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<br />CWM:dft_1:J~/7 /90 (004/29) <br /> <br />(Ji i'~ j C~ ~ 1\} /\ L <br /> <br />RES 0 L UTI 0 N <br /> <br />N o. 11 3 t17 <br /> <br />AUG 1 3 '1890 <br /> <br />---------- <br /> <br />RESOLUTION IMPLEMENTING SECTION 414 (h) (2) <br />INTERNAL REVENUE CODE <br /> <br />OF THE <br /> <br />WHEREAS, the City of Redwood City has the authority to <br /> <br />implement the provisions of Section 414 (h) (2) of the Internal <br />Revenue Code (IRC); and <br /> <br />WHEREAS, <br /> <br />the Board of Administration of the Public <br /> <br />Employees' Retirement System adopted its resolution re: Section <br /> <br />414 (h) (2) IRC on September 18, 1985; and <br /> <br />WHEREAS, the Internal Revenue Service has stated on <br /> <br />December 6, 1985, that the implementation of the provisions of <br /> <br />Section 414(h) (2) IRC pursuant to the Resolution of the Board of <br /> <br />Administration would satisfy the legal requirements of Section <br /> <br />414 (h) (2) IRC; and <br /> <br />WHEREAS, the City of Redwood City has determined that even <br />though the implementation of the provisions of Section 414(h) (2) <br /> <br />IRC is not required by law, the tax benefit offered by Section <br /> <br />414(h) (2) IRC should be provided to its employees who are members <br /> <br />of the Public Employees' Retirement System; <br /> <br />NOW, THEREFORE; <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br /> <br />AS FOLLOWS: <br /> <br />1. That the City of Redwood City will implement the <br /> <br />provisions of Section 414(h) (2) Internal Revenue Code by making <br /> <br />employee contributions pursuant to California Government Code <br /> <br />Section 20615 to the Public Employees' Retirement System. <br /> <br />"Employee contributions" shall mean those contributions to the <br />