Res 1269 - Amend ICMA Retire
COUNCIL BILL NO. 1594
RESOLUTION NO. 1269
A RESOLUTION AUTHORIZING AN AMENDMENT TO THE MONEY PURCHASE
RETIREMENT PLAN (SECTION 401 (a)) MANAGED BY INTERNATIONAL CITY
MANAGER ASSOCIATION (ICMA) RETIREMENT CORPORATION.
WHEREAS, the City of Woodburn has maintained a section
401(a) Money Purchase Plan for non-union management employees since
1991, and
WHEREAS, on November 8, 1994, the voters of the state of
Oregon passed a measure (known as Ballot Measure 8) which sets
constitutional requirements on specific provisions of retirement
plans offered by all state and local governments, and
WHEREAS, it is necessary to make modifications to the
current plan regarding the designation of employee contributions as
"pick-up" for the purposes of the Internal Revenue Code, now,
therefore,
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
section 1. That as a condition of employment, employees
of the City of Woodburn who are members of the ICMA section 401(a)
Money Purchase Plan shall contribute six percent (6%) of their
salary or gross wage to the Plan.
section 2. That the City of Woodburn hereby declares
that amounts contributed under section 1 of this resolution are
deemed to be "picked-up" for the purposes of Internal Revenue Code
section 414(h) (2), and that the City shall pay such contributions
to the ICMA Retirement Trust.
section 3. That the employees described in section 1 of
this resolution shall not have an option to recei ve amounts
contributed in section 1 of this resolution and directly make
contributions to ICMA Retirement Trust instead of having the City
pay the contributions to ICMA Retirement Trust.
section 4. That the salary or gross wage of employees
described in section 1 of this resolution shall be reduced for
federal and state income tax reporting purposes by the amount
contributed under section 1 of this resolution.
section 5. That this resolution is a continuing offer of
employment condi tions effective with the pay period beginning
December 1, 1994.
section 6. That the Mayor is authorized to sign a plan
amendment which will implement the conditions of employment as
defined in this resolution.
Page 1 - Council Bill No. 1594
Resolution No. 1269
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Approved as to
Form:01~~
City Attorney
f2-li-iLf-
Date
APPROVED ~>>'~ d~~
NANCY KIRKSEY,' YOR
Opcpmhpr lQ. lQQ4
Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
ATTEST fll~ ~
Mary Te ant, Recorder
City of Woodburn, Oregon
Page 2 - COUNCIL BILL NO. 1594
RESOLUTION NO. 1269
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