RESOLUTION #03-2008
AUTHORIZATION FOR RICHFIELD TOWNSHIP TO PICK UP THE STATUTORILY REQUIRED CONTRIBUTION TO THE PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO (OPERS) FOR THE EMPLOYEES OF THE TOWNSHIP PURSUANT TO I.R.C. SECTION 414(H)(2).
WHEREAS, pursuant to Federal and Ohio laws, the employees of Richfield Township could defer the federal and state income taxes on a portion of their wages or salaries if Richfield Township would “pick up” (assume and pay) the statutorily required contribution by such elected officials and covered employees to the Public Employees Retirement System of Ohio; and,
NOW THEREFORE BE IT RESOLVED BY RICHFIELD TOWNSHIP:
SECTION 1: Effective January 1, 2008 one-tenth of the statutorily required 10% contributions to the Public Employees Retirement System of Ohio shall be picked up and paid as a fringe benefit by the Township for each person within any of the classes established in Section 2 herein. This “pick up” by Richfield Township is, and shall be designated as, public employee contributions and shall be in lieu of contributions to the Public Employees Retirement System of Ohio by each person within any of the classes established in Section 2 herein. No person subject to this “pick up” shall have the option of choosing to receive the statutorily required contribution to the Public Employees Retirement System of Ohio directly instead of having it “picked up” by Richfield Township or of being excluded from the “pick up”. Richfield Township shall, in reporting and making remittance to the Public Employees Retirement System of Ohio report that the public employees contribution for each person subject to this “pick up” has been made as provided by the statute.
SECTION 2: The “pick up” by Richfield Township provided by this Resolution shall apply to all persons that: Are employees of Richfield Township who are or become contributing members of the Public Employees Retirement System-of Ohio.
SECTION 3: Under the Fringe Benefit Method of Employer pick-up, salary is not modified however, the employer will pay one-tenth of the employees’ statutorily required 10% contribution to OPERS.
SECTION 4: The Township Administrator and/or Fiscal Officer are hereby authorized and directed to implement the provisions of this Resolution to institute the “pick up”, of the statutorily required contributions to the Public Employees Retirement System of Ohio for those persons reflected in Section 2 herein so as to enable them to obtain the result in federal and state tax deferments and other benefits.
_______________________________ ___________________________________
Date David R. Wyatt, Township Trustee
___________________________________
Laurie Peters Gilmore, Township Trustee
____________________________________
Janet Jankura, Township Trustee
Attest:
___________________________________
Laurie Pinney, Township Fiscal Officer
Page last updated on:
01/16/2008
Return to
Resolutions