HomeMy WebLinkAbout11-064 - Resolutions RESOLUTION NO. 11-064
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, TO TAX DEFER
MEMBER PAID CONTRIBUTIONS — IRC 414(H)(2) EMPLOYER
PICK-UP
WHEREAS, the City Council of the City of Rancho Cucamonga (CITY) has the authority
to implement the provisions of Section 414(h)(2) of the Internal Revenue Code (IRC); and
WHEREAS, CITY 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 to all employees in a recognized group or class of employment who are
members of the California Public Employee's Retirement System;
NOW, THEREFORE, BE IT RESOLVED:
I. That CITY will implement the provisions of Section 414(h)(2) Internal Revenue
Code by making employee contributions pursuant to California Government Code Section
20691 to the California Public Employees Retirement System on behalf of 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 accounts pursuant to California Government Code Section
20691,
II. That the contributions made by CITY to the California Public Employees'
Retirement System, although designated as employee contributions are being paid by the CITY
in lieu of contributions by the employees who are members of the California Public 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 CITY to the California Public Employees'
Retirement System.
IV. That CITY shall pay to the California 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 CITY 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).
VI. That the contributions designated as employee contributions made by CITY 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.
Please see the following page
for formal adoption,certification and signatures
PASSED, APPROVED, AND ADOPTED this 4't day of May 2011.
AYES: Alexander, Buquet, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
Dennis Michael, May r
ATTEST:
nice C. Reynolds, C y Clerk
1, JANICE C. REYNOLDS, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed, approved and
adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting
of said City Council held on the 4'" day of May 2011.
Executed this 5'" day of May 2011, at Rancho Cucamonga, California.
c� P-
J ice C. Reynolds, Cffy Clerk
Resolution No. 11-064 - Page 2 of 2