HomeMy WebLinkAbout008-04RESOLUTION NO. 8-2004
APPROVING AN AMENDMENT TO THE TOWN OF DANVILLE DEFERRED
COMPENSATION PLAN
WHEREAS, the Town of Danville (the "Town") has employees currently participating in a
Section 457IRC, Deferred Compensation retirement savings plan administered by Lincoln
Life; and
WHEREAS, recently adopted IRS regulations clarify that deferred compensation plans
may offer loans to participating employees, subject to specified terms and conditions; and
WHEREAS, the Town wishes to offer its employees this option; now, therefore, be it
RESOLVED, that the Danville Town Council approves an amendment to the Town's
Section 457 Deferred Compensation Plan to allow for employee loans consistent with IRS
regulations; and, be it further
RESOLVED, that the Town Manager is hereby authorized to execute all necessary plan
amendments prepared by Lincoln Life necessary to implement this resolution.
APPROVED by the Danville Town Council at a regular meeting on February 3, 2004 by the
following vote:
AYES: Arnerich,
NOES: None
ABSTAINED: None
ABSENT: None
Doyle, Andersen, Shimansky, Stepper
MAYOR
APPROVED AS TO FORM:
CITY CLERK