CC RESOLUTION 4497RESOLUTION NO. 4497
CITY OF EL SEGUNDO RESOLUTION FOR EMPLOYER PICK -UP
WHEREAS, the City of El Segundo 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
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 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 of El Segundo 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, BE IT RESOLVED
That the City of El Segundo 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 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 20691
II That the contributions made by the City of El Segundo to the Public
Employees' Retirement System, although designated as employee
contributions, are being paid by the City of El Segundo 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 El
Segundo to the Public Employees' Retirement System
IV That the City of El Segundo 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 designed as employee contributions and
paid by the City of El Segundo 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 se )
VI That the contributions designated as employee contributions made by City of
El Segundo 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, APPROVED AND ADOPTED this19 day ofDec. 2006
Kelly McDo 11, Mayor
City of El Sc do
ATTEST
I, Cindy Mortesen, City Clerk of the City of El Segundo, California, do
hereby certify that the whole number of members of the City Council of said
City is five, that the foregoing Resolution No 4497 was duly passed and
adopted by said City Council, approved and signed by the Mayor, and attested
to by the City Clerk, all at a regular meeting of said Council held on the19 day
of Dec. 2006, and the same was so passed and adopted by the
following vote
AYES McDowell, Busch, Boulgarides, Fisher, Jacobson
NOES None
ABSENT None
ABSTAIN None
Cindy Mort en, City Clerk