RESOLUTION - 40-82 - 7/27/1982 - IMRF/EMPLOYER PICK UP

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RESOLUTION NO. 40-82 A RESOLUTION FOR EMPLOYER PAID (PICK-UP) EMPLOYEE CONTRIBUTIONS TO THE ILLINOIS MUNICIPAL RETIREMENT FUND WHEREAS, Section 7-173.2 of the Illinois Pension Code permits employers to make payment of employee contributions to the Illinois Municipal Retire- ment Fund; and WHEREAS, Section 414(h) 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 employees contributions to the Illinois Municipal Retirement 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: SECTION 1: That employee contributions to the Illinois Municipal Retirement Fund shall be paid by the Village of Elk Grove Village on behalf of all of 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 com- pensation paid to employees beginning with September, 1982. PASSED this 27th day of APPROVED this 27th day of (\\/�ATTTTT EEJSSTgT :'� �!/AGI Vi I lage' CIe k