HomeMy WebLinkAbout04-009 - Resolutions RESOLUTION NO. FD 04-009
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
RANCHO CUCAMONGA FIRE PROTECTION DISTRICT,
RANCHO CUCAMONGA, CALIFORNIA, AUTHORIZING THE
IMPLEMENTATION OF THE PROVISIONS OF INTERNAL
REVENUE CODE SECTION 414(h)(2) AND ALLOWING
DISTRICT EMPLOYEES TO PARTICIPATE IN THE PRE-TAX
PAYROLL DEDUCTION PLAN FOR THE PURPOSE OF
PUCHASING CaIPERS SERVICE CREDITS
WHEREAS, the Board of Administration of the California Public Employees' Retirement System
(CaIPERS)at the April 1996 meeting approved a pre-tax payroll deduction plan for
service credit purchases under Internal Revenue Code(IRC)section 414(h)(2);and
WHEREAS, the Rancho Cucamonga Fire Protection District has the authority to implement the
provisions of IRC section 414(h)(2) and has determined that even though
implementation is not required by law,the tax benefit offered by this section should
be provided to those employees who are members of CaIPERS; and
WHEREAS, the Rancho Cucamonga Fire Protection District elects to participate in the pre-tax
payroll deduction plan for all safety and miscellaneous coverage groups.
NOW, THEREFORE, BE IT RESOLVED:
1. That the Rancho Cucamonga Fire Protection District (Fire District) will
implement the provisions of IRC section 414(h)(2) by making employee
contributions for service credit purchases pursuant to the California State
Government Code on behalf of its employees who are members of CaIPERS
and who have made a binding irrevocable election to participate in the pre-tax
payroll deduction plan. "Employee contributions"shall mean those contributions
reported to CaIPERS which are deducted from the salary of employees and are
credited to individual employee accounts for service credit purchases, thereby
resulting in tax deferral of employee contributions.
2. That the contributions made by the Fire District to CaIPERS, although
designated as employee contributions,are being paid by the Fire District in lieu
of contributions by the employees who are members of CaIPERS.
3. That the employees shall not have the option of choosing to receive the
contributed amounts directly instead of having them paid by the Fire District to
CaIPERS.
4. That the Fire District shall pay to CaIPERS the contributions designated as
employee contributions from the same source of funds as used in paying salary,
thereby resulting in tax deferral of employee contributions.
5. That the effective date for commencement of the pret-tax payroll deduction plan
cannot be any earlier than July 1, 1996, or the date the completed resolution is
received and approved in CaIPERS, whichever is later.
Resolution No. FD 04-009
Page 2 of 2
6. That the Board of Directors of the Fire District shall participate in and adhere to
requirements and restrictions of the pre-tax payroll deduction plan by reporting
pre-tax payroll deductions when authorized by CalPERS for those employees
who have elected to participate in this plan.
PASSED, APPROVED,AND ADOPTED this 1g'h day of May 2004.
AYES: Alexander, Gutierrez, Howdyshell, Williams
NOES: None
ABSENT: Kurth
ABSTAINED: None
William J. Alexa er, President
ATTEST:
era J. Adam , ecretary
I, DEBRA J. ADAMS, SECRETARY of the Rancho Cucamonga Fire Protection District, do hereby
certify that the foregoing Resolution was duly passed, approved,and adopted by the
Board of Directors of the Rancho Cucamonga Fire Protection District, at a Regular
Meeting of said Board held on the 1 g`h day of May 2004.
Executed this 20`" day of May 2004 at Rancho Cucamonga, California.
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Debra J. Adam , ecretary