HomeMy WebLinkAbout100-87 RESOLUTION NO. 100-87
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF DANVILLE
APPROVING THE LOAN PROVISION TO THE TOWN'S EMPLOYEE PENSION PLAN
WHEREAS, the Town Council has previously established a deferred
compensation pension plan which allows the accumulation of tax
deferred pension funds for City employees; and
WHEREAS, the Town Council has directed the City Manager, serving
as Personnel Officer, to periodically evaluate the compensation
and benefits employees receive and recommend adjustments as needed
to insure that the Town's compensation plan continues to attract
and retain high quality employees; and
WHEREAS, the City Manager has submitted recommendations to add a
loan provision to the Town's employee pension plan.
NOW, THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
DANVILLE TO:
Approve the addition of a loan provision to the Town's
employee pension plan agreement with ICMA Retirement
Corporation that will allow employees to borrow against
vested funds secured by their ICMA 401(a) accounts and repay
themselves with interest through payroll deductions.
PASSED, APPROVED AND ADOPTED this 5th day of October, 1987 by the
following vote:
AYES:
Lane, May, Offenhartz, Schlendorf
NOES: None
ABSTAIN:
ABSENT:
ATTEST:
None
Kennett