HomeMy WebLinkAboutRES 2183 •
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CITY OF RENTON, WASHINGTON
.RESOLUTION NO. 2183
WHEREAS, the provisions of the Internal Revenue Code
pertaining to pension trusts qualifications fot tax exempt status
were created to cover private systems , and
WHEREAS, state and local government systems have automatically
received immunity from taxation and reporting under Section 115 of
the Internal Revenue Service (IRS) Code, and
WHEREAS, an IRS district office has alleged in at least one
state that state and local public employee retirement systems are
subject to IRS jurisdiction and that public plans must comply with
IRS guidelines in order to receive favorable tax treatment, and
WHEREAS there is presently pending before United States
Senate and House of Representatives , Senate Bill #1587 and House
Resolution #9118 that would make said pension trusts tax exempt,
NOW THEREFORE
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO
RESOLVE AS FOLLOWS :
SECTION I: The above recitals are hereby found to be
true and correct.
SECTION II: The City of Renton go on record as being in
support of this legislation in an attempt to clarifythe IRS Code
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such that there will be no doubt about the following:g
1 . Public employee retirement systems are not required to
file trust information returns.
2 . By virtue of being a public trust the earnings of the trust
are , •
_exempt.
3'. The public plan participant, is to be afforded tax treatment
comparable to that of a private sector employee who is participating in
a qualified.plan.
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PASSED BY THE CITY COUNCIL this 15thday of May, 1978 .
De ores A. ead, Cit Clerk
APPROVED BY THE MAYOR this 15th day of May, 1978 .
Charles . Delaurenti, Mayor
Approved as to form:
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Lawrence J. Wa ren, City Attorney