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O R I G I N A L <br />08/27/01 <br />RESOLUTION NO. 1 431 9 <br />RESOLUTION AMENDING PUBLIC EMPLOYEES' RETIREMENT <br />SYSTEM CONTRACT FOR POLICE SERGEANTS ASSOCIATION <br />MEMBERS <br />WHEREAS, the City of Redwood City has the authority to implement the <br />provisions of Section 414(h) (2) of the Internal Revenue Code, hereinafter "IRC "; <br />and <br />WHEREAS, the Board of Administration of the Public Employees' <br />Retirement System adopted its resolution re Section 414(h)(2) IRC on <br />September 18, 1985; and <br />WHEREAS, the Internal Revenue Service (IRS) has stated in December <br />1985, that the implementation of the provisions of Section 414(h)(2) IRC <br />pursuant to the Resolution of the Board of Administration would satisfy the legal <br />requirements of Section 414(h)(2) IRC; and <br />WHEREAS, the City of Redwood City has determined that even though <br />the implementation of the provisions of Section 414(h)(2) IRC is not required by <br />law, the tax benefit offered by Section 414(h)(2) IRC should be provided to its <br />employees who are members of the Public Employees' Retirement System; <br />NOW, THEREFORE; <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD <br />CITY, AS FOLLOWS: <br />1. That the City of Redwood City will implement the provisions of Section <br />414(h)(2) IRC by making employee contributions pursuant to California <br />F:Atty2001Shared /Redwood /CounciUReso /Reso -1222 1 <br />