HomeMy WebLinkAboutRES 2011-12RESOLUTION NO: 2011-12
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
DIAMOND BAR, COUNTY OF LOS ANGELES, STATE OF
CALIFORNIA, APPROVING A LOAN PROGRAM WITHIN
THE SECTION 457 DEFERRED COMPENSATION PLAN
ADMINISTERED BY ICMA-RC.
WHEREAS, the City has employees rendering valuable service; and
WHEREAS, the City has previously established a retirement plan (the "Plan") for such 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 Plan is a Section 457 Deferred Compensation Program administered by ICMA-
RC; and
WHEREAS, the money in the employee's 457 Deferred Compensation Plan is the sole personal
property of that employee; and
WHERAS, the ability for an employee to loan themselves money from their personal deferred
compensation plan does not cost the City any money nor does it pose any financial or other
liability to the City; and
WHEREAS, the City has determined that permitting participants in the retirement plan to take
loans from the Plan is appropriate;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DIAMOND BAR HEREBY RESOLVES,
that the City's 457 Deferred Compensation Plan will permit employees to access their own personal
deferred compensation funds for purposes of a personal loan.
PASSED, ADOPTED AND APPROVED THIS 3rd day o , 2011.
Steve lye, Mayor
2011-12
I, Tommye Cribbins, City Clerk of the City of Diamond Bar, do hereby certify that the foregoing
Resolution was passed, approved and adopted at a meeting of the City Council of the City of
Diamond Bar held on the 3rd day of May , 2011, by the following vote:
AYES: COUNCIL MEMBERS: Everett, Herrera, Tanaka, MPT/Chang,
M/Tye
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
Tommye Cribbins, City Clerk
City of Diamond Bar
4
2011-•12