HomeMy WebLinkAboutRESOLUTION - 69-82 - 11/23/1982 - EMPLOYER PAID/EMPLOYEE PENSION CONTRIB RESOLUTION NO. 69-82
A RESOLUTION FOR EMPLOYER PAID (PICKED-UP)
EMPLOYEE CONTRIBUTIONS TO THE POLICE
PENSION FUND AND FIREMEN'S PENSION FUND
WHEREAS , Sections 3-125. 1 and 4-124 . 1 of the Illinois
Pension Code provide, respectively , that the Employer may
_Hake payment of Employee Contributions to both the Police
Pension Fund and the Firemen' s Pension Fund; and
WHEREAS, Sec. 414H. 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 desirable that the Employee ' s contribution
to the Police Pension Fund and the Firemen's Pension Fund be
paid by the Employer;
NOW, THEREFORE, BE IT RESOLVED by the President and
Board of Trustees of the Village of Elk Grove Village, Counties
of Cook and DuPage, State of Illinois, as follows :
Section 1: That Employee contributions to the Police
Pension Fund and the Firemen's Pension Fund shall be paid by
the Village of Elk Grove Village on behalf of all the Employees
enrolled in the fund.
Section 2 : That the payment shall be made by reducing
the amount of the gross earnings payable to Employees by the
amount of the contributions and making payment of this amount
directly to the fund.
Section 3 : That this Resolution shall be in full force
and effect from and after its passage and approval according to law
and that the payment of Employee contributions provided shall
be effective for all compensation P paid to Employees beginning
on January 1, 1983 .
PASSED this 23rd day of November , 1982
APPROVED this 23rd day of oveemmber , 1982.
Vill-Kge Presid k a
ATTEST:
Village Clerk