(A) In accordance with Section 3.125.1 of Chapter 108-1/2, Article 3 of the Illinois Pension Code, the municipality will pick up the employee contributions now being paid to the Police Pension Fund. Upon receipt of a favorable ruling in regard to Section 414 (h) from the Internal Revenue Service by the Police Pension Fund, the municipality, as soon as practicable, will exclude these contributions from the gross pay of policemen and will withhold federal and state income taxes on the gross pay less the contributions. This pickup of contributions will apply to all policemen that are members of the Police Pension Fund.
(B) The Police Pension Fund has applied for a ruling from the Internal Revenue Service in regard to the pickup of contributions.
(Res. R-07-83, passed 8-2-83)