2010/02/23 City Council Resolution 2010-15RESOLUTION NO. 2010-15
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PARK
AMENDING THE ICMA -RC DEFERRED COMPENSATION PLAN (457 PLAN)
WHEREAS, the City Council adopted Resolution 91 -164, Establishing ICMA Retirement
Corporation (ICMA -RC) as Co- Administrator of the City of Rohnert Park Deferred Compensation Plan;
WHEREAS, ICMA -RC, in compliance with applicable Federal Internal Revenue Codes, will
administer a loan program for the deferred compensation plan;
.WHEREAS, the deferred compensation plan allows employees to voluntarily set aside a portion
of the income into a tax - deferred compensation plan for the purposes of enhancing their retirement
income and the current plan does not permit employees to borrow funds from their deferred compensation
accounts;
WHEREAS, the ICMA -RC loan program has a nominal administrative impact on the City and
would enhance the program for employees; and
WHEREAS, to allow for the creation of the ICMA -RC loan program, the City must amend its
current plan documents.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Rohnert Park
authorizes the City Manager to execute documents amending the ICMA -RC 457 Deferred Compensation
plan to implement a loan program.
DULY AND REGULARLY ADOPTED by the City Council of the City of Rohnert Park this 23rd
day of February, 2010.
CITY OF ROHNERT PARK
BELFORTE: AYE BREEZE: AYE CALLINAN: AYE MACKENZIE: AYE STAFFORD: AYE
AYES: (5) NOES: (0) ABSENT: (0) ABSTAIN: (0)