HomeMy WebLinkAbout2012-06-12 - RESOLUTIONS - PERS TAX DEFER CONTRIBUTIONS (2)- -1
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RESOLUTION NO. 12-40
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA,
CALIFORNIA, BETWEEN THE BOARD OF ADMINISTRATION CALIFORNIA PUBLIC
EMPLOYEES' RETIREMENT SYSTEM AND THE CITY OF SANTA CLARITA TO
TAX DEFER MEMBER PAID CONTRIBUTIONS
WHEREAS, the governing body of the City of Santa Clarita has the authority to
implement the provisions ofsection 414(h)(2) of the Internal Revenue Code (IRC); and
WHEREAS, the City of Santa Clarita 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 who are members of the
California Public Employees' Retirement System:
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby
resolve as follows:
SECTION 1. That the City of Santa Clarita 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 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.
SECTION 2. That the contributions made by the City' of Santa Clarita to the
California Public Employees' Retirement System, although designated as employee
contributions, are being paid by the City of Santa Clarita in lieu of contributions by the
employees who are members of the California Public Employees' Retirement System.
SECTION 3. That employees shall not have the option of choosing to receive the
contributed amounts directly instead of having them paid by the City of Santa Clarita to the
California Public Employees' Retirement System.
SECTION 4. That the City of Santa Clarita 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,
SECTION 5. That the amount of contributions designated as employee contributions
and paid by the City of Santa Clarita to the California Public Employees' Retirement System Oil
behalf of an employee shall be the entire contribution required of the employee by the California
Public Employees' Retirement Law (California Govern-ment Code Sections 2000, et seq.).
SECTION 6. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED this 12 day of June ;�(012.
MAYOR
ATTEST:
CYMCLERK'
DATE: U 1� lid—
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES ss.
CITY OF SANTA CLARITA
1, Sarah P. German, City Clerk of the City of Santa Clarita, do hereby certify that the
foregoing Resolution was duly adopted by the City Council of the City of Santa Clarita at a
regular meeting thereof, held on the 12th day of June 2012, by the following vote:
AYES: COUNCILMEMBERS: McLean, Weste, Kellar, Boydston, Ferry
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
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CITY CLERK
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STATE OF CALIFORNIA
COUNTY OF LOS ANGELES ss.
CITY OF SANTA CLARITA
CERTIFICATION OF
CITY COUNCIL RESOLUTION
1, , City Clerk of the City of Santa Clarita, do hereby
certif�, that this is a true and correct copy of the original Resolution 12-40 adopted by the City
Council of the City of Santa Clarita, California on June 12, 2012, which is now on file in my
office.
Witness my hand and seal of the City of Santa Clarita, California, this _ day of
20—.
City Clerk
By_
Deputy City Clerk
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