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<br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />~ <br />~ <br /> <br />CITY COUNCIL MEETING DATE: <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />APRIL 18, 2005 <br />TITLE: <br />RESOLUTION TO PROVIDE A PRE- <br />TAX PAYROLL DEDUCTION FOR <br />EMPLOYEES PURCHASING <br />EMPLOYMENT SERVICE CREDIT IN <br />CALPERS . -, <br /> <br />~~:~-~ <br /> <br />APPROVED <br /> <br />0 As Recommended <br />0 As Amended <br />0 Ordinance on 151 Reading <br />0 Ordinance on 2nd Reading <br />0 Implementing Resolution <br />0 Set Public Hearing For <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Adopt a resolution to provide a pre-tax payroll deduction plan for <br />employees choosing to purchase employment service credit in the California <br />Public Employees' Retirement System. <br /> <br />DISCUSSION <br /> <br />The California Public Employees' Retirement System (CalPERS) permits <br />eligible employees to participate in a program to purchase additional <br />employment service time on a pre-tax basis under the Internal Revenue Code <br />provisions. Payments for such member service credit are permitted through <br />the employer's payroll deduction process when an employer adopts a <br />resolution authorizing such q program. Employers that participate in this <br />program provide their employees with the benefit of deferring income tax <br />liability for member service credit purchases. Upon approval of the <br />employerjCalPERS resolution, the member has the option to file a binding <br />irrevocable election with CalPERS to elect the plan for employment service <br />credit purchase. <br /> <br />FISCAL IMPACT <br /> <br />There is no fiscal impact associated with this action. <br /> <br /> <br />Enrique <br />Executi e <br />Personnel <br /> <br />:t.~~~>,-~., ~~~.. <br />Francisco Gutierrez <br />Executive Director <br />Finance & Mgmt. Services <br /> <br />Agency <br /> <br />558-1 <br /> <br />