HomeMy WebLinkAbout6248RESOLUTION NO. 6248
A RESOLUTION AUTHORIZING THE FILING OF AN
APPLICATION FOR DETERMINATION OF QUALIFICATION
OF THE PUEBLO POLICEMEN RETIREMENT PLAN UNDER
THE INTERNAL REVENUE CODE
WHEREAS, Section 414(h)(2) of the Internal Revenue Code
provides that contributions otherwise designated as employee
contributions, shall be treated as employer contributions if such
contributions are made to a pension plan established by a state
government or a political subdivision thereof, which is a plan
meeting the requirements of and qualified under Section 401(a) of
the Internal Revenue Code, and are picked up by the employing
unit, and
WHEREAS, the Board of Trustees of the Pueblo Policemen
Retirement Plan has requested that the City file application for
determination of qualification of the Plan with the Internal
Revenue Service in order to permit policemens' contributions to
the Plan to be treated as employer contributions for income tax
purposes, Now Therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that:
SECTION 1.
The City Administration is hereby authorized and directed to
file an application for determination of qualification of the
Pueblo Policemen Retirement Plan under the Internal Revenue Code.
INTRODUCED July 25, 1988
y Cy W — le r — ki
By SAM CORSENTINO
Councilman
APPROVED:
Pr sident of he City Council