Resolution 2767-03
Return to CalPERS. Unit 830
Employer code: 1869
RESOLUTION NO. ~767-03
EMPLOYER PICKUP RESOLUTION
PRE.TAX PAYROLL DEDUCTION PLAN
FOR SERVICE CREDIT PURCHASES
(CONTRIBUTION CODE 14)
WHEREAS. the Board of Administration of the Califomia Public Employees' Retirement System
(CaIPERS) at the April 1996 meeting approved a pre-tax payroll deduction plan for service credit
purch~ses under Internal Revenue Code (IRC) section 414(h)(2); and
WHEREAS. the Sooth Tahoe Public Utility District {Employer} has the authority to
implement the provisions of IRC section 414(h)(2) and has determined that even though
implementation is not required by law, the tax benefit offered by this section should be provided to
those employees who are members of CaIPERS; and
WHEREAS, the Salth Tahoe Public utility District {Employer} elects to participate in
the pre-tax payroll deduction plan for all employees in the following CalPERS coverage group(s):
{Membership Coverage Group(s)}
Miscellaneous Menber Group
NOW, THEREFORE, BE IT RESOLVED:
I. That the Sooth Tah~ Public Utility District {Employer} will implement the provisions
of IRC section 414(h)(2) by making employee contributions for service credit purchases
pursuant to the California State Government Code on behalf of its employees who are
members of CalPERS and who have made a binding irrevocable election to participate in the
pre-tax payroll deduction plan. "Employee contributions" shall mean those contributions
reported to CalPERS which are deducted from the salary of employees and are credited to
individual employee accounts for service credit purchases. thereby resulting in tax deferral of
employee contributions. .
II. That the contributions made by the Scuth Tah~ Public utility District {Employer} to
CalPERS, although designated as employee contributions. are being paid by the
Sooth Tahoe PuDlic utility District {Employer} in lieu of contributions by the
employees who are members of CaIPERS.
III. That the employees shall not have the option of choosing to receive the contributed amounts
directly Instead of having them paid by the South Tahoe Public utility District
{Employer} to CaIPERS.
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IV. That the Sooth Tahoo Public utility District {Employer} shall pay to CalPERS the
contributions designated as employee contributions from the same source of funds as used in
paying salary, thereby resulting in tax deferral of employee contributions.
V. That the effective date for commencement of the pre-tax payroll deduction plan cannot be any
earlier than July 1, 1996, or the date the completed resolution is received and approved in
CalPERS, whichever is later. -
VI. That the governing body of the Sooth Tahoo Public Utility District {Employer} shall
participate in and adhere to requirements and restrictions of the pre-tax payroll deduction plan by
reporting pre-tax payroll deductions when authorized by CalPERS for those employees of the
above stated Coverage Group{s) who have elected to participate in this plan.
PASSED AND ADOPTED by the governing body of the South Tahoe Public Utility Distri
{Employer} this 17 day of July ,2003 . {year} -
Ayes: Directors Schafer, BY
Jones, Comte, Mosbacher
Absent: Director Wallace
RETURN ADDRESS:
Board President
(Title of Official)
Sooth Tahoe Public utility District
1275 Meadow Crest Drive
Sooth lake Tahoe, CA 96150
*********************************************************************************************************************
FOR CALPERS USE ONLY
Pre-tax Payroll Deduction Plan Effective Date:
Approved By: Title:
MEMBER SERVICES DIVISION, Service Credit Section - Unit 830
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