97-054 ORD ADOPTING SECTION 30 OF TEXAS LOCAL FIREFIGHTERS' RETIREMENT ACT ART 6243e TO DEFER FEDERAL INCOME TAXES ON MONTHLY CONTRIBUTIONS TO PENSION FUND

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ORDINANCE NO. 97'054 AN ORDINANCE OF THE CITY OF PARIS, PARIS, TEXAS, ADOPTING SECTION 30 OF THE TEXAS LOCAL FIRE FIGHTERS' RETIREMENT ACT, ART. 6243e; PERMITTING CITY OF PARIS FIREFIGHTERS AND MEMBERS OF THE PARIS FIREFIGHTERS' RELIEF AND RETIREMENT FUND TO DEFER FEDERAL INCOME TAXES ON THEIR MONTHLY CONTRIBUTIONS TO THE PENSION FUND FROM THE TIME CONTRIBUTIONS ARE MADE TO THE LATER TIME AT WHICH BENEFITS ARE RECEIVED FROM THE FLTND; REPEALING ALL ORDINANCES OR PARTS OF ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING FOR AN EFFECTIVE DATE OF NOVEMBER 10, 1997. WHEREAS, the City Council of the City of Paris recognizes the desirability of enabling its firefighters to defer payment of a part of their Federal Income taxes; and, WHEREAS, the Texas Local Fire Fighters' Retirement Act, Art. 6243e, provides a method to permit firefighters to defer payment of federal income taxes on their monthly contribution to the Pension Fund; and, WHEREAS, the Board of Trustees of the Pension Fund is seeking an Internal Revenue Service determination to be furnished to the Firemen's Pension Commissioner whereby the Internal Revenue Service will give a determination that the Paris Firefighters' Relief and Retirement Fund is a qualified retirement plan under Section 401(a), Federal Internal Revenue Code, and that its related trust is tax exempt under Section 401(a), Federal Internal Revenue Code; and, WHEREAS, the firefighters elected this income tax deferral option by a majority of the participating members of the fund, voting by secret ballot on the 21st, 22nd, and 23rd days of May, 1997; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: Section 1. That this Ordinance permitting firefighters to defer federal income taxes under the terms of Section 30 of the Texas Local Fire Fighters' Retirement Act, Art. 6243e, be, and the same is hereby, enacted and established, subject to a favorable determination by the Internal Revenue Service that the Paris Firefighters' Relief and Retirement Fund is a qualified retirement plan and that its related trust is tax exempt under the Federal Internal Revenue Code. Section 2. All ordinances or parts of ordinances in conflict herewith are hereby expressly repealed. Section 3. This ordinance shall become effective on November 10, 1997. PASSED AND ADOPTED this lOth day of November, 97. ~ Eric S. Cliffor , ayo A i TEST: Mattie Cunningham, City Clerk