Tax Treatment of Employee Retirement Contributions. The purpose of this section is to implement the provisions contained in section 414(h)(2) of the Internal Revenue Code and IRS Ruling 2006-43 concerning the tax treatment of employee retirement contributions paid by the State of California on behalf of employees in the bargaining unit. In accordance with that Executive Order and with Internal Revenue Service guidance under Revenue Ruling 2006-43, this formalizes the implementation of section 414(h)(2) with regard to Employee Contributions to CalPERS that are made by the Employer on behalf of its employees. For this purpose, “Employee Contributions” means those contributions that are deducted from employees’ salary and credited to individual employees’ accounts under CalPERS. This Article specifically covers Employee Contributions made on behalf of employees covered by the collective bargaining agreement to which the Article relates.
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Tax Treatment of Employee Retirement Contributions. The purpose of this section is to implement the provisions contained in section 414(h)(2) of the Internal Revenue Code and IRS Ruling 2006-43 concerning the tax treatment of employee retirement contributions paid by the State of California on behalf of employees in the bargaining unit. In accordance with that Executive Order and with Internal Revenue Service guidance under Revenue Ruling 2006-43, this formalizes the implementation of section 414(h)(2) with regard to Employee Contributions to CalPERS that are made by the Employer on behalf of its employees. For this purpose, “Employee Contributions” means those contributions that are deducted from employees’ salary and credited to individual employees’ accounts under CalPERSXxxXXXX. This Article specifically covers Employee Contributions made on behalf of employees covered by the collective bargaining agreement to which the Article relates.
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