HomeMy Public PortalAboutResolution 1553Resolution No. 1553
RESOLUTION
' AUTHORIZING VILLAGE PICK UP OF
EMPLOYEE CONTRIBUTIONS TO THE PLAINFIELD POLICE PENSION
FUND
WHEREAS, Section 3-125.2 of the Illinois Pension Code permits employers to
make payment of employee contributions to the Policemen's Pension Fund; and
WHEREAS, Section 414(h) of the Internal Revenue Code provides that the
employer paid contributions to a qualified plan are excluded in taxable gross income until
distribution as a refund, annuity or death benefit; and
WHEREAS, the Pension Board, with input from participating employees, has
determined it to be desirable that employees' contributions to the Policemen's Pension
Fund be paid by the Village of Plainfield as employers and therefore has recommended
that the Village Board proceed accordingly; and
WHEREAS, based on this recommendation from the Police Pension Board, it is
the opinion of the President and Board of Trustees of the Village of Plainfield that it is in
the best interest of the village and its employees to implement an employer paid (pickup)
plan for all Police Officers;
NOW, THEREFORE BE IT RESOLVED by the President and the Board of
Trustees of the Village of Plainfield, Will County, Illinois, as follows:
SECTION 1: That employee contributions to the Policemen's Pension
Fund should be paid by the Village of Plainfield on behalf of all employees enrolled in
the Fund, effective on or after March 17, 2008.
SECTION 2: That the payment of the employee's contribution picked up
by the Village of Plainfield shall be made by reducing the amount of the compensation of
gross earnings payable to employees by the amount of the contributions and by making
payment of such amount directly to the fund.
SECTION 3: That contributions, although designated employee
contributions, are being paid by the employer in lieu of contributions by the employee.
SECTION 4: That the employee does not have the option of choosing to
receive the contributions directly instead of having them paid by the employer to the
plan.
SECTIONS: That this Resolution shall be in full force and affect from and after
its passage and approval as provided by law.
PASSED the 17~' day of March, 2008.
AYES: Fay, Lamb, Manning, Racich, Vaupel
NAYS: None
ABSENT: Dement
APPROVED this 17~' day of March 2008,
C.~°'
mes A. Waldorf
Village President
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- ~ ATT-ESTED ANI~'ILED IN MY OFFICE:
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^-Michelle Gibas
Village Clerk