HomeMy WebLinkAbout7081RESOLUTION NO. 7081
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA,
CALIFORNIA, AFFIRMING THE PROVISIONS OF SECTION 414(h)(2) OF
THE INTERNAL REVENUE CODE IN REPORTING MEMBER PAID
CONTRIBUTIONS TO THE CALIFORNIA PUBLIC EMPLOYEES'
RETIREMENT SYSTEM AS TAX DEFERRED
WHEREAS, the governing body of the City of Arcadia has the authority to
implement the provisions of section 414(h)(2) of the Internal Revenue Code (IRC); and
WHEREAS, the City Council of the City of Arcadia has determined that even though
the implementation of the provisions of section 414(h)(2) is not required by law, the tax
benefit offered by section 414(h)(2) IRC should be provided to all employees who are
members of the California Public Employees' Retirement System:
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA,
CALIFORNIA, DOES HEREBY FIND, DETERMINE, AND RESOLVE AS FOLLOWS:
SECTION 1. That the City of Arcadia will implement the provisions of section
414(h)(2) Internal Revenue Code by making employees' contributions pursuant to
California Government Code Section 20691 to the California Public Employees'
Retirement System on behalf of all its employees or all its employees in a recognized
group or class of employment who are members of the California 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 account pursuant to California
Government Code section 20691.
SECTION 2. That the contributions made by the City of Arcadia to the California
Public Employees' Retirement System, although designated as employee contributions,
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are being paid by the City of Arcadia in lieu of contributions by the employees who are
members of the California Public Employees' Retirement System.
SECTION 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 Arcadia to the
California Public Employees' Retirement System.
SECTION 4. That the City of Arcadia shall pay to the California Public
Employees' Retirement System the contributions designated as employee contributions
from the same source of funds used in paying salary.
SECTION 5. That the amount of the contributions designated as employee
contributions and paid by the City of Arcadia to the California Public Employees'
Retirement System on behalf of an employee shall be the entire contribution required of
the employee by the California Public Employees' Retirement Law (California
Government Code Sections 20000, et seq.).
SECTION 6. That the contributions designated as employee contributions made
by the City of Arcadia to the California Public Employees' Retirement System shall be
treated for all purposes, other than taxation, in the same way that member contributions
are treated by the California Public Employees' Retirement System.
SECTION 7. The City Council hereby affirms the provisions of Section 414(h)(2)
of the Internal Revenue Code in reporting member paid contributions to the California
Public Employees' Retirement System as tax deferred.
SECTION 8. This Resolution shall become retroactive to the effective date of
July 1996.
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SECTION 9. The City Clerk shall certify to the adoption of this Resolution.
Passed, approved, and adopted this
ATTEST:
City Clerk
APPROVED AS TO FORM:
i�
Stephen P. Deitsch
City Attorney
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21st day of July , 2015.
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) SS:
CITY OF ARCADIA )
I, GENE GLASCO, City Clerk of the City of Arcadia, hereby certifies that the
foregoing Resolution No. 7081 was passed and adopted by the City Council of the City of
Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting of said
Council held on the 21St day of July, 2015 and that said Resolution was adopted by the
following vote, to wit:
AYES: Council Member Beck, Chandler, Kovacic, Tay and Wuo
NOES: None
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ity ler the City of Arcadia