2013/10/22 City Council Resolution 2013-144RESOLUTION NO. 2013 - 144
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PARK
AMENDING THE NATIONWIDE DEFERRED COMPENSATION PLAN (457 PLAN)
WHEREAS, the City Council adopted Resolution 99 -221, Authorizing and Approving
the Amended Agreement of the City of Rohnert Park's Deferred Compensation Plan
administration to Nationwide Retirement Solutions (NRS); and
WHEREAS, the NRS 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; and
WHEREAS, NRS, in compliance with applicable Federal Internal Revenue Codes, will
administer a loan program for the deferred compensation plan; and
WHEREAS, the City has agreed through collective bargaining to add a loan program to
existing deferred compensation plans whereby employees may request loans from their own
deferred income;.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Rohnert
Park that the City Manager is authorized to execute documents amending the National
Retirement Solutions 457 Deferred Compensation plan to implement a loan program.
BE IT FURTHER RESOLVED that the City Manager is hereby authorized and
directed to execute documents pertaining to same for and on behalf of the City of Rohnert Park.
DULY AND REGULARLY ADOPTED this 22nd day of October 2013.
N E A t
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ATTEST: 7
J Anne Buergler, City Clerk
CITY OF ROHNERT PARK
Pam Stafford, Mayor
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