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RESOLUTION NO. 40-82 <br />A RESOLUTION FOR EMPLOYER PAID (PICK-UP) EMPLOYEE <br />CONTRIBUTIONS TO THE ILLINOIS MUNICIPAL RETIREMENT <br />FUND <br />WHEREAS, Section 7-173.2 of the Illinois Pension Code permits employers <br />to make payment of employee contributions to the Illinois Municipal Retire- <br />ment Fund; and <br />WHEREAS, Section 414(h) of the Internal Revenue Code provides that <br />employer paid (picked -up) employee contributions are excluded in taxable <br />gross income until distributed as a refund, annuity or death benefit; and <br />WHEREAS, it is desirable that the employees contributions to the <br />Illinois Municipal Retirement 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: <br />SECTION 1: That employee contributions to the Illinois Municipal <br />Retirement Fund shall be paid by the Village of Elk Grove Village on behalf <br />of all of the employees enrolled in the Fund. <br />SECTION 2: That the payment shall be made by reducing the amount of <br />the gross earnings payable to employees by the amount of the contributions <br />and making payment of this amount directly to the Fund. <br />SECTION 3: That this Resolution shall be in full force and effect <br />from and after its passage and approval according to law and that the <br />payment of employee contributions provided shall be effective for all com- <br />pensation paid to employees beginning with September, 1982. <br />PASSED this 27th day of <br />APPROVED this 27th day of <br />(\\/�ATTTTT EEJSSTgT :'� �!/AGI <br />Vi I lage' CIe k <br />