PANDORA – Village Council members have approved an opportunity for village employees to better their retirement plans.

Council approved adopting a plan with the Ohio Public Employees Deferred Compensation Program during the May 28 council meeting. Fiscal Officer Kim Reese was also approved as the responsible official who is authorized to execute the adoption agreement. Reese asked council to approve the plan which is a supplemental retirement plan for all Ohio Public employees established by the Ohio Revised Code in compliance with the Internal Revenue Code.

The program is one of the largest 457 (b) plans in the country whose mission is to provide quality investment options and services to employees. According to the ORC, public employers are required to make the program available to any eligible employee, which has operated since 1976.

Reese told council any village employee who works part-time or full-time would be eligible, but seasonal employees would not. She said employees currently have only the Ohio Public Employees Retirement System program while the police department also have a plan under police and fire.

“This is our version of a 401-K,” Reese said.

The agreement states the village will comply with all laws affecting the program and provide enough services to administer the plan and appropriately respond to inquiries by eligible employees. The village will permit the board’s representatives to conduct group and individual meetings to explain the plan or enroll eligible employees during normal working hours.

The employer shall be responsible for remitting contributions under the plan to the program in accordance with the rules and regulations promulgated by the board. The village will be responsible for the correct and timely reporting and withholding of employees’ wages under U.S and Ohio income tax laws. The village shall complete a worksite location form, a payroll information form and a schedule of pay dates on the forms designated by the board or its administrator. There is no cost to the village for this program.

The employee agrees that all amounts deferred under the plan and all investments purchased will be held by the board in trust on behalf of the eligible employees and their beneficiaries. All assets, whenever contributed to the plan, are assigned to the trust established by the board. The board will not be held responsible for losses of interest or possible investment gain, including those losses caused by the delay of the eligible employee in remitting deferrals.

The adoption agreement will end three years from the date there are no remaining participants or beneficiaries under the plan. The board has the power to terminate this option agreement at any time and will automatically terminate if the program ceases to exist.

Meanwhile Village Administrator Rick Morrison reported the village received recognition from the Safety Council of the Putnam County Community Improvement Corp. for having no injuries in the last year. The award was given for the village’s effort in preventing accidents and making improvements in the workplace.

In other business, council:

• heard that the town-wide trash day will be June 22 from 8 a.m. to noon. Village residents can bring their items to the Arthur-Lugibihl Community Center during those hours. Morrison said the same vendor will be there this year and said it went very well last year.

• heard between 200 and 250 bike riders from Bluffton will be coming through the community July 20. The group will plan on taking a break at the Pandora Methodist Church.

The next regular meeting of the Pandora Village Council is scheduled for Tuesday, June 11, at 7 p.m. in the village offices.