Loading...
HomeMy WebLinkAboutReso - CC - 030-2000RESOLUTION NO. 30-2000 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME IMPLEMENTING SECTION 414 (h) (2) OF THE INTERNAL REVENUE CODE RESOLVED by the CITY COUNCIL OF THE CITY OF BURINGAME that: WHEREAS, the City of Burlingame has the authority to implement the provisions of section 414 (h) (2) of the Internal Revenue Code (IRC); and WHEREAS, the Board of Administration of the Public Employees' Retirement System adopted its resolution 414 (h) (2) IRC on September 18, 1985; and WHEREAS, the Internal Revenue Service has stated in December 1985, that the implementation of the provisions of section 414 (h) (2) IRC pursuant to the Resolution of the Board of Administration would satisfy the legal requirements of section 414 (h) (2) IRC; and WHEREAS, the City of Burlingame 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 its employees who are members of the Public Employees' Retirement System, NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF BURLINGAME: 1. The City of Burlingame 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 Public Employees' Retirement System on behalf of its employees who are members of the 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. 2. The contributions made by the City of Burlingame to the Public Employees' Retirement System, although designated as employee contributions, are being paid by the City of Burlingame in lieu of contributions by the employees who are member of the Public Employee's Retirement System. 3. Employees shall not have the option of choosing to receive the contributed amounts directly instead of having them paid by the City of Burlingame to the Public Employees' System. 4. The City of Burlingame shall pay to the Public Employees' Retirement System the contributions designated as employee contributions from the same source of funds as used in paying salary. 5. The amount of the contributions designated as employee contributions and paid by the City of Burlingame to the Public Employees' Retirement System on behalf of an employee shall be the entire contribution required of the employee by the Public Employees' Retirement Law (California Government Code sections 20000, et sep.) 6. The contributions designated as employee contributions made by the City of Burlingame to the Public Employees' Retirement System shall be treated for all purposes, other than taxation, in the same way that member contributions are treated by the Public Employees' Retirement System. Mayor I, Ann T. Musso, City Clerk of the City of Burlingame, do hereby certify that the foregoing resolution was introduced at a regular meeting of the City Council held on the 6th day of March 2000, and was adopted thereafter by the following vote: AYES: COUNCILMEMBERS: COFFEY, GALLIGAN, JANNEY, SPINELLI, O'MAHONY NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE t fly I � k1 r rya City Clerk