Explanation
This ordinance is necessary to comply with Ohio Revised Code Section 742.56 and Ohio Administrative Code 742-5-08, to aid in the proper recognition of employer pick-up contributions for the voluntary purchase of service credit from the Ohio Police & Fire Pension Fund.
Title
To comply with Ohio Revised Code Section 742.56 and Ohio Administrative Code 742-5-08 for purposes of pick-up contributions for the voluntary purchase of service credit, by participating employees of the Division of Police, from the Ohio Police & Fire Pension Fund and to declare an emergency.
Body
WHEREAS, the eligible employees of the Division of Police participate in the Ohio Police and Fire Pension Fund ("OP&F");
WHEREAS, the City of Columbus has previously adopted a pick-up for the voluntary purchase of service credit, as provided for in Section 742.56 of the Ohio Revised Code and 742-5-08 of the Ohio Administrative Code, for participating employees of the Division of Police who are members of the OP&F;
WHEREAS, OP&F has adopted procedures for reporting picked up contributions in order to properly prepare 1099-R forms for its members pursuant to Section 742.32 of the Ohio Revised Code and Section 742-7-14 of the Ohio Administrative Code;
WHEREAS, employers may pay all or a part of the voluntary contributions for the purchase of service credit for employees participating in the OP&F;
WHEREAS, the City of Columbus wishes to reaffirm and amend and restate its prior ordinance in order to continue the pick-up under the OP&F procedures;
WHEREAS, an emergency exists an emergency exists in the usual daily operation of the City of Columbus in that it is immediately necessary to comply with Ohio Revised Code Section 742.56 and Ohio Administrative Code 742-5-08, to aid in the proper recognition of employer "pick-up" (or pre-tax) contributions and to avoid imposition of penalty and interest as outlined in Ohio Administrative Rule 742-7-14 thereby preserving the ...
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