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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-