HomeMy WebLinkAboutResolutions - R-00-038 - 11/29/2000 - INCLUDE COMPENSATION EARNED UNDER IRS SECTION 125R-00- 038
RESOLUTION TO INCLUDE COMPENSATION PAID
UNDER AN INTERNAL. REVENUE CODE SECTION 125 PLAN AS IMRF EARNINGS
WHEREAS, standard member earnings reportable to the Illinois Municipal Retirement Fund
do not include compensation paid under an Internal Revenue Code Section 125 Plan or compensation
directed into a premium conversion plan or flexible spending account; and
WHEREAS, an IMRF participating unit of government may elect to include in IMRF earnings
compensation paid under an I.R.C. Section 125 Plan or compensation directed into a premium
conversion plan or flexible spending account by action of the governing body; and
WHEREAS, the City Council of the City of McHenry is authorized to include Section 125
Plan and premium conversion and flexible spending account compensation as earnings reportable to
IMRF and it is desirable that it do so.
NOW, THEREFORE, be it resolved that the City Council of the City of McHenry does
hereby elect to include as earnings reportable to IMRF compensation paid under an I.R.C. Section 125
plan and/or compensation directed into a premium conversion plan or flexible spending account
effective December 1, 2000.
BE IT FURTHER RESOLVED that the City Clerk is authorized and directed to file a duly
certified copy of this resolution with the Illinois Municipal Retirement Fund.
PASSED and APPROVED this 29th day of November, 2000.
ATTEST:
ity Clerk
Mayor