Common use of OHIO POLICE AND FIRE PENSION FUND Clause in Contracts

OHIO POLICE AND FIRE PENSION FUND. ‌ (A) The City will continue to participate in the Ohio Police and Fire Pension Fund as provided in the Ohio Revised Code. (B) As long as the City participates in a pension "pick-up" plan in accordance with Internal Revenue Service regulations and Ohio Attorney General opinions, as permitted by law State and Federal Income Taxes on employee pension contributions by all bargaining members may be deferred. (C) Effective with the first full pay period of January 2014 the City will pay zero percent (0%) of the employee’s pension contribution, and the employee shall be responsible for the remaining percentage, if any. This reduction in pension pickup by the City is in exchange for a 3% increase in the spread, effective in the first full pay period of January 2014, as contained in Section 2113.69. (D) In the event that the employee share of the pension payment increases due to a change in law or regulation during the term of this agreement the employee shall be responsible for paying the entire increased employee share.

OHIO POLICE AND FIRE PENSION FUND. ‌ (A) The City will continue to participate in the Ohio Police and Fire Pension Fund as provided in the Ohio Revised Code. (B) As long as the City participates in a pension "pick-up" plan in accordance with Internal Revenue Service regulations and Ohio Attorney General opinions, as permitted by law State and Federal Income Taxes on employee pension contributions by all bargaining members may be deferred. (C) Effective with the first full pay period of January 2014 the City will pay zero percent (0%) of the employee’s pension contribution, and the employee shall be responsible for the remaining percentage, if any. This reduction in pension pickup by the City is in exchange for a 3% increase in the spread, effective in the first full pay period of January 2014, as contained in Section 2113.69. (D) In the event that the employee share of the pension payment increases due to a change in law or regulation during the term of this agreement the employee shall be responsible for paying the entire increased employee share.