HomeMy WebLinkAbout02-12 • •
RESOLUTION NO. 2-12
RESOLUTION TO TAX DEFER MEMBER PAID CONTRIBUTIONS-IRC 414(h)(2)
EMPLOYER PICK-UP
WHEREAS,the governing body of the Town of Los Altos Hills(XIMIDWIKcjaral4 has the
authority to implement the provisions of section 414(h)(2) of the Internal Revenue Code
(IRC); and
WHEREAS,the Town of Los Altos Hills QufatwaxAgefitw 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 All Employees comnpioxecesx
IMIEEINWOIME/ICIROURAYEKIXIMIXOUCOMOMMOIDEAYEKIN who are members of the
California Public Employees' Retirement System:
NOW,THEREFORE, BE IT RESOLVED:
I. That the Town of Los Altos Hills wiato.XXAgata§N 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 California Public Employees'
Retirement System on behalf of all its employees or all its employees in a recognized
group or class of employment who are members of the California 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 Town of Los Altos Hills 41\155*.YeCkijet to the
California Public Employees' Retirement System, although designated as employee
contributions, are being paid by the Town of Los Altos Hills l exi`�1 9fiC;Q in lieu of
contributions by the employees who are members of the California 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 Town of Los Altos Hills9aaMjikial)to
the California Public Employees' Retirement System.
IV. That the Town of Los Altos Hills lasmierciougan shall pay to the California 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 designated as employee contributions and paid by
the Town of Los Altos Hills nonextzwro to the California Public Employees'
Retirement System on behalf of an employee shall be the entire contribution required of
the employee by the California Public Employees' Retirement Law(California
Government Code Sections 20000, et seq.).
VI. That the contributions designated as employee contributions made by Town of Los Altos
Hills iiAp to the California Public Employees' Retirement System shall be
treated for all purposes, other than taxation, in the same way that member contributions
are treated by the California Public Employees' Retirement System.
Resolution No.2-12 Page 1
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PASSED AND ADOPTED by the governing body of the Town of Los Altos Hills gifiiiiiYaXPZ99
_ 1l./ lj t
- - this day of January 19"' POW 2012 4.
•
BY I re&
(Signatu - o official)
Mayor Rich Larsen
(Title of Official)
RETURN ADDRESS:
Town of Los Altos Hills
26379 Fremont Road
Los Altos Hills, CA 94022
FOR CALPERS USE ONLY
RESOLUTION TO TAX DEFER MEMBER PAID CONTRIBUTIONS- IRC 41 4(h)(2)
Approved by:
Title:
Resolution No.2-12 Page 2