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RESOLUTION NO.. 27-83 <br />A RESOLUTION FOR EMPLOYER PAID (PICK-UP) EMPLOYEE CONTRIBUTIONS <br />TO THE POLICE PENSION FUND AND FIREMEN'S PENSION FUND <br />WHEREAS, Section 3-125.1 and 4-124.1 of the Illinois Pension Code provide, <br />respectively, that the Employer may make payment of Employee Contributions to <br />both the Police Pension Fund and the Firemen's Pension Fund; and <br />WHEREAS, Section 414H. of the Internal Revenue Code provides that Employer <br />paid (pick-up) Employee contributions are excluded in taxable gross income <br />until distributed as a refund, annuity or death benefit; and <br />WHEREAS, the Internal Revenue Service has issued a tax decision to the <br />Village of Elk Grove Village dated March 30, 1983, a copy of which is attached <br />and made a part of this Resolution; and <br />WHEREAS, said tax decision authorizes the Village of Elk Grove Village to <br />make payment of the Employees contribution to both the Police Pension Fund <br />and the Firemen's Pension Fund on behalf of the employee's; and <br />WHEREAS, it is desirable that the Employee's contribution to the Police <br />Pension Fund and the Firemen's Pension Fund be paid by the Employer; <br />NOW, THEREFORE, BE IT RESOLVED_by the President and Board of Trustees <br />of the Village of Elk Grove Village, Counties of Cook and DuPage, State of <br />Illinois, as follows: <br />Section l: That Employeee contributions to the Police Pension Fund and <br />the Firemen's Pension Fund shall be paid by the Village of Elk Grove Village <br />on behalf of all the Employee's enrolled in the fund. <br />Section 2: That the payment shall be made by reducing the amount of <br />the contributions and making payment of this amount directly to the fund. <br />Section 3: That this Resolution supersedes Resolution 69-82 approved on <br />November 23, 1983 by the President and Board of Trustees. <br />Section 4: That this Resolution shall be in full force and effect from <br />and after its passage and approval according to law and that the payment of <br />Employee contributions provided shall be effective for all compensation paid <br />to Employees beginning on April 25, 1983. <br />ATTEST: <br />PASSED this 26th day of April , 1983. <br />APPROVED this 26th day of AoriI , 1983. <br />Patricia S. Smith <br />Village Clerk <br />Charles J. Zettek <br />Village President <br />