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Legislation #: 101039 Introduction Date: 12/9/2010
Type: Resolution Effective Date: 12/26/2010
Sponsor: None
Title: Directing the City Manager to take the necessary steps to minimize tax exposure for current City employees who made pension contributions since April 25, 2010.

Legislation History
DateMinutesDescription
12/9/2010 Filed by the Clerk's office
12/9/2010 Referred to Finance and Audit Committee
12/15/2010 Immediate Adoption
12/16/2010 Adopted

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fact sheet.doc Advertise Notice 41K fact sheet

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RESOLUTION NO. 101039

 

Directing the City Manager to take the necessary steps to minimize tax exposure for current City employees who made pension contributions since April 25, 2010.

WHEREAS, Ordinance No. 100323 established the MAST Escrow Fund to temporarily hold pension contributions made after April 25, 2010, for City employees who formerly worked at MAST; and

WHEREAS, the Fund contains both employer and employee contributions, with the employee pension deductions being treated as a pre-tax payroll deduction; and

WHEREAS, with the end of the calendar year approaching, steps need to be taken to minimize tax exposure on the employee contributions deposited in the Fund; NOW, THEREFORE,

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

That the City Manager is directed to take the necessary steps to minimize tax exposure for current City employees who made pension contributions since April 25, 2010.

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