HomeMy WebLinkAboutReso 56-1994RESOLUTION NO. 56-94
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION IMPLEMENTING A TAX BENEFIT
OFFERED BY SECTION 414(h) (2) OF THE INTERNAL
REVENUE CODE (IRC~ FOR POLICE ASSOCIATION EMPLOYEES
WHEREAS, the City of South San Francisco 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 Section 414(h) (2) IRC on
September 18, 1985; and
WHEREAS, the Internal Revenue Service has stated on December
6, 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 City of South San Francisco has determined that
even though the implementation of the provisions of Section
414(h) (2) IRC is not required by law, it is required as part of the
City's agreement with the Police Association and, therefore, the
tax benefit offered by Section 414(h) (2) IRC should be provided to
its Police Association employees who are members of the Public
Employees' Retirement System.
WHEREAS, the City of South San Francisco and the Police
Association have agreed to amend the Memorandum of Understanding
dated February 9, 1994 by adopting the tax benefit afforded by
Internal Revenue Code Section 414(h) (2) (hereinafter referred to as
"the Section 414(h) (2) Amendment").
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of South San Francisco that:
1. The Section 414(h) (2) Amendment to the February 9, 1994
Memorandum of Understanding between the City of South San Francisco
and the Police Association is hereby adopted and approved.
I hereby certify that the foregoing Resolution was regularly
introduced and adopted by the City Council of the City of South San
Francisco at a regular meeting held on the 25th day of
May , 1994 by the following vote.
AYES:
Councilmembers Jack Drago, John R. Penna, Roberta Cerri Teglia,
Robert Yee and Mayor Joseph A. Fernekes
NOES: None
ABSTAIN: None
ABSENT: None
city Clerk
Pcrs.414
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