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"` 2 <br /> THE CITY OF CITY COUNCIL AGENDA REPORT 2 <br /> pL£ASANTON® <br /> April 19, 2011 <br /> Administrative Services <br /> TITLE: ADOPT RESOLUTION IMPLEMENTING THE PROVISIONS OF INTERNAL <br /> REVENUE CODE 414(H)(2) TO TAX DEFER MEMBER CONTRIBUTIONS <br /> FOR CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEMS <br /> (CALPERS) <br /> SUMMARY <br /> The City may allow employees to pay member contributions towards the California <br /> Public Employees' Retirement Systems (CALPERS) on a pre -tax basis by adopting <br /> Internal Revenue Code 414(h)(2). <br /> RECOMMENDATION <br /> Approve resolution implementing the provisions of IRC 414(h)(2) which allows for <br /> member contributions for California Public Employees' Retirement Systems (CALPERS) <br /> to be paid on a pre -tax basis. <br /> FINANCIAL STATEMENT <br /> There is no financial impact to the City. <br />