HomeMy WebLinkAboutResolution 90-363 11/05/1990~~SOlutfl®n N®. 90-363 N~,S,
of the City of Petaluma, California
RESOLUTION IMPLEMENTING PROVISIONS OF
INTERNAL REVENUE SERVICE TAX CODE SECTION 414 (h) (2)
WHEREAS, the City of. Petaluma 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 Petaluma 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 try its employees who are members of the Public Employees'
Retirement System;
NOW, THEREFORE, BE IT RESOLVED:
I. That the City of Petaluma 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 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 apre
deducted from the salary of the employees and are
credited tp individual employee's accounts pursuant to
California Government Code section 20615.
II. That the contributions made by the City of Petaluma to the
Public Employees' Retirement System, although designated as
employee contributions, are being paid by the City of
Pet~.luma in lieu of contributions by the employees who are
members of the Fublic Employees' Retirement System.
III. That employees shall not have the option of choosing to
receive the contributed amounts directly instead of having
them paid by the City of Petaluma to the Public Employees'
Retirement System.
Res. No.....~~..Q.-.x.6.3........ N.C.S.
IV. That the City of Petaluma shall pay to the Public Employees°
Retirement System the contributions designated as empls~yee
contributions from. the same source of funds as used in
payment salary .
V . That the amount of the contributions designated as employee
contributions and paid by the City of Petaluma to the Public
Employees' Retirement System on behalf of an employee shall
be as required of the employee by the Public Employees'
Retirement Law (California Government Code Sections 20000,
et seq.) .
VI. That the contributions d.esign.ated as employee contributions
made by City of Petaluma to the Pubic Employees'
Retirement System shall be treated for all purposes, other
than taxation, in the same way that member contributions are
treated by the Pubic Employees' Retirement System.
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) (A~i~~~S~l) meeting form
on the ........5th.---..... day of ..................November .-. 19..90 by the
.......................... ~ 7t
following vote:. ........- ---.....-..~---------------
City Attorney
AYES: Balshaw, Sobel, Davis, Woolsey, Tencer, Vice Mayor Cavanagh, Mayor Hilligoss
NOES: ~
ABSENT: ~
ATTEST: ----- • ..............................•-- ... -... ..- . ....... ...............:
City Clerk Mayor
Council File-....--• ............................
CA 10-85 Res. No. .........9.0:-.3.b~... N.C.S.