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55B - PRETAX PAYROLL DEDUCTION
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55B - PRETAX PAYROLL DEDUCTION
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Last modified
1/3/2012 4:56:11 PM
Creation date
4/13/2005 9:29:30 AM
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City Clerk
Doc Type
Agenda Packet
Item #
55B
Date
4/18/2005
Destruction Year
2010
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<br />RESOLUTION NO. 2005-042 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA TO PROVIDE A PRE-TAX PAYROLL DEDUCTION <br />PLAN FOR EMPLOYEES PURCHASING SERVICE CREDIT IN <br />THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br /> <br />Section 1: The City Council hereby finds, determines and declares as follows: <br /> <br />A. The Board of Administration of the California Public Employees' Retirement <br />System (CaIPERS) at the April 1996 meeting approved a pre-tax payroll <br />deduction plan for service credit purchases under Internal Revenue Code <br />(IRC) section 414(h)(2). <br /> <br />B. The City of Santa Ana has the authority to implement the provisions of IRC <br />section 414(h)(2) and has determined that even though implementation is not <br />required by law, the tax benefit offered by this section should be provided to <br />those employees who are member of CaIPERS. <br /> <br />C. The City of Santa Ana elects to participate in the pre-tax payroll deduction <br />plan for all employees in the following CalPERS coverage groups: <br /> <br />All Miscellaneous members <br />All Safety members <br /> <br />D. The City of Santa Ana will implement the provisions of IRC section 414(h)(2) <br />by making employee contributions for service credit purchases pursuant to <br />the California State Government Code on behalf of its employees who are <br />members of CalPERS and who have made a binding irrevocable election to <br />participate in the pre-tax payroll deduction plan. "Employee contributions" <br />shall mean those contributions reported to CalPERS which are deducted from <br />the salary of employees and are credited to individual employees accounts for <br />service credit purchases, thereby resulting in tax deferral of employee <br />contributions. <br /> <br />E. The contributions made by the City of Santa Ana to CaIPERS, although <br />designated as employee contributions, are being paid by the City of Santa <br />Ana in lieu of contributions by the employees who are members of CaIPERS. <br /> <br />F. The employees shall not have the option of choosing to receive the <br />contributed amounts directly instead of having them paid by the City of Santa <br />Ana to CaIPERS. <br /> <br />558-2 <br />
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