RESOLUTION #11-2007

RESOLUTION AUTHORIZING RICHFIELD TOWNSHIP
TO IMPLEMENT A PLAN TO PURCHASE ADDITIONAL SERVICE
CREDIT BY TAX-DEFERRED BY PAYROLL DEDUCTION


WHEREAS, Internal Revenue Code Section 414(h)(2) permits employer pickup of the employee contributions to a retirement plan, thereby resulting in tax deferral of such contributions; and

WHEREAS, under Ohio Revised Code Section 145 members of the Public Employees Retirement System of Ohio may be allowed to: 1) redeposit contributions previously withdrawn plus interest and/or 2) purchase additional forms of permissive service credit.

THEREFORE BE IT RESOLVED, that effective May 1, 2007, employees of Richfield Township, described in Section I below, may purchase additional service credit, tax-deferred, and Richfield Township shall withhold the required service credit deduction from the gross pay of each person who elects to do so and shall pick up (assume and pay) such deduction to the Public Employees Retirement System of Ohio. A person electing this pick up deduction shall not have the option of choosing to receive the payroll deduction directly instead of having this deduction picked up by Richfield Township. Members who have elected to participate in this plan cannot increase, decrease, or terminate the amount of the pickup deduction.

SECTION I: The pick up deduction by Richfield Township as provided by this resolution shall apply to all persons making the election within the following classes:

All employees of Richfield Township who are contributing members of the Public Employees Retirement System of Ohio.

SECTION II: The Fiscal Officer is hereby authorized and directed to implement the provisions of this Resolution to effect the pick up of the payroll deduction for the purchase of additional service credit to the Public Employees Retirement System of Ohio for those persons within the classes established in Section I herein.


Adopted in regular session of this _______ day or ________________, 2007.


________________________________________________
David R. Wyatt, Chairman, Board of Trustees


________________________________________________
Laurie Peters Gilmore, Trustee


________________________________________________
Shano Cica-Mraz, Trustee

Attest:


______________________________________________
Laurie Pinney, Fiscal Officer


Page last updated on: 01/09/2008
Return to Resolutions