HomeMy WebLinkAboutRES NO 69-86RESOLUTION NO. 69-86
A RESOLUTION OF THE COUNCIL OF THE CITY OF
BAKERSFIELD REGARDING THE PUBLIC EMPLOYEES
RETIREMENT SYSTEM.
WHEREAS, the City of Bakersfield 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 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 of Bakersfield 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 by the Council of the
City of Bakersfield that:
1. The city of Bakersfield will implement the provi-
sions of section 414(h)(2) Internal Revenue Code by making
employee contributions pursuant to California Government Code
section 20615 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 20615.
2. The contributions made by the City of Bakersfield to
the Public Employees' Retirement System, although designated as
employee contributions, are being paid by the City of Bakersfield
in lieu of contributions by the employees who are members of the
Public Employees' Retirement System.
3. Employees shall not have the option of choosing to
receive the contributed amounts directly instead of having them
paid by the City of Bakersfield to the Public Employees'
Retirement System.
4. The City of Bakersfield 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.
5. The amount of the contributions designated as
employee contributions and paid by the City of Bakersfield 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 sec-
tions 20000, et seq.).
6. The contributions designated as employee contribu-
tions made by the City of Bakersfield 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.
7. The provisions hereinabove shall not be considered
as amending Section 11 of City Council Resolution No. 187-85 or
any portion thereof.
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I HEREBY CERTIFY that the foregoing Resolution was passed
and adopted by the Council of the City of Bakersfield at a regular
meeting thereof held on the 4th day of June , 1986 , by the
following vote:
CITY CLERK and Ex Officio Clerk of the
Council of the City of Bakersfield
APPROVED this 4th day of June , 1986
MAYOR of the City of Bake~sfiel~
APPROVED as to form:
IT/Y~OR~NE~Y ~t~ee City of Bakersfield
GR/bl
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