HomeMy Public PortalAbout23-2005-23 ft SCANNED
RESOLUTION NO. 2005-23
A RESOLUTION FOR EMPLOYER PARTICIPATION IN THE PICK-UP
OF ADDITIONAL EMPLOYEE CONTRIBUTIONS
WHEREAS, the Indiana Code 5-10.2-3-2 authorizes employers, pursuant to Section
414)h)(2) of the Internal Revenue code, to pick-up and pay employee contributions to an
employee's annuity savings account which are made in addition to the mandatory employee
contribution (hereinafter "additional employee contributions"), in accordance with rules adopted
by the Indiana Public Employees' Retirement Fund (hereinafter "Fund").
WHEREAS, the Fund has adopted a rule governing the pick-up of additional employee
contributions by employers at 35 IAC 11, Elective Payroll Deductions for Additional
Contributions, (hereinafter "Pick-Up Regulation");
WHEREAS, IC 5-10.2-3-2 authorizes participating employers to withhold the additional
employee contributions from an employee's wages for contribution to the member's annuity
savings account, and to treat the withheld amounts as pre-tax "pick-up" contributions under
Section 414(h)(2) of the Internal Revenue Code when such treatment is irrevocably elected by the
�,., employee;
WHEREAS, eligible employees of the City of Greencastle (hereinafter "Em ployer")
participate in the Indiana Public Employees' Retirement Fund;
WHEREAS, it is the Employer's desire to pick-up all of the additional employee
contributions made by participating employees who are members of the Indiana Public
Employees' Retirement Fund;
NOW THEREFORE BE IT RESOLVED THAT effective as of August 1, 2005, the
Employer desires to pick-up all of the additional employee contributions made by employees
through a binding irrevocable payroll deduction authorization. No additional employee
contributions prior to the Employer's adoption of this Resolution shall be picked-up;
BE IT FURTHER RESOLVED, that said additional employee contributions for state law
purposes, and withheld from pay under the terms of the Pick-Up Regulation and IC 5-10.2-3-2,
are being paid by the Employer in lieu of said contributions by the employee;
BE IN FURTHER RESOLVED, that the Employer shall comply with all of the terms and
provisions of the Pick-Up Regulation and applicable provisions of the Internal Revenue Code.
This resolution hereby repeals and replaces Resolution 2005-7 and Resolution 2005-21 in
their entirety.
PASSED AND RESOLVED by the Common Council of the City of Greencastle at its
regular meeting this CI day of btof- , 2005.
COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA
Thomas W. Roach Russell W. Evans
M rk . Hammer hn Lanie
Ro ert Sedlack
Approved and signed by me this "l day of f,2005 at 0. o'clock p .m.
Nan Michael, Mayor
ATTEST:
Teresa Glenn, Clerk-Treasurer