HomeMy WebLinkAboutReso 1986-12647 RESOLUTION NO. 12647
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA IMPLEMENTING THE PROVISIONS OF SECTION 414 (H)
(2) OF THE INTERNAL REVENUE CODE
The City Council of the City of Chula Vista does hereby
resolve as follows:
WHEREAS, the City Council of the City of Chula Vista has
the authority to implement the provisions of Section 414(h)(2) of
the Internal Revenue Code (IRC), and
WHEREAS, the Board of Administration of the Public
Employees' Retirement System (PERS) 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 pursuant to the Resolution of the Board of
Administration would satisfy the legal requirements of Section
414(h)(2) IRC, and
WHEREAS, the City Council 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 its employees who are members
of PERS.
NOW, THEREFORE, BE IT RESOLVED:
I. That the City Council of the City of Chula Vista
will implement the provisions of Section 414(h)(2) Internal
Revenue Code by making employee contributions pursuant to State A
Government Code Section 20615 to PERS on behalf of its employees
who are members of PERS. "Employee contributions" shall mean
those contributions to PERS 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 Chula
vista to PERS although designated as employee contributions are
being paid by the City of Chula Vista in lieu of contributions by
the employees who are members of PERS.
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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 Chula Vista to PERS.
IV. That the City of Chula Vista shall pay to PERS 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 Chula Vista to
PERS 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 Chula Vista to PERS shall be
treated for all purposes, other than taxation, in the same way
that member contributions are treated by PERS.
Presented by Approved as to form by
~'-~'"-~ -'"-~.~. . . ~ ~ on cia Attorney
E. R.~A~mus, Asslssant clay ?T~omas J. ~a~r , Y
Manager
1828a
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
CHULA VISTA, CALIFORNIA, this 5th d~y of Au~lust
19 86 , by the following vote, to-wit:
AYES: Councilmembers Cox, Malcolm, Moore, Campbell, McCandliss
NAYES: Councilmembers None
ABSTAIN: Counci lmembers None
ABSENT: Counci 1 members None
Mayor ~f We City of Chula Vista
City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chula Vista, California,
DO HEREBY CERTIFY that the above and foregoing is a full, true ond correct copy of
RESOLUTION NO. 12647 ,ond that the same has not been amended or repealed
DATED
City Clerk
Cll'Y OF
CHU .A VISTA
CC-660