Resolution 03-020 Establishing Substitute Social Security Program for Employees CITY OF SPOKANE VALLEY
SPOKANE COUNTY, WASHINGTON
RESOLUTION NO. 03-020
A RESOLUTION OF THE CITY OF SPOKANE VALLEY, SPOKANE COUNTY,
WASHINGTON, ESTABLISHING A SUBSTITUTE SOCIAL SECURITY PROGRAM FOR •
CITY EMPLOYEES.
WHEREAS, the City of Spokane Valley has employees who render valuable services; and
WHEREAS,the City Council has authorized participation in the Washington Public Employees
Retirement System(PERS) which is a qualified retirement program under IRS rules; and
WHEREAS, the City Council is authorized by state and Federal law to establish a social security
substitute program for employees covered by a qualified retirement program (PERS), and
WHEREAS, the establishment of a social security alternative program for such employees serves
the interests of the City by enabling it to provide reasonable retirement security for its employees with
increased flexibility in its personnel management system; and
WHEREAS, the establishment of a substitute social security program pursuant to Section 401 of
the Internal Revenue Code qualifies as an alternative to Social Security and will benefit employees by
providing funds for retirement and funds for their beneficiaries in the event.of death; and
WHEREAS,the City finds that the International City/County Management Association
Retirement Corporation(ICMA-RC) offers an ideal social security substitute program for cities such as
Spokane Valley;
NOW THEREFORE, be it resolved by the City Council of the City of Spokane Valley, Spokane
County, Washington, as follows:
Section 1. Social Security Substitute Program - Participation. The City Council hereby adopts
the ICMA-RC administered 401 Social Security(FICA) Replacement Plan, said plan to be effective upon
incorporation. City and employee contribution rates and maximums shall match FICA contribution rates
and maximums as published in the Internal Revenue Service's Employer's Tax Guide, IRS Publication
15.
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Section 2. Authorization to Implement the FICA Replacement Plan. The City Council hereby
authorizes the City Manager to execute the necessary agreement with ICMA-RC and to ensure that
qualified employees are enrolled in the plan in a timely manner.
Section 3. Effective Date. This Resolution will take effect on the official date of incorporation.
Adopted this (,2 day of , 2003.
M4 rc.
\;;.&1:
Mayor Michael DeVlemi g
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ATTEST:
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Interim City Clerk, Ruth Muller •
Approved as to Form:
e terim 'ity Att, taliley M. chwartz
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