HomeMy WebLinkAboutCouncil Resolution 1273RESOLUTION NO.
A RESOLUTION ADOPTING SECTION 457 DEFERRED COMPENSATION
RETIREMENT PLANS TO PERMIT LOANS
WHEREAS, the City of Central Point is an employer described in Internal Revenue Code (Code) section
457(e)(1)(A) (a State, political subdivision of a State, and any agency or instrumentality of a State or
political subdivision of a State);
WHEREAS, the City of Central Point is responsible under the Plans for approval of all requests for loans:
WHEREAS, the City of Central Point desires that Hartford, ICMA and VALIC process loan requests in
accordance with loan processing procedures based on the information provided by the participant;
WHEREAS, the City of Central Point desires the deferred compensations plans permit the tax free
distribution of up to $3,000 annually for payment of qualifying insurance premiums for eligible retired
public safety officers, with payments made to specified insurance companies,
NOW, THEREFORE, the City of Central Point and Hartford, ICMA and VALIC hereby agree effective as
of the date of the last signature hereto as follows:
The City of Central Point having determined loan procedures to be
consistent with the terms of the Plans and Section 72(p) of the
Code, adopts such procedures and delegates the ministerial
processing function to Hartford, ICMA and VALIC and directs
Hartford, ICMA and VALIC to process loans in accordance with
the provisions of the Annuity Contract Non-FRIBA Loan Endorsement,
the Plan and the Non-FRIBA Loan Application and Agreement based on
the information provided by the participant in the Loan Agreement.
Passed by the Council and signed by me in authentication of its passage this ~~
day of October, 2010.
ATTE
City Recorder
Approved by me this ~" aay of October, 2010
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Mayor Hank Williams
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Mayor Hank Williams