Granville Community Calendar

Resolution No. 2013-23

RESOLUTION NO.  2013-23 

A RESOLUTION RESTATING THE PARTICIPATION BY THE VILLAGE OF GRANVILLE IN A PRE-TAX CONTRIBUTION PLAN FOR THE OHIO POLICE AND FIRE PENSION FUND

 

WHEREAS, the eligible employees of the Village of Granville Police Department participate in the Ohio Police and Fire Pension Fund; 

WHEREAS, the Granville Village Council previously adopted Ordinance No. 41-99, pursuant to federal and Ohio laws, the employees of the Village of Granville defer the federal and state income taxes on a portion of their wages or salaries as the Village of Granville “picks up” (assumes and pays) the statutorily required contribution by such covered employees to the Police and Firemen’s Disability and Pension Fund of Ohio; and 

WHEREAS, the Village of Granville does not and will not incur any additional costs in the deferment of federal and state income taxes. 

WHEREAS, the Ohio Police & Fire Pension Fund has adopted new rates and procedures for reporting picked up contributions and those rates and procedures are scheduled to change in July of 2013, July of 2014, and July of 2015; and 

WHEREAS, the Granville Village Council wishes to reaffirm and restate its prior ordinance in order to continue the pick up through a payroll reduction under the new procedures; 

NOW THEREFORE, BE IT RESOLVED by the Council of Granville, Ohio that: 

Section 1: Effective July 15, 2013, the Granville Village Council has determined to continue to pick up the 10.75% required contribution by covered employees to the Police and Firemen’s Disability and Pension Fund through a payroll reduction. 

Section 2:  Effective July 14, 2014, the Granville Village Council has determined to continue to pick up the 11.50% required contribution by covered employees to the Police and Firemen’s Disability and Pension Fund through a payroll reduction. 

Section 3:  Effective July 13, 2015, the Granville Village Council has determined to continue to pick up the 12.25% required contribution by covered employees to the Police and Firemen’s Disability and Pension Fund through a payroll reduction. 

Section 4:  Said picked up contributions paid through a payroll reduction, even though designated as employee contributions for state law purposes, are being paid by the Village of Granville in lieu of said contributions by the employee; 

Section 5:  Said picked up contributions will not be included in the gross income of the employees for tax reporting purposes, for federal or state income tax withholding taxes, until distributed from the Ohio Police and Fire Pension Fund; 

Section 6:  Said picked up contributions will be included in the gross income of the employees, for employment tax purposes, as the contributions are made to the Ohio Police and Fire Pension Fund; and 

Section 7:  Said employees shall not be entitled to any option of choosing to receive the contributed amounts directly instead of having them paid by the Village of Granville to the Ohio Police and Fire Pension Fund. 

Section 8:  This resolution shall take effect and be in full force upon the earliest date allowed by law. 

Passed this 6th day of March, 2013               

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