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Ce4 <br />MAYOR <br />Bill Btesener <br />COUNCIL <br />Jim LaValle <br />Rick Montour <br />Barbara Allan <br />John Keis <br />515 Little Canada Road, Little Canada, MN 55117 -1600 ADMINISTRATOR <br />(651) 766 -4029 / FAX: (651) 766 -4048 Joel R. Hanson <br />www.ci.little-canada.mn.us <br />MEMORANDUM <br />TO: Mayor Btesener & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: November 18, 2005 <br />RE: Authorize On -Line Loans and ACH Debit for ICMA -RC 457 Plan <br />At our last meeting, the Council passed a resolution amending our deferred compensation plan to <br />permit participant loans from their fund balances. ICMA -RC has since informed me that another <br />resolution is necessary to allow repayment of these loans from other than payroll deduction. To <br />do so requires the authorization of "on- line" loans and ACH debit for repayment. This option <br />will allow an employee to make faster repayments than would occur through payroll deduction <br />only. Again, the City has none of its funds involved in this transaction and bears no risk should <br />an employee default in repayment. (I've attached some additional documentation related to this <br />option.) <br />Staff recommends approval of the attached resolution as presented and further recommends that <br />the Mayor and City Clerk be authorized to execute all necessary documents on behalf of the City <br />to effectuate this program. <br />