HomeMy WebLinkAboutResolutions - R-84-17 - 06/04/1984 - IMRF contributions •
R-84-17
RESOLUTION
WHEREAS, Section 7-173.2 of the Illinois Pension Code requires em-
ployers to adopt employer paid (pickup) plan for employee contributions
to the Illinois Municipal Retirement Fund, beginning July 1 , 1984; and
WHEREAS, Section 414(h) of the Internal Revenue Code provides that
employer paid (picked-up) employee contributions are excluded in taxable
gross income until distributed as a refund, annuity or death benefit, and
WHEREAS, it is desireable the method of implementing the employer paid
(pickup) plan be clarified;
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the
City of McHenry that employee contributions to the Illinois Municipal
Retirement Fund shall be paid by the City of McHenry on behalf of all of
the employees enrolled in the Fund;
FURTHER RESOLVED that the payment shall be made by reducing the amount
of gross earnings payable to employees by the amount of the contributions
and making payment of this amount directly to the Fund:
FURTHER RESOLVED that the payment of employee contributions provided
shall be effective for all compensation paid to employees beginning with
July 1 , 1984.
PASSED AND APPROVED THIS 4th day of June, 1984.
AYES: Bolger, Busse, Datz, McClatchey, Nolan, Serritella, Smith, Snell
NAYS: None
ABSTAINED: None
ABSENT: None
NOT VOTING: None
PJoseph B. Stanek, Mayor
ATTEST:
)4/44-4;LJ
Barbara E. Gilpin, City Clerk