HomeMy WebLinkAboutResolution 00-013 N.C.S. 01/18/2000 resolution ~To. 00-is N.C.S.
of the City of Petaluma, California
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3 IlVIPLEIVIENTING EIVIPLO~'ER PICICIJP PIZL-TAX PAYROLL I)EDITCTIOI~T
4 PLAN .FOIL SERVICE CREi)IT PURCHASES
5 (PERS CONTRIBUTION CODE 14)
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9 WHEREAS, the Board of Administration of the California Public Employees'
10 Retirement System (CaIPERS) at the April 1996 meeting approved apre-tax payroll
11 deduction plan for service credit purchases under Internal Revenue Code (IRC) section
12 414(h)(2); and
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14 WHEREAS, the City of Petaluma, CA has the authority to implement the provisions of
15 IRC section 414(h)(2) and has determined that even though implementation is not
16 required by law, the tax benefit offered by this section should be provided to those
17 employees who are members of CaIPERS; and
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19 WHEREAS, the City of Petaluma, CA etects to participate in the pre-tax payroll
20 deduction plan for all. employees in the following CaIPERS coverage group(s):
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22 Miscellaneous Group #70001
23 Fire/SMT Group #74002
24 Police Group #75002
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26 NOW, THEREFORE, BE IT RESOLVED:
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28 I. That the City of Petaluma, CA will implement the provisions of IRC section
29 414(h)(2) by making employee contributions for service credit purchases pursuant
30 to the California State Government Code on behalf of its employees who are
31 members of Ca1PERS and who have made a binding irrevocable election to
32 participate in the pre-tax payroll deduction plan. "Employee contributions" shall
33 mean those contributions reported to CaIPERS which are deducted from the
34 salary of employees and are credited to individual employee accounts for service
3 5 credit purchases, thereby resulting in tax deferral of employee contributions.
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37 II. That the contributions made by the City of Petaluma, CA to Ca1PERS, although
38 designated as employee contributions, are being paid by the City of Petaluma, CA
39 in lieu of contributions by the employees who are members of CaIPERS.
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Resolution No. 00-13 x.c.s. Page 1 of 2
1 III. That the employees shall not have the option of choosing to receive the
2 contributed amounts directly instead of having them paid by the City of Petaluma,
3 CA to CaIPERS.
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5 IV. That the City of Petaluma, CA shall pay to CaIPERS the contributions designated
6 as employee contributions from the same source of funds as used in paying salary,
7 thereby resulting in tax deferral of employee contributions.
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9 V. That the effective date for commencement of the pre-tax payroll deduction plan
10 cannot be any earlier than July 1, 1996, or the date the completed resolution is
11 received and approved in Ca1PERS, whichever is later.
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13 VI. That the governing body of the City of Petaluma, CA shall participate in and
14 adhere to requirements and restrictions of the pre-tax payroll deduction plan by
15 reporting pre-tax payroll deductions when authorized by Ca1PERS for those
16 employees of the above stated Coverage Group(s) who have elected to participate
17 in this plan.
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22 Return Address:
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24 City of Petaluma
25 Department of Human Resources
26 P.O. Box 61
27 Petaluma, CA, CA 94953-0061
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29 G:cc~Resolution.doc
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) X~cat#?~xc~(;~~~~ad) meeting - form
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on the .-..18.111.....-..... day of ..........J.aAll8l=yr.20.~Il ...................}01P0......-., by the
- following vote r
Cit Attorney
AYES: Healy, Ke11er,~Hamilton, Maguire, Vice Mayor Torliatt, Mayor Thompson
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NOES: None'
ABSENT: Lad2r-Thompson
AZTEST:
- 'City Clerk ~ Mayor
_ Council File......_..._
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