HomeMy WebLinkAboutCC Reso No 1986-02RESOLUTION N0. 8g-2
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, IMPLEPIENTING 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.
WHEREAS, the City of Lake Elsinore has the authority to
implement the provisions of section 414 (h)(2) of the Interal 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
is not required by law, the tax benefit offered by section 414 (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 Lake Elsinore 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 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 Lake Elsinore to the Public
Employees' Retirement System, although designated as employee contributions,
are being paid by the City of Lake Elsinore in lieu of contributions by the
employees who are members of the 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 the City of Lake Elsinore to the Public Employees' Retirement
System.
I~° IV. That the City of Lake Elsinore 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 Lake Elsinore to the Public
Employees Retirement System on behalf of an employee shall be the
entire contribution required of the employee by the Public Employees'
Retirement Law (California Government Code Sections 20000,
et seq.).
VI. That the contributions designated as employee contributions made by
the City of Lake Elsinore 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, APPROVEQ AND ADOPTED this 14th day of January, 1986, upon
the following vote:
AYES: COUNCILMEMBERS: KNIGHT, MATSON, STRIGOTTE, VERMILLION
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: ~ALENZUELA
2 ,~ ~~.e/
ARTA VALENZ ELA, MAY1
CITY OF LAKE ELSINURE
ATTEST:
John Harper, City Atto
i
STATE Of CALIFORNIA )
) ss.
COUNTY OF RIVERSIDE )
1 I, Jo Ann Money City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the i'
City Council of the City of Lake Elsinore at a regular meetin9 of said i
Council on the 14th day of January, 1986 , and
that it was so adopted by the following vote: ~:
AYES: COUNCILMEMBERS: KNIGHT, MATSON, STRIGOTTE, VERMILLION
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: VALENZUELA
~
~t2~ QZ'
0 ANN MONEY, CIT CLERK
ITY OF LAKE ELSINORE
(SEAL)
STATE OF CALIFORNIA
) ss.
COUNTY OF RIVERSIDE )
I Jo Ann Money, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the above and foregoing is a full, true and correct i
copy of Resolution No. 86-2 , of said Council, and that the same I
has not been amended or repealed.
DATED: January 16, 1986
~~
~ JO NN MONEY, CITY CLERK
C OF LAKE ELSINORE
(SEAL)