CONSENT AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date: 

Paul S. McCulla, County Administrator

August 14, 2008

Staff Lead:

Department: 

Janelle Downes, Director

Human Resources

Topic: 

A Resolution to Affirm Authorization to Pick-Up the Employee’s Contribution to the Virginia Retirement System (VRS)  for Fauquier County, VRS Group #55130 Under §414(H) of the Internal Revenue Code

 

Topic Description:

The Internal Revenue Service (IRS) issued Revenue Ruling 2006-43 giving governmental employers until January 1, 2009 to demonstrate “formal authorization” of their pick-up plans.  A pick-up plan allows the Virginia Retirement System (VRS) member contribution (5%) to be treated on a pre-tax basis to the employee.

This affirmation will bring VRS records up-to-date and ensure that the Fauquier County Board of Supervisors, as a pick-up plan employer, has on file an appropriate resolution which is compliant with the most recent IRS Revenue Ruling.

Requested Action of the Board of Supervisors: 

Consider adoption of the attached resolution.

Financial Impacts Analysis:

There is no financial impact as Fauquier County Board of Supervisors currently contributes the 5% member contribution to VRS.

Identify any other Departments, Organizations or Individuals that would be affected by this request:

None

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