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2 <br />THE CITY OF <br />j~L£~S~4NTONo CITY COUNCIL AGENDA REPORT <br />February 20, 2007 <br />Administrative Services Department <br />TITLE: APPROVE RESOLUTION IMPLEMENTING PROVISIONS OF INTERNAL <br />REVENUE CODE (IRC) SECTION 414(h)(2) TO ALLOW EMPLOYEE <br />CONTRIBUTION FOR PUBLIC EMPLOYEES' RETIREMENT SYSTEM <br />SERVICE CREDIT (CONTRIBUTION CODE 14 -PRE-TAX PAYROLL <br />DEDUCTION PLAN) <br />SUMMARY <br />The City may allow employees to purchase service credit from CaIPERS on a pre-tax <br />basis by adopting a resolution implementing the provisions of IRC Section 414(h)(2). <br />RECOMMENDATION <br />Approve Attachment A, a resolution implementing provisions of internal revenue code <br />(IRC) section 414(h)(2) to allow employee contribution for public employees' retirement <br />system service credit (contribution code 14 -pre-tax payroll deduction plan) <br />FINANCIAL STATEMENT <br />There is no financial impact to the City. <br />