Adopt pre-tax payroll deduction plan for CalPERS retirement credit purchases
In Plain English
City employees can currently buy extra retirement credit from CalPERS but must pay with after-tax dollars. If approved, employees pay with pre-tax dollars instead, reducing their taxable income. This saves employees money on taxes while costing the city nothing extra.
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Votes
Motion · Official minutes
Adopted Resolution No. 2-05
8 aye · 0 nay
Why This Vote Matters
The council unanimously approved a change that lets city employees buy extra retirement credit using pre-tax dollars instead of after-tax dollars. This is purely a tax benefit for employees who choose to purchase additional CalPERS retirement credit—they'll pay less in income taxes on the money they contribute. The change costs the city nothing and is a routine administrative adjustment to the employee benefits structure.
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