HomeMy WebLinkAbout2013 036 CC RESO RESOLUTION NO.2013-036
A RESOUTION OF THE CITY COUNCIL OF THE CITY OF BALDWIN PARK,
CALIFORNIA,AUTHORIZING 457 LOAN AGREEMENT AND PERMITTING
PARTICIPANTS IN THE RETIREMENT PLAN TO TAKE LOANS FROM THE PLAN
Section 457 Deferred Compensation Plan
ICMA-RC Plan# 300425
City of Baldwin Park, California
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,APPROVED AND ADOPTED on this 16th a a. of October, 21 1.
as
Manuel Loz. o, o a 4
ATTEST:
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES SS.
CITY OF BALDWIN PARK
I, ALEJANDRA AVILA, City Clerk of the City of Baldwin Park, do hereby certify that
the foregoing resolution was duly and regularly approved and adopted by the City Council of the
City of Baldwin Park at a regular meet thereof held on October 16, 2013, by the following vote:
AYES: COUNCIL MEMBERS: Mayor Pro Tern Monica Garcia,
Mayor Manuel Lozano, Ricardo Pacheco, Susan Rubio
NO: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS: Marten Garcia,
ABSTAIN /COUNC BERS:
ALEJA D AVLIA
CITY CLERK