HomeMy WebLinkAboutRes 42-82 07/06/1982
RESOLUTION NO.
42-82
A RESOLUTION PROVIDING fOR A METHOD OF PAYING
EMPLOYEE CONTRIBUTIONS TO THE ILLINOIS MUNICIPAL
RET I REMENT FUND
mIEREAS,Section 7-173.2 of the Illinois Pension Code permits
employers to make payment of employee contributions to the
Illinois Municipal Retirement Fund; and
WHEREAS, Section 4l4(h) of the Internal Revenue Code provides
that employer paid (picked-up) employee contributions are
excluded in taxable gross income until distributed as a refund,
annuity or death benefit; and
WHEREAS, it is desirable that the employees contributions to
the Illinois Municipal Retirement Fund be paid by the employer.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the Village Board of the Village of
Mount Prospect resolve that employee contributions to the
Illinois Municipal Retirement Fund shall be paid by the
Village of Mount Prospect on behalf of all of the employees
enrolled in the Fund.
SECTION TWO: That the payment shall be made by reducing the
amount of the gross earnings payable to employees by the amount
o'f the contributions and making payment of this aÍrlount directly
to the Fund.
SECTION THREE: That the payment of employee contributions
provided shall be effective all compensation paid to employees
beginning with July, 1982.
SECTION FOUR~ That this Resolution shall be in full force and
effect from and after its passage and approval in the manner
provided by law.
AYES: Farley Floros Miller Wattenberg
NAYS: None
ABSENT: Arthur Murauskis
PASSED and APPROVED this
6th da)7 of
July
, 1982.
~f- )I ¡L~
Mayor
ATTEST:
~~
Village Clerk