RES 11433 - Laserfiche WebLink

RESOLUTION NO. 11 -433 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON, TO TAX DEFER MEMBER PAID CONTRIBUTIONS — IRC 414(H)(2) EMPLOYER PICK -UP WHEREAS, the governing body of the City of Pleasanton has the authority to implement the provisions of section 414(h)(2) of the Internal Revenue Code (IRC); and WHEREAS, the City of Pleasanton has determined that even though the implementation of the provisions of section 414(h)(2) IRC is not required by law, the tax benefit offered by section 414(h)(2) IRC should be provided to All Employees of the City of Pleasanton who are members of the California Public Employees' Retirement System. NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: SECTION 1. That the City of Pleasanton will implement the provisions of section 414(h)(2) Internal Revenue Code by making employee contributions pursuant to California Government Code Section 20691 to the California Public Employees' Retirement System on behalf of all its employees who are members of the California Public Employees Retirement System. "Employee contributions" shall mean those contributions to the Public Employees' Retirement System which are deducted from the salary of employees and are credited to individual employee's accounts pursuant to California Government Code section 20691. SECTION 2. That the contributions made by the City of Pleasanton to the California Public Employees' Retirement System, although designated as employee contributions, are being paid by the City of Pleasanton in lieu of contributions by the employees who are members of the California Public Employees' Retirement System. SECTION 3. That employees shall not have the option of choosing to receive the contributed amounts directly instead of having them paid by the City of Pleasanton to the California Public Employees' Retirement System. SECTION 4. That the City of Pleasanton shall pay to the California Public Employees' Retirement System the contributions designated as employee contributions from the same source of funds as used in paying salary. SECTION 5. That the amount of the contributions designated as employee contributions and paid by the City of Pleasanton to the California Public Employees' Retirement System on behalf of an employee shall be the entire contribution required of the employee by the California Public Employees' Retirement Law (California Government Code Sections 20000, et seq.). SECTION 6. That the contributions designated as employee contributions made by the City of Pleasanton to the California Public Employees' Retirement System shall be treated for all purposes, other than taxation, in the same way that member contributions are treated by the California Public Employees' Retirement System.