2007R09- Loan Guidlelines 457 Plan
07-R-09
RESOLUTION NO.
A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF
SCHERTZ, TEXAS ADOPTING PLAN LOAN GUIDELINES TO
PERMIT ONLINE LOANS AND ACH DEBIT FOR ICMA 457
DEFERRED COMPENSATION PLAN.
WHEREAS, the City Council (the "City Council") of the City of Schertz, Texas (the
"Employer") has agreed to adopt plan loan guidelines to permit online loans and ACH
debit for ICMA 457 Deferred Compensation Plan.
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 authorized 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 and permits
Online Loans and ACH debit repayments.
I, Judy Tokar, City Secretary of the City of Schertz, Texas do hereby certify that the
foregoing resolution was duly passed and adopted by the City Council of the City of
Schertz at the regular meeting thereof assembled this 13 day of February, 2007 by the
following vote:
Ayes: Councilmembers Fowler, Scagliola, Wilenchik and arpenter.
Nays: None.
Absent: Councilmember Agee
ATTEST:
~.LA ~~
Cry TOk1City Secretary