HomeMy WebLinkAboutReso - CC - 133-1990RESOLUTION N0, 133-90
RESOLUTION IMPLEMENTING SECTION 414(h)(2)
OF THE INTERNAL REVENUE CODE
RESOLVED by the CITY COUNCIL of the CITY OF
BURLINGAME 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
re: Section 414(h)(2) IRC on September 18, 1985; and
WHEREAS, the Internal Revenue Service has
stated on December 6, 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 AS FOLLOWS:
1. That 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 20615 to 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 20615.
2. That the contributions by the CITY OF
BURLINGAME to the Public Retirement 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 members of the
Public Employees' Retirement System.
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 BURLINGAME to
the Public Employees' Retirement System.
4. That 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.
MAYOR
I, JUDITH A. MALFATTI, 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 5th day of November 1990, and was
adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: BARTON, HARRISON, LEMBI, O'MAHONY
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: PAGLIARO
CITY CLERK