Pension Pick-up. Effective throughout the life of this Agreement, the City shall pay one percentage (1%) point of the employee's state-mandated contribution to the Police and Fireman's Pension Fund. The remaining portion of the employee's contribution shall be paid by the employee. However, the City shall "shelter" members pension contribution for personal income tax purposes.
Pension Pick-up. The City will continue to provide a pension pick-up plan, whereby employee contributions will be made from pre-tax earnings, as long as it continues to be permitted by the Internal Revenue Service Code.
Pension Pick-up. Effective the first full pay period on or after adoption of this MOU by the Board of Supervisors (June 25, 2013), The County will cease providing the one percent (1%) pick up of the employee’s share towards Retirement.
Pension Pick-up. The Township will maintain a fringe benefit "pick-up" of the member contribution to the Public Employees Retirement System (Law Enforcement) (hereinafter referred to as "PERS-LE") under the following terms and conditions:
A. The amount to be picked up on behalf of each member shall be five and one tenth percent (5.1%) of the member’s earned compensation. The member shall pay any increase beyond the percentage maximum for which the Township is responsible.
B. Picked-up member contributions shall be designated as Public Employee Contributions to PERS-LE and shall be in lieu of statutorily required contributions to PERS-LE by each member.
C. The provisions of this pension "pick-up" plan shall apply uniformly to all members, and no member shall have the option to elect a wage increase or other benefit in lieu of the payment provided for herein. The Township will, in reporting and making remittance to the PERS-LE, report that each member's contribution has been made as provided by statute.
D. The sums to be paid hereunder by the Township on behalf of the member are not to be considered additional salary or wages and are not to be treated as increased compensation. For purposes of computing a member's earnings or basis of a member's contributions to the PERS-LE, the amount paid by the Township on behalf of the member as such member's statutory obligation is intended to be and would be considered as having been paid by the member in fulfillment, whether in whole or in part, as the case may be, of the member's statutory obligation.
Pension Pick-up. Effective throughout the life of this Agreement, the City shall pay one percentage (1%) point of the employee's state mandated contribution to Ohio Public Employees Retirement System (OPERS). The remaining portion of the employee's contribution shall be paid by the employee. However, the City shall "shelter" members pension contribution for personal income tax purposes.
Pension Pick-up. The full amount of the statutorily required member contribution to the Ohio Police and Fire Pension Fund (“Fund”) shall be withheld from the gross pay of members and shall be "picked-up" by the Employer and shall be in lieu of contributions to the Fund by each member. No member subject to this "pick-up" shall have the option of choosing to receive the statutorily required member contribution to the Fund instead of having it "picked-up" by the Employer or of being excluded from the "pick-up". The parties agree that the Employer will not incur any additional costs in the deferment of said federal and state income taxes. Should the Rules and Regulations of the Internal Revenue Service or the Fund change, making this procedure unworkable, the parties agree to return to the former contribution method followed by the Employer.
Pension Pick-up. The City shall “pick up” (assume and pay) on behalf of each member the percentage of the member's required contribution to the Ohio Police and Fire Pension Fund (hereinafter, "Fund") as set forth below: Beginning July 1, 2011 – 6.5% For the year 2012 – 3.5% For the year 2013 and thereafter – 0% Such payment shall be made by the City in lieu of payment by the member. The provisions of this Article shall apply uniformly to all members, and no member shall have the option to elect a wage increase or other benefit in lieu of the payment provided for herein. The City shall in reporting and making remittance to the Fund report that the member’s contribution has been made as provided by statute.
Pension Pick-up. Pension Pick-Up – The City agrees to “pick-up” the statutorily required contribution to the applicable pension fund by the salary reduction method that the individual employee has been paying pursuant to present Federal and Ohio laws. Allowing employees to contribute in this manner will result in a deferral of federal and state income taxes on a portion of their wages and a reduction in taxable income.
Pension Pick-up. Pursuant to this Section, a portion of the contribution made by the employee to the Police and Fireman’s Disability and Pension Fund (“the Fund”), such portion being equal to six percent (6%) of the employee’s earned compensation, shall be picked up (assumed and paid) on behalf of the employee by the City, and in lieu of payment by the employee. The remaining portion of the employee contribution shall continue to be paid by the employee.
(A) The City, in reporting and making remittances to the Fund, shall report that each employee’s contribution has been made as provided for by statute. This payment by the City on behalf of the employee is not to be considered additional salary or wages and shall not be treated as increased compensation. For purposes of computing the employee’s earnings, or the basis of his contribution to the Fund, the amount paid by the City on behalf of the employee as a portion of the employee’s statutory obligation, shall be considered as having been paid by the employee in fulfillment of the employee’s statutory obligation.
(B) The City may, in its sole discretion, reduce the percentage of pension pick-up set forth in this Section by reducing any percentage of the pension pick up and simultaneously increasing each employee’s regular hourly rate of pay by the same percentage that the pension pick-up is reduced.
Pension Pick-up. Section 19.1. Employee retirement contributions for all members of the bargaining unit to the Ohio Police & Fire Pension Fund (OP&F), the Employer shall use a combination of the Fringe Benefit and Salary Reduction methods for Contribution Pick-Up’s (Income tax deferral for Federal and State).
Section 19.2. The Employer will use OP&F rules for the determination and reporting of pensionable wages. Pick-up amounts will only be used in determining W-2 reportable wages and will not be used for calculating wages for any other type of benefit.
Section 19.3. The parties further agree that the Contribution Pick-Up’s described hereinabove shall remain in effect only so long as the IRS and OP&F rulings remains substantially unchanged and that such pickup is intended to be without increased taxable or increased OP&F Employer pension contribution costs to the Township. The Township has made no representation as to the effects of such pick-up on any bargaining unit member’s benefits or level of taxable income.
Section 19.4. The OP&F employee contribution schedule will be as follows: Pay Period Beginning Fringe Benefit + Salary Reduction = Total Contribution Current 12.25% 0.00% 12.25% In accordance with the foregoing, it is recognized that the amount of the employee contribution that is assumed and paid by the Township under the terms of this Section shall not be included in the Bargaining Unit member’s total earned compensation for the purpose of State and Federal income tax. However, should the rules of the Internal Revenue Service or the State Retirement Funds change to prohibit this pension pick-up or make such pick-up taxable to employees, then Bargaining Unit members shall be paid in cash for all amounts that otherwise would have been paid on their behalf under this Section.
