(A) For reporting and tax purposes, the Ohio
police and fire pension fund ("OP& F") will recognize any payment of a
member's contributions under section
742.32 of the Revised Code or
amounts designated by the member's employer for the purchase of service credit
by payroll deduction with picked-up contributions if the member's employer has
adopted and filed with OP& F a resolution authorizing the deduction and
payment of contributions or service credit purchases for its employees with
amounts designated as picked-up contributions under section
414(h)(2) of the Internal
Revenue Code, in such form approved by OP& F's board of trustees, including
an effective date (the "approved resolution"). The resolution must be filed at
least thirty days prior to submitting contributions to OP& F as picked-up.
(B) For those employers currently
reporting picked-up contributions under section 414(h)(2) of the Internal
Revenue Code, OP& F will continue to recognize those as pick-ups provided
the employer files the approved resolution no later than November 30, 2004, and
certifies that the pick-up plan is still in existence and has not been
otherwise amended or modified.
(C)
(B)
The employer's reporting requirement under
section 742.32 of the Revised Code shall
also include the reporting of picked-up contributions consistent with the terms
of this rule.
(D)
(C)
To be compliant for
reporting purposes under section
742.32 of the Revised Code and
rule
742-9-10 of the Administrative
Code, the employer must meet the following criteria:
(1) Timely file with OP& F a resolution
authorizing the payment of contributions or purchase of service credit for its
employees with amounts designated as picked-up contributions under section
414(h)(2) of the Internal
Revenue Code in accordance with the deadline outlined in paragraph (A) of this
rule;
(2) Timely report the amount
of picked-up contributions by member as part of section
742.32 of the Revised Code and
rule
742-9-10 of the Administrative
Code and consistent with the applicable approved resolution on file with and
approved by OPandF;
(3) Timely
file a separate resolution for police and fire and then by unit/division, if
applicable, or clearly outline the pick-up by unit/division;
(4) Timely file any changes to any approved
resolution, which needs to be reviewed and approved by OP& F as if it were
an originally-filed approved resolution;
(E)
(D)
Applicable penalties and interest will apply for
employers who fail to:
(1) Timely file a
resolution for picked-up contributions with OP& F in accordance with the
deadlines of this rule; and
(2)
Timely report picked-up contributions under section
742.32 of the Revised Code.
(F)
(E)
If OP& F
receives an employer report under rule
742-9-10 of the Administrative
Code that does not conform to the resolution on file with OP& F, OP& F
shall send a written notice to the employer of the non-conforming nature of the
resolution or reporting and allow the employer to have an opportunity to take
corrective actions noted in the notice within thirty days of OP& F's
written notice. OP& F shall not assess further penalties and interest under
section
742.35 of the Revised Code until
the expiration of this grace period for those employers who fail to take the
corrective action noted by OP& F's written notice.
(G)
(F)
For those employers who file an approved
resolution and report contributions as picked-up, but fail to provide an
effective date, this shall not be deemed to be non-compliant. In this case, the
effective date will be the date of authorized signature or other supporting
documentation provided by the employer, which is acceptable to OP& F.
(H)
(G)
The requirements of
this rule shall also apply to any changes or modifications to picked-up
contributions and they will be treated as if they are a new resolution.
(H) For any changes to the standard
resolutions adopted by the board of trustees, OP& Fshall give prior written
notice to the employer of any changes to the resolution and allow the employers
to use either version of the resolution until December 31, 2005, except in
cases where the employees are not in bargaining units, in which case the newly
adopted resolution must be used.
Notes
Ohio Admin. Code 742-7-14
Five Year Review (FYR) Dates:
8/28/2020 and
08/28/2025
Promulgated
Under: 111.15
Statutory
Authority: 742.10
Rule
Amplifies: 742.32
Prior
Effective Dates: 11/25/2003 (Emer.), 02/09/2004, 07/19/2004, 06/08/2005
(Emer.), 09/26/2005, 10/04/2010,
12/19/2010
Five Year Review (FYR) Dates:
11/02/2015 and
11/02/2020
Promulgated
Under: 111.15
Statutory Authority: 742.10
Rule Amplifies:
742.32
Prior Effective Dates: 11/25/03 (Emer.), 2/9/04, 7/19/04,
9/26/05, 10/4/10
