HomeMy WebLinkAbout2011-06-07; City Council; Resolution 2011-126if
1 RESOLUTION NO. ?nn.i?g
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, AMENDING THE 457
3 DEFERRED COMPENSATION PLAN ADMINISTERED BY
NATIONWIDE TO PERMIT LOANS FOR CFA
4 REPRESENTED PARTICIPANTS
WHEREAS, the City of Carlsbad has established two 457 Deferred
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Compensation Plans administered by ICMA Retirement Corporation and Nationwide
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whereby employees can elect to participate and defer monies from their gross pay into8
a 457 account; and
IQ WHEREAS, the City of Carlsbad has determined that permitting CFA
11 represented participants in the Nationwide 457 Deferred Compensation Plan to take
12 loans from the plan will enable participants to have more flexibility in managing their 457
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14 NOW, THEREFORE, BE IT RESOLVED by the City Council for the City of
Carlsbad, California, as follows:
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1. That the above recitations are true and correct.
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2. That addition of a 457 loan provision in the Nationwide plan only as
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outlined above is hereby approved and the City Manager is authorized and directed to
20 execute it.
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1 PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council
2 of the City of Carlsbad on the 7th day of June 2011, by the following vote to wit:
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AYES: Council Members Hall, Kulchin, Blackburn, Douglas, Packard.
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5 NOES: None.
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7 ABSENT: None.
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11 MATT (HALL, Mayor
12 ATTEST:
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JRAINE ty. WOOD, City Clerk
16 (SEAL)
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