1984-06-04 - Resolution 1984-41 - AUTHORIZING EMPLOYER PAID (PICK-UP) EMPLOYEE CONTRIBUTIONS FOR THE IL MUNICIPAL RETIREMENT FUNDRESOLUTION NO. 84 - 41
A RESO1UTION AUTIIORIZING EIIPLOYER PAID (PIC(-UP)
EMPLOYEE CONTRIBUTIONS FOR THE ILLINOIS I,IUNICI?AI
RETIREMENT EI'ND
I,IIIEREAS, Sectlon 7-L73.2 of the Illinois Pension Code requlres
employers to adopt. employer paid (plckup) plan for employee contrlbutlons
to the llllnois Municipal Retirement Fund, beglnning July 1, 1984; and
WHEREAS, Section 414(h) of the Internal Revenue Code provides that
employer paid (picked-up) employee contribulions are excluded in taxable
gross income until distributed as a refund, annuity or death benefit; and
WHEREAS, it is desirable the method of lltrp l- enent lng the employer
pai.d (plckup) plan be clarlfied.
NOW, THEREFORE, BE IT RESO1VED BY THE PRESIDENT A]ID BOARD OF TRUSTEES
OF TIIE VII,IAGE OF BUFFALO GROVE, COOK AND I,AKE COUNTIES, ILLINOIS, thAT
employee contrlbutions to the Illinols Munlcipal Retirement lund shall be
pald by the Vlllage of Buffalo crove on behalf of all of the employees
enrolled ln the Fund;
FITRTIIER RESOLVED that the payuent shall be nade by reducing the amount
of the gross earnlngs payable to employees by the amount of the contrlbutions
and making paynent of thls amount dlrectly to the Fund;
FI]RTEER RESOLVED rhar Ehe payment of enpLoyee contributions provlded
sha1l be effective for all compensation pald to employees beginning with
July 1, 1984.
5 - Marienthal, OrReilly, Hartstein, Glover, ReldAYES:
NAYES :0 - None
1- StoneASSENT:
PASSED:June 4
AppROVED: June 4
$e^iTn &t41"^ti*
1984.
1984.
ti-llage Cllrk
Village President
ATTEST :