HomeMy Public PortalAboutResolution - 06-46- 20061025 - Pre-tax Employee Paid Ret RESOLUTION NO. 06- 46
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space
District on October 25, 2006, at a Special and Regular Meeting thereof, by the following
vote:
AYES: J. Cyr, M. Davey, N. Hanko, L. Hassett, K. Nitz, C. Riffle, P. Siemens
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST: APPROVED:
I y
Sec tary ident
Board of Directors ' oard of Directors
I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify that
the above is a true and correct copy of a resolution duly adopted by the Board of Directors of
the Midpeninsula Regional Open Space District by the above vote at a meeting thereof duly
held and called on the above day.
Distric rk
1
RESOLUTION NO. 06- 46
RESOLUTION FOR EMPLOYER PICK-UP
WHEREAS, the Midpeninsula Regional Open Space District has the authority to
implement the provisions of section 414(h)(2) of the Internal Revenue Code
(IRC); and
WHEREAS, the Board of Administration of the Public Employees' Retirement System
adopted its resolution re section 414(h)(2) IRC on September 18, 1985; and
WHERAS, the Internal Revenue Service has stated in December 1985, that the
implementation of the provisions of section 414(h)(2) IRC pursuant to the
Resolution of the Board of Administration would satisfy the legal requirements of
section 414(h)(2) IRC; and
WHEREAS, the Midpeninsula Regional Open Space District 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 its employees who are members of the Public Employees'
Retirement System:
NOW, THEREFORE, BE IT RESOLVED:
1. That the Midpeninusla Regional Open Space District 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 Public
Employees' Retirement System on behalf of its employees who are members of
the 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.
II. That the contributions made by the Midpeninsula Regional Open Space District
to the Public Employees' Retirement System, although designated as employee
contributions, are being paid by the Midpeninsula Regional Open Space District
in lieu of contributions by the employees who are members of the Public
Employees' Retirement System.
111, That employees shall not have the option of choosing to receive the contributed
amounts directly instead of having them paid by the Midpeninsula Regional Open
Space District to the Public Employees' Retirement System.
I
IV That the Midpeninsula Regional Open Space District shall pay to the Public
Employees' Retirement System the contributions designated as employee
contributions from the same source of funds as used in paying salary.
v That the amount of the contributions designated as employee contributions and
paid by the Midpeninsula Regional Open Space District to the Public Employees'
Retirement System on behalf of an employee shall be the entire contribution
required of the employee by the Public Employees' Retirement Law (California
Government Code sections 20000, et seq.).
vi. That the contributions designated as employee contributions made by
Midpeninsula Regional Open Space District to the Public Employees' Retirement
System shall be treated for all purposes, other than taxation, in the same way
that member contributions are treated by the Public Employees' Retirement
System.
BY
i
Je yr
sident `
Board of Directors
October 25, 2006 l