HomeMy WebLinkAboutResolution 018-2008 Resolution No. 18-08
Resolution for a Legislative Body Relating to Amending
a Retirement Plan to Permit Loans
Section 401 Money Purchase Plan Section 457 Deferred Compensation Plan
Section 401 Profit-Sharing Plan ICMA-RC Plan # 306363
ICMA-RC Plan # 10
Name of Employer: The City of Brookings State: South Dakota
Resolution of the above named Employer ("Employer")
WHEREAS, the Employer has employees rendering valuable services;and
WHEREAS, the Employer has established a retirement plan (the "Plan") for such employees which
serves the interest of the Employer 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 Employer has determined that permitting participants in the retirement plan to
take loans from the Plan will serve these objectives;
NOW,THEREFORE, BE IT RESOLVED that the Plan will permit loans.
Passed and approved this 12th day of February, 2008.
CITY • - :ROOKINGS
S Mu- terman,Mayor
�of eR. 110'.ST:
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S Thornes, City Clerk