HomeMy WebLinkAboutMO # 408MUNICIPAL ORDER NO. 408
A MUNICIPAL ORDER AUTHORIZING THE CITY OF PADUCAH, SOLELY FOR
THE PURPOSE OF COMPLIANCE WITH SECTION 414(h),0F THE UNITED STATES
REVENUE CODE, TO PICK UP EMPLOYEE CONTRIBUTIONS UNDER THE CITY OF
PADUCAH POLICE AND FIREMEN'S RETIREMENT`YUND:
WHEREAS,:.Section 414(h).of the United States. -Revenue Code
allows the employer to pick up the employee contributions under
retirement funds; and
WHEREAS,.Kent:ucky Revised Statutes 65.155 allows a local
government to pick up employee contributions, said contributions to be
treated as employer contributions in determining tax treatment under
the United States Internal Revenue Code; and
WHEREAS, the adoption of this procedure will provide income
tax benefits to the members of the retirement plan.
BE IT ORDERED BY THE'CITY COMMISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY:
r SECTION 1. The City of Paducah shall, solely for the purpose
of compliance with Section 414(h) of the United States'Revenue Code;
pick up the employee contributions, under the City of Paducah Police
and Firemen's Retirement Fund, required by KRS 95.867 for all
compensation earned on or after thirty (30) days after'approval.of this
plan by the Internal Revenue Service, and the contributions so picked
up shall be treated as employer contributions in determining tax
treatment under the United States Internal Revenue Service Code, the
effective date of this pick-up shall be the beginning of the month that
is at least thirty (30) days after approval by the Internal.Revenue
Service.
SECTION 2. This Order shall be in full force and effect from
and after the date of its adoption.
PANDF2
JOE VITERISI
Mayor
Adopted by the Board of Commissioners September 8, 1987
Recorded by Lenita Smith, City Clerk, September 8, 1987
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