HomeMy WebLinkAbout1988-06-30 - Resolution No. 88-29• •
RESOLUTION NO. 88-29
RESOLUTION OF THE BOARD OF DIRECTORS OF
YORBA LINDA WATER DISTRICT
IMPLEMENTING SECTION 414 (h) (2)
OF THE INTERNAL REVENUE CODE
WHEREAS, Yorba Linda Water 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 (PERS) adopted its resolution, re: section
414 (h) (2) IRC on September 18, 1985, and
WHEREAS, the Internal Revenue Service has stated that the
implementation of the provisions of section 414 (h) (2) IRC
pursuant to the Resolution of the Board of Administration of
PERS would satisfy the legal requirements of section 414 (h)
(2) IRC, and
WHEREAS, the 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 Employee's Retirement System.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Yorba Linda Water District as follows:
Section 1: That Yorba Linda Water District will implement
the provisions of section 414 (h) (2) Internal Revenue Code by
making employee contributions pursuant to California
Government Code section 20615 to the Public Employee's
Retirement System on behalf of its employees who are
members of PERS. "Employee contributions" shall mean those
contributions to PERS which are deducted from the salary of
employees and are credited to individual employee's accounts
pursuant to California Government Code section 20615.
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Section 2: That the contributions made by the District to
PERS, although designated as employee contributions, are being
paid by the District in lieu of contributions by the employees
who are members of PERS.
Section 3: That employees will not have the option of
choosing to receive the contributed amounts directly instead of
having them paid by the District to PERS.
Section 4: That the District shall pay to PERS the
contributions designated as employee contributions from the
same source of funds as used in paying salary.
Section 5: That the amount of the contributions designated
as employee contributions and paid by the District to PERS on
behalf of an employee shall be the entire contribution required
of the employee by the Public Employee's Retirement Law
(California Government Code sections 20000, et seq.).
Section 6: That the contributions designated as employee
contributions made by the District to PERS shall be treated for
all purposes, other than taxation, in the same way that member
contributions are treated by PERS.
PASSED AND ADOPTED THIS 30th day of June, 1988 by the following
called vote:
AYES: 4 Paul Armstrong, Whit Cromwell, Sterling Fox, Arthur C. Korn
NOES: 0
ABSENT: 1 Roy Knauft
ABSTAIN: 0
President
Yorba Linda Water District
ATTEST:
Secretary,
Yorba Linda Water District