The purpose of this amendment is to implement the provisions of Section 414(h)(2) of the Internal Revenue Code, which permits employees to tax-defer their pension contributions until such contributions are distributed or made available to the employee, for sworn members of the Fire and Police Pension System.
Implementation of Section 414(h)(2) is accomplished through a reduction in wages pursuant to the provisions of this chapter.
SECTION HISTORY
Added by Ord. No. 171,444, Eff. 1-20-97. (The provisions of this Ord. shall not become operative until the first day of the payroll period which includes January 1, 1997.)