorize the Mayor to enter into an Agreement with Ohio Deferred Compensation for the b:mploycr Adoption and to adopt Payroll Administralive Procedures. to enable ('ity employees to Voluntarily contribute to Roth 457(b) retirement savings plans. ifqualilicd, and as administered by thesaid Board. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: SECTION l: 'That the Mavor be and she is hereby authorized to enter into an Agrcctnent with the Ohio Deferred Compensation Board for the Employer Adoption of the Roth 457 Option as well as enabling Payroll Procedures for employee optional and eofuntary enrollment. if qualified. for Roth 457 retirement savings plans as administered by said Board, a copy of which is on file in the Department of Finance. SECTION 2: That this Ordinance is hereby declared to he an emergency measure immediately necessary for the preservation of the public health, safety and welfare. and further for the reason that it is necessary that this Ordinance go into effect immediately to allow employees to quality for savings plans as soon as possible: and forther provided it receiNes the aliirntati%c vole of tNN'o-thirds of all members of Council, it shall take effect and be in force immediately upon its passage and approval by the Mayor.