2004 RES R-65-04 - Laserfiche WebLink

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1 RESOLUTION NO. R-65-04 2 A RESOLUTION APPROVING IMPLEMENTATION OF THE PROVISION 3 OF SECTION 414(H)(2) INTERNAL REVENUE CODE PURSUANT TO MEMORANDUM OF UNDERSTANDING WITH ALL OF THE CITY OF 4 COLTON UNIONS/ASSOCIATIONS. 5 WHEREAS, the City of Colton has the authority to implement the provisions of 6 section 414(h)(2) of the Internal Revenue Code (IRC); and 7 8 WHEREAS, the Board of Administration of the Public Employees' Retirement System 9 adopted its resolution re: section 414(h)(2) IRC on September 18, 1985; and 10 WHEREAS, the Internal Revenue Service has stated in December 1985, that the 11 implementation of the provisions of section 414(h)(2) IRC pursuant to the Resolution of the 12 board of Administration would satisfy the legal requirements of section 414(h)(2) IRC; and 13 WHEREAS, City of Colton has determined that even though the implementation of 14 the provisions of section 414(h)(2) IRC is not required by law, the tax benefit offered by 15 section 414(h)(2) IRC should be provided to its employees who are members of the Public 16 Employees' Retirement System: 17 NOW, THERE, BE IT RESOLVED: 18 19 I. That the City of Colton will implement the provisions of section 414(h)(2) IRC 20 Internal Revenue Code by making employee contributions pursuant to California 21 Government Code section 20691 to the Public Employees' Retirement System on 22 behalf of its employees who are members of the Public Employees Retirement 23 System. "Employee contributions" shall mean those contributions to the Public 24 Employees' Retirement System which are deducted from the salary of employees 25 and are credited to individual employee's accounts pursuant to California 26 Government Code section 20691. 27 II. That the contributions made by the City of Colton to the Public Employees' 28 Retirement System, although designated as employee contributions, are being Page 1 of 2