(A) Pursuant to the provisions of 40 ILCS 5/7.173.2, participating municipalities are authorized to pick up those contributions required to be made by all of its employees to the State Municipal Retirement Fund, under the provisions of 40 ILCS 5/7-173(a)(1) and (a)(3), and those additional contributions made by the Sheriff’s law enforcement deputies, pursuant to 40 ILCS 5/7-173.1.
(B) Such contributions, when picked up, shall be treated as employer contributions, pursuant to I.R.C. § 414(h).
(C) The effect of the legislation is to defer taxation on amounts contributed to the State Municipal Retirement Fund until distribution.
(D) The county is a participating municipality with respect to the State Municipal Retirement Fund.
(Prior Code, § 1-10-1) (Ord. passed 7-1-1984)