Laserfiche WebLink
1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-119-91 <br />A RESOLUTION OF THE CITY COUNCIL <br />OF THE CITY OF COLTON, CALIFORNIA, <br />ESTABLISHING A RETIREMENT PLAN FOR CERTAIN <br />EMPLOYEES NOT COVERED BY SOCIAL SECURITY <br />OR A COMPARABLE RETIREMENT PLAN <br />WHEREAS, The Omnibus Budget Reconciliation Act of 1990 <br />amended prior law by adding Section 3121(b)(7)(F) to the <br />Internal Revenue Code (the "Code") expanding the definition <br />of employment for the purposes of FICA taxes to include <br />service performed by certain employees of the state or local <br />governmental entities starting July 1, 1991; and <br />WHEREAS, such law exempts from FICA coverage employees <br />who are members of a retirement system of a state or local <br />government entity if certain minimum standards are met; and <br />WHEREAS, certain employees of the City of Colton are <br />members of the California Public Employees' Retirement System <br />("CALPERS"); and <br />WHEREAS, the Internal Revenue Service ("IRS") has issued <br />regulations that define a public retirement system and <br />establish minimum benefit standards and such regulations <br />specifically reference Code Section 457(b) as an allowable <br />plan for the purpose of Section 3121(b)(7)(F); and <br />WHEREAS, the IRS regulations allow the effective date of <br />the act to be delayed to January 1, 1992, under certain <br />