HomeMy WebLinkAboutRES NO 011-02RESOLUTION 0 I I ' 0
A RESOLUTION OF THE COUNCIL OF THE CITY OF BAKERSFIELD
ENCOURAGING THE STATE OF CALIFORNIA TO IMPLEMENT THE
FEDERAL ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION
ACT (EGTRRA) OF 2001
WHEREAS, the federal government in 2001 passed sweeping tax law
changes in the Economic Growth and Tax Relief Reconciliation Act of 2001 which made
very significant modifications to the rules affecting qualified retirement deferral plans, and
WHEREAS, the City of Bakersfield considers its employees and their well-
being a high priority and encourages their participation in long-range retirement planning,
and
WHEREAS, the State of California's limits on tax deferrals are less than that
allowed in the federal EGTRRA legislation and puts at risk tax advantages of retirement
contributions of employees participating in the City's retirement plans, and
WHEREAS, the State of California has traditionally passed legislation
implementing federal tax laws relating to retirement planning, and
WHEREAS, implementation of the federal EGTRRA legislation within
California will have a positive and continuing benefit to employees statewide through their
long-term retirement plan systems and to the stability of the State as a whole, and
WHEREAS, it is in the best interest of California residents making long range
planning retirement contributions in qualified plans and IRAs for the State of California to
conform with federal EGTRRA legislation.
NOW THEREFORE BE IT RESOLVED, by the Council of the City of
Bakersfield that the State of California is encouraged to implement legislation which
conforms with the federal Economic Growth and Tax Relief Reconciliation Act of 2001.
This resolution shall be forwarded to California State Legislators representing Bakersfield
and the Governor of the State of California.
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I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the
City Council of the City of Bakersfield at a regular meeting thereof held on J AN 2 3 t00~
by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
COUNClLMEMBER CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLIVAN, SALVAGGIO
COUNClLMEMBER I'~J
COUNCILMEMBER ~-.C.~.,..J~.
COUNCILMEMBER
CITY CLERK and EX OFIdl(~lO of the
Council of the City of Bakesfield
APPROVED ,lAN
APPROVED AS TO FORM:
BART J. THILTGEN
CITY ATTORNEY'S OFFICE of the City of Bakersfield
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