Title
A RESOLUTION REAFFIRMING AND RESTATING FORMER RESOLUTIONS OF THE COUNCIL OF THE CITY OF HUDSON, SUMMIT COUNTY, OHIO, RELATED TO CONTRIBUTIONS TO THE OHIO POLICE & FIRE PENSION FUND FOR ELIGIBLE DEPARTMENTS OF POLICE AND FIRE PERSONNEL; ADOPTING INCREASES IN THE EMPLOYEE MEMBER CONTRIBUTION RATES; AND DECLARING AN EMERGENCY.
Executive Summary: Ohio Police & Fire (OP&F) pension rates are increasing each year for the next three years. The first increase is effective for the pay period beginning on or after July 2, 2013. For our employees, the effective date is July 8, 2013. OP&F requires us to file a resolution authorizing the new rates within 30 days of the effective date.
Body
Legislative History
Resolution 04-155 adopted the OP&F rate for Police and Resolution 04-156 adopted the rate for Fire. We have combined the approval of rates into one Resolution.
Purpose & Explanation
This is a resolution to amend the contribution rate to the Ohio Police & Fire Pension Fund for eligible personnel in the departments of police and fire; adopting increases in the employee member contribution rates and declaring an emergency. The purpose of the resolution is to adopt the amended employee contribution rates.
Attached to this memo is a summary of the rate changes, effective dates and need for a resolution.
Timing Considerations
In order to meet the deadline, we need to pass a resolution with emergency language at the June 5 council meeting.
Fiscal Impact
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends passing the resolution adopting the new OP&F employee contribution rates.
Submitted by,
Jeff Knoblauch, Finance Director