HomeMy WebLinkAbout2011-06-21; City Council; Resolution 2011-1331 RESOLUTION NO.2Q11-133
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, AMENDING THE 457
3 DEFERRED COMPENSATION PLAN ADMINISTERED BY
ICMA-RETIREMENT CORPORATION TO PERMIT LOANS
4 FOR CCEA REPRESENTED PARTICIPANTS
5 WHEREAS, the City of Carlsbad has established a 457 Deferred Compensation
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Plan administered by ICMA-Retirement Corporation whereby employees can elect to
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participate and defer monies from their gross pay into a 457 account; and8
WHEREAS, the City of Carlsbad has determined that permitting CCEA
10 represented participants in the 457 Deferred Compensation Plan to take loans from the
plan will enable participants to have more flexibility in managing their 457 accounts.
12 NOW, THEREFORE, BE IT RESOLVED by the City Council for the City of
Carlsbad, California, as follows:
1. That the above recitations are true and correct.
2. That addition of a 457 loan provision outlined above is hereby approved
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and the City Manager is authorized and directed to execute it.
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PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council
of the City of Carlsbad on the 21st day of June 2011, by the following vote to wit:
AYES: Council Members Hall, Kulchin, Blackburn, Douglas, Packard.
NOES: None.
ABSENT: None.
MATT flALL, Mayor
ATTEST:
-k j/nj.
LORRAINE M. WOOD, City Clerk
(SEAL)