HomeMy WebLinkAbout05832ORDINANCE NO. 5832
AN ORDINANCE AMENDING CHAPTER 3 OF TITLE II OF
THE 1971 CODE OF ORDINANCES RELATING TO THE
PUEBLO POLICEMEN RETIREMENT PLAN AND PROVIDING
FOR CITY PICK UP OF EMPLOYEE CONTRIBUTIONS
UNDER SECTION 414(h) OF THE INTERNAL REVENUE
CODE
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: (Brackets
indicate material being deleted; underscoring indicates new
material being added.)
SECTION 1.
Paragraph (i) of Section 2, Chapter 3 of Title II of the 1971
Code of Ordinances is hereby amended to read as follows:
(i) Compensation means the salary paid by the City to a
member for service rendered by him to the City as a policeman
including contributions picked up and paid by the City under
the second paragraph of Section 25(b)
SECTION 2.
Paragraph (b) of Section 25, Chapter 3 of Title II of the
1971 Code of Ordinances is hereby amended by the addition of the
following paragraph:
Member's contributions shall be picked up and paid by
the City as provided in Section 414(h) of the Internal
Revenue Code with the member's gross income being reduced by
the amount of the contributions picked up by the City. For
purposes of this plan, the member's contributions picked up
by the City (and treated as City contributions) under this
paragraph (b) shall be allocated to the member in the same
manner as if it had been paid directly to the plan by the
member.
CPOMTnM I
This Ordinance shall become effective the first day of the
calendar month after the date the Internal Revenue Service
favorably determines that the Pueblo Policemen Retirement Plan
including the amendments contained in this Ordinance is a
qualified plan under Section 401(a) and 501(a) of the Internal
Revenue Code.
ATTEST:
City Clerk
INTRODUCED: October 12 , 1993
By SAMUEL CORSENTINO
Councilperson
APPROVED:
Pre S i ent of th e City Council
TJ 67.8 -2-