HomeMy WebLinkAboutReso 016-86 IRS CodeRESOLUTION NO. 16 - 86
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
IMPLEMENTING SECTION 414 (h)(2) OF THE
INTERNAL REVENUE CODE
WHEREAS, the City Council has the authoritM to implement the
provisions of section ~l~(h)(2) of the Internal Revenue Code
(IRC); and
WHEREAS, the Board of Administration of Public Employees'
Retirement System adopted its resolution re section ~l~(h)(2) on
September 18, 1985; and
WHEREAS, the Internal Revenue Service has stated on December 6,
1985, that the implementation of the provisions of section
~l~(h)(2) IRC pursuant to the Resolution of the Board of
Administration would satisfy the legal requ±r~ments of section
~l~(h)(2) IRC; and
WHEREAS, the City Council has determined that even though the
implementation of the provisions of section ~l~(h)(2) IRC is not
required by law, the tax benefit offered by section ~l~(h)(2) IRC
should be provided to its employees who are members of the Public
Employees' Retirement System.
NOW, THEREFORE, BE IT RESOLVED:
I. That the City of Dublin will implement the provisions of
section ~l~(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 are deducted from ~the salary of employees and
are credited to individual employee's accounts pursuant to
California Government Code section 20615.
II. That the contributions made by the City of Dublin to the
Public Employees' Retirement System although designated as
employee contributions are being paid by the City of Dublin
in lieu of contributions by the employees who are members
of the Public Employees' Retirement System.
III. That employees will not have the option of choosing to
receive the contributed amounts directly instead of having
them paid by the City of Dublin to the Public Employees'
Retirement System.
IV. That the City of Dublin 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.
V. That the amount of the contributions designated as employee
contributions and paid by the City of Dublin to the Public
Employees' Retirement System on behalf of an employee shall
be the entire contribution required of the employee by the
Public Employee's Retirement Law (California Government Code
sections 20000, et, seq.).
VI. That the contributions designated as employee contributions
made by the City of Dublin 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.
PASSED, APPROVED AND ADOPTED this 10th day of February,
1986.
AYES:
Councilmembers Hegarty, Jeffery, Moffatt,
Vonheeder and Mayor Snyder
NOES: None
ABSENT: None