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<br />10/13/2008 <br /> <br />ORIGINAL <br /> <br />RESOLUTION NO. 14901 <br /> <br />Employer code: 0 0 0 8 <br /> <br />EMPLOYER PICKUP RESOLUTION <br />PRE-TAX PAYROLL DEDUCTION PLAN <br />FOR SERVICE CREDIT PURCHASES <br />(CONTRIBUTION CODe 14) <br /> <br />WHEREAS, the Board of Administration of the California Public Employees' Retirement System <br />(CaIPERS) at the April 1996 meeting approved a pre-tax payroll deduction plan for service credit <br />purchases under Internal Revenue Code (IRC) section 414(h)(2); and <br /> <br />WHEREAS, the City of Redwood City {Employer} has the authority to <br />implement the provisions of IRC section 414(h)(2) and has determined that even though implementation <br />is not required by law, the tax benefit offered by this section should be provided to those employees who <br />are members of CaIPERS; and <br /> <br />WHEREAS, the @i~v of Redwood Ci tv {Employer} elects to participate in <br />the pre-tax payroll de uction plan for all employees in the following CalPERS employee groups or <br />classifications (i.e., miscellaneous., safety, police, fire, etc.): <br /> <br />{Employee Groups or Classifications} <br />ALL MISCELLANEOUS GROUPS <br />ALL SAFETY GROUPS <br /> <br />NOW, THEREFORE, BE IT RESOLVED: <br /> <br />I. Thatthe City of Redwood City {Employer} will implement the provisions <br />of IRC section 414(h)(2) by making employee contributions for service credit purchases pursuant to <br />the California State Government Code on behalf of its employees who are members of CalPERS and <br />who have made a binding irrevocable election to participate in the pre-tax payroll deduction plan. <br />"Employee contributions" shall mean those contributions reported to CalPERS which are deducted <br />from the salary of employees and are credited to individual employee accounts for'service credit <br />purchases, thereby resulting in tax deferral of employee contributions. <br /> <br />II. That the contributions made by the Ci ty of Redwood City {Employer} <br />to CalPERS, although designated as employee contributions, are being paid by the <br />Ci ty of Redwood Ci tv {Employer} in lieu of contributions by the employees <br />who are members of .CaIPERS. <br /> <br />III. That the employees shall not have the option of choosing to receive the contributed amounts directly <br />Instead of having them paid by the City of Redwood Ci ty {Employer} to <br />CaIPERS. <br /> <br />14901 <br />Muff # 906 <br />