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HomeMy WebLinkAbout1996 050 CC RESO1996 050 CC RESO(Ìì²Â RESOLUTION NO.96-50 A RESOLUTION OF CITY COUNCIL OF THE CITY OF BALDWIN PARK ESTABLISHING A PRE-TAX PAYROLL DEDUCTION PLAN FOR SERVICE CREDIT PURCHASES CONTRIBUTION CODE 14) THE CITY COUNCIL OF THE CITY OF BALDWIN PARK DOES RESOLVE AS FOLLOWS: 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 City of Baldwin Park has the authority to implement the provisions of IRC section 414(11)(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 City of Baldwin Park elects to participate in the pre-tax payroll deduction plan for all employees in the following CaIPERS coverage groups(s): Local Miscellaneous Members Local Safety Members NOW, THEREFORE, BE IT RESOLVED: I. That the City of Baldwin Park will implement the provisions of IRC section 41 4(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 indMdual employee accounts for service credit purchases thereby resulting in tax deferral of employee contributions. II. That the contributions made bythe City of Baldwin Park to CaIPERS, although designated as employee contributions, are being paid by the City of Baldwin Park in lieu of contributions by the employees who are members of CaIPERS. lii. That the employees shall not have the option of choosing to receive the contributed amounts directly instead of having them paid by the City of Baldwin Park to CaIPERS. IV. That the City of Baldwin Park 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. V. That the effective date for commencement of theprZttaxpayroIl 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. VI. That the governing body of the City of Baldwin Park shall participate in and adhere to requirements and restrictions ofthe pretax payroll deduction plan by reporting pretax payroll deductions when authorized by CaIPERS for those employees of the above stated Coverage Group(s) who have elected to participate in this plan. BIB] 37650-U01 1996-U02 050-U02 CC-U02 RESO-U02 LI3-U03 FO1126-U03 FO1166-U03 DO1219-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 96-50-U05 JUL-U05 3-U05 1996-U05 1996 050 CC RESO(Ìì²Â VII. That the City Clerk shall certify to the adoption of this Resolution and shall forward a certified copy hereby to CaIPERS and the Personnel Officer. APPROVED AND ADOPTED this 3rd day of)July. I 996 I ATTEST LINDA L. GAIR, CITY CLERK STATE OF CALIFORNIA COUNTY OF LOS ANGELES) CITY OF BALDWIN PARK) I, LINDA L. GAIR, City Clerk of the City of Baldwin Park, do hereby certify that the foregoing Resolution was duly and regularly approved and adopted by the City Council of the City of Baldwin Park at its regular meeting of the City Council on the 3rd day of July, 1996, by the following vote: AYES: MUSEZ LOZANO, LOWES, MARTINEZ, MAYOR VARGAS NOES: NONE ABSENT: NONE ABSTAIN: NONE LINDA L. GAIR, CITY CLER BIB] 37650-U01 1996-U02 050-U02 CC-U02 RESO-U02 LI3-U03 FO1126-U03 FO1166-U03 DO1219-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 96-50-U05 JUL-U05 3-U05 1996-U05