11-23-2005 Council Agenda - Laserfiche WebLink

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RESOLUTION RELATING TO AMENDING PLAN LOAN GUIDELINES TO PERMIT ONLINE LOANS AND ACH DEBIT Section 401 Money Purchase Plan(s) and Section 401 Profit- Sharing Plan(s) ICMA RC Account # 10 ICMA RC Account # 10 Section 457 Deferred Compensation Plan(s) ICMA RC Account # 3 0 3 2 8 5 ICMA RC Account # 3 0 ICMA RC Account # 3 0 Name of Employer: City of Little Canada State: MN Resolution of the above named Employer ( "Employer ") WHEREAS, the Employer has employees rendering valuable services; and WHEREAS, the Employer has established a loan program under its deferred compensation plan for such employees; WHEREAS, the Employer has determined that permitting participants in the deferred compensation plan to submit loan requests via the Internet from the Plan will facilitate the efficient administration of such loans, WHEREAS, the Employer has determined that permitting participants in the deferred compensation plan to make loan repayments by authorizing automatic debit (ACH) by ICMA -RC directly from their bank account will facilitate the efficient administration of such loans, NOW THEREFORE BE IT RESOLVED that the Plan hereby adopts the following provisions: Will permit Online Loans ❑ Will not permit Online Loans ® Will permit ACH debit repayments ❑ Will not permit ACH debit repayments I, Kathleen Glanzer , Clerk of the City of Little Canada , do hereby certify that the foregoing resolution, proposed by Council Member , was duly passed and adopted by the Council of the City of Little Canada at a regular meeting thereof assembled this 23` day of November, 2005, by the following vote: AYES: NAYS: ABSENT: (seal) Clerk of the City -2