11-23-2005 Council Agenda - Laserfiche WebLink

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ADOPTION OF AUTOMATED LOAN PROCEDURES (Amendment to 401 or 457 Plan Loan Guidelines) Part 1. Section VIII (Loan Application Procedure) is amended as follows: Loans may be requested online by employees through ICMA -RC's Account Access site at www.icmarc.org. 10 Yes ❑ No If "Yes" is checked, the following amendment applies: If an employee is married at the time of application, and spousal consent is required by the Plan for the loan, the employee's spouse must consent, in writing, to the loan and the consent must be witnessed by a plan representative or notary public. Such consent must be received in writing by ICMA -RC within the ninety (90) day period before the loan request is submitted through Account Access. The promissory note, truth -in- lending rescission notice and disclosure statement are presented to the employee online on Account Access at the time the employee submits the loan request. The employee confirms receipt and acceptance of these documents by clicking on the affirmative buttons on the Account Access program. The Employer hereby authorizes all future loans requested through the online process via Account Access, as well as any requests that employees submit on paper forms, pending review of the application by ICMA -RC. Notice of loan issuance will be provided to the Employer via reports posted on the EZLink site. The loan check will generally be redeemed from the employee's account on the same day as, and issued on the next business day following, the employee's successful submission of the loan request through Account Access. The loan check will be mailed directly to the employee. The employee's presentment for payment of the check constitutes an acicnowledgement that the employee has received and read the loan disclosure information provided via Account Access and agrees to the terms therein. Loan repayment will begin as soon as practicable following the employee's presentment for payment of the loan check. 3-