HomeMy WebLinkAboutResolution-1986-0988
RESOLUTION NO. 988
Series of 1986
TITLE:
RESOLUTION CONVERTING MANDATORY EMPLOYEE RETIREMENT
CONTRIBUTIONS TO TIlE COLORADO COUNTIES AND EMPLOYEES
RETIREMENT ASSOCIATION TO A TAX DEFERRED PLAN
WHEREAS, the City Council of the City of
adopted the Colorado County Officials
Association (CCOERA) Plan; and
Wheat Ridge has
and Employees
previously
Retirement
WHEREAS, the CCOERA Plan has been amended pursuant to H.B. 1217 (1984
session) and Internal Revenue Code Section 414(h)(2) to provide that a
municipality may elect to pick up the contributions of employee or
elected official participants required by the Plan (section 3.4 as
amended);
NOW, TIlEREFORE, BE IT RESOLVED by the City Council that the City of
Wheat Ridge will, as of May 17,1986, pay the mandatory employee
contribution to the CCOERA Plan and reduce the employees' gross
incomes by such amount as permitted under section 414(h) of the
Internal Revenue Code.
BE IT FURTIlER RESOLVED 1HAT, said contributions, although designated
as participant contributions, are being paid by the City of Wheat
Ridge in lieu of contributions by the participant, and that the
participant does not have the option of choosing to recelve the
contributed amounts directly instead of having them paid by the
employer to the CCOERA Plan.
DONE AND RESOLVED this 12thdayof May
1986 A.D.
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Frank ~tites, Mayor
ATTEST:
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Wanda Sang,