HomeMy WebLinkAboutR-1141 - Adopting a plan for deferring taxes on employee contributions to retirement plansRESOLUTION NO.II~I
MAYOR
by the Mayor
ATTEST:
THE CITY OF }UL~YSVILLE
Q &4 /By 'F .~~~CITY CLERK
City C~il and APPROVED
I I!'""'"'"'1-'1984.
A RESOLUTION OF THE CITY OF }~RYSVILLE ADOPTING
A PLAN FOR DEFERRING TAXES ON EMPLOYEE CONTRIBUTIONS
TO RETIREMENT PLANS
CIT Y 0 F MAR Y S V ILL E
Marysville,Washington
Resolution
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
MARYSVILLE,WASHINGTON,AS FOLLOWS:
By r¥....1',O,e .o~_~V CITY NrT4N
APPROVED AS TO FORM:
ADOPTED by ye
this~~~WL-_day of ~
Should the Washington State Legislature revoke the author-
ity of the City of Marysville to implement this plan,no affected
employee shall be entitled thereafter to receive the benefits of
this plan as a matter of contractual right.
Pursuant to Chapter 227 of the 1984 Session Laws of the
State of Washington (RCl'l 41.04),the City of Marysville hereby
adopts a plan to allow tax deferral benefits on employees'contri-
butions to retirement systems.Effective as soon as practical
after September 1,1984,the City shall not report to the Internal
Revenue Service the employee's share of retirement contributions
to PERS I,PERS 2,LEOFF 1 or LEOFF 2.The City shall pay said
contributions directly to the applicable retirement system and
shall not include the same in the employee's gross salary for .
federal income tax purposes.Income tax liability on the employ-
ee's retirement contribution will be deferred until said money is
actually received by the employee from the retirement system as a
retirement benefit,or as a refund after termination of employment,
or by the employee's estate or beneficiary as a death benefit.