Adoption of a Resolution for Employer Pick Up to Allow the City to Continue Implementing the Provisions of Section 414(h)(2) of the Internal Revenue Code Pursuant to Section 20691 of the California Government Code. MEETING DATE: 12/22/08 AGENDA ITEM: Adopt a Resolution for Employer Pick Up to Allow the City to Continue Implementing the Provisions of Section 414(h)(2) Internal Revenue Code(IRC) Pursuant to California Government Code Section 20691 ATTACHMENTS 1. Resolution 2. CalPERS Circular Letter 200 049 08 Pages 1 3 4 6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. 2008 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CULVER CITY CALIFORNIA TO TAX DEFER EMPLOYER PAID MEMBER CONTRIBUTIONS TO THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM. WHEREAS the City of Culver City has the authority to implement the provisions of section 414(h)(2) of the Internal Revenue Code; and WHEREAS the Board of Administration of the Public Employees' Retirement System adopted its resolution regarding section 414(h)(2) of the Internal Revenue Code on September 18 1985; and WHEREAS the Internal Revenue Service stated in December 1985 that the implementation of the provisions of section 414(h)(2) of the Internal Revenue Code pursuant to the Resolution of the Board of Administration would satisfy the legal requirements of section 414(h)(2) of the Internal Revenue Code; and WHEREAS the City of Culver City has determined that even though the implementation of the provisions of section 414(h)(2) of the Internal Revenue Code is not required by law the tax benefit offered by section 414(h)(2) of the Internal Revenue Code should be provided to its employees who are members of the Public Employees' Retirement System. NOW THEREFORE the City Council of the City of Culver City California DOES HEREBY RESOLVE as follows: 1. That the City of Culver City will implement the provisions of section 414(h)(2) of the Internal Revenue Code by making employee contributions p...
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