HomeMy WebLinkAboutCC Reso No 2015-077 City Council Reso.RESOLUTTON NO. 2015-077
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, APPROVING THE ADOPTION OF THE
ICMA.RC LOAN IMPLEMENTATION FOR 457 PLAN SPONSORS.
WHEREAS, the City Council of the City of Lake Elsinore agrees to implement the
ICMA-RC loan program for Section 457 sponsors #302208 rendering valuable services;
and
WHEREAS, the City of Lake Elsinore has established a retirement plan (the
"Plan") for employees which serves the interest of the City by enabling it to provide
reasonable retirement security for its employees, by providing increased flexibility in its
personnel management system, and by assisting in the attraction and retention of
competent personnel; and
WHEREAS, the City of Lake Elsinore has determined that permitting participating
employees in the retirement plan to take loans will serve these objectives;
NOW, THEREFORE, the City Council of the City of Lake Elsinore, California,
does hereby resolve as follows:
Section 1. That the Plan will permit loans such that participating employees
may obtain loans against their retirement accounts.
Section 2. That the City Manager or his designee is authorized to apply for and
execute any necessary documents and agreements to implement the loan program.
Section 3. This Resolution shall take effect from and after the date of its
passage and adoption.
meeting of the City CouncilPASSED, APPROVED AND ADOPTED At A
of the City of Lake Elsinore, California, this 22nd day ,2015.
DiE-na Gir6n
, City Attorney
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STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF LAKE ELSINORE
l, Diana Gir6n, Acting City Clerk of the City of Lake Elsinore, California, do hereby
certify that Resolution No. 2015-077 was adopted by the City Council of the City of Lake
Elsinore, California, at a regular meeting held on the 22nd day of September 2015, and
that the same was adopted by the following vote:
AYES: Council Member Johnson, Council Member Magee, Council Member
Hickman, and Mayor ManosNOES: None
ABSENT: Mayor Pro Tem Tisdale
ABSTAIN: None