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CCP 08-30-1993
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CCP 08-30-1993
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<br />. <br />. b. Section 125 - Two employee requests have been received asking the <br /> City to pay the interest a=ued on back taxes. As you know, the <br /> employees did have the use of the furds for 1-3 years, yet, the <br /> employees feel they wouldn I t have this charge if they had not been <br /> in this employer provided plan. '!he cost to the City to elate of <br /> re:i1nb.lrsing employees is: <br /> $1,250 Tax preparation fee re:iJnburse!ren <br /> 2,775 Elrployee - FICA <br /> 2.775 Elrployer - FICA <br /> $4,025 <br /> '!he average interest currently is $32.00. If all requested <br /> similar reilnl:m:sement, the city's costs could be up to $390.00. <br /> Or, the city may share the costs with current employees only <br /> totalling approximately $170.00 <br /> I recommend that the following motion be made: <br /> CUrrent Arden Hills employees who are charged by the IRS an <br /> additional interest based on the Arden Hills 1991-1993 <br /> Section 125 Plan, will be rei1nbursed by the city up to 1/2 <br /> of the interest per year. <br />. DAP:rk <br />. <br />
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