Reso 2006-049 - Laserfiche WebLink

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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO 2006-049 RESOLUTION FOR EMPLOYER PICK-UP (109211 177) WHEREAS, the City of San Leandro has the authority to implement the provisions of section 414 (h)(2) of the Internal Revenue Code (IRe); and WHEREAS, the Board of Administration of the Public Employees' Retirement System adopted its resolution regarding section 414 (h)(2) IRC on September 18, 1985; and WHEREAS, the Internal Revenue Service has stated in December 1985, that the implementation ofthe provisions of section 414 (h)(2) IRC pursuant to the Resolution and the Board of Administration would satisfy the legal requirements of section 414 (h )(2) IRC; and WHEREAS, the City of San Leandro 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 the Public Employees' Retirement System: NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE: That the City of San Leandro will implement the provisions of section 414 (h)(2) IRC by making employee contributions pursuant to California Government Code section 20691 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 employees' accounts pursuant to California Government Code section 20691. That the contributions made by the City of San Leandro to the Public Employees' Retirement System, although designated as employee contributions, are being paid by the City of San Leandro in lieu of contributions by the employees who are members of the Public Employees' Retirement System.