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RESOLUTION NO. <br />11-019 <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br />(RESOLUTION AMENDING THE CITY OF NEW BRIGHTON'S INTERNATIONAL CITY/COUNTY MANAGERS <br />ASSOCIATION (ICMA) 457 RETIREMENT PLAN TO PERMIT PERSONAL LOANS <br />WHEREAS, THE CITY OF NEW BRIGHTON HAS EMPLOYEES RENDERING VALUABLE SERVICES; AND <br />WHEREAS, THE CITY OF NEW BRIGHTON HAS ESTABLISHED AN ICMA 457 RETIREMENT PLAN (THE <br />"PLAN") FOR SUCH EMPLOYEES, BY PROVIDING INCREASED FLEXIBILITY AND ENABLING THE <br />RETIREMENT PLAN TO PROVIDE REASONABLE SECURITY FOR ITS EMPLOYEES, BY PROVIDING <br />INCREASED FLEXIBILITY IN ITS PERSONAL MANAGEMENT SYSTEM, AND BY ASSISTING IN THE <br />ATTRACTION AND RETENTION OF PERSONAL STAFF; AND <br />WHEREAS, THE CITY OF NEW BRIGHTON HAS DETERMINED THAT PERMITTING PARTICPANTS IN <br />THE CITY OF NEW BRIGHTON'S 457 ICMA RETIREMENT PLAN THE OPPORTUNITY TO TAKE OUT <br />PERSONAL LOANS IF DESIRED THROGH THIS PLAN; AND <br />NOW THEREFORE BE IT RESOLVED, THAT THE CITY OF NEW BRIGHTON HAS DETERMINED THAT <br />FULL-TIME STAFF MEMBERS THAT PARTICIPATE IN THE 457 RETIREMENT FUND PROGRAM WILL <br />BE PERMITTED TO UTILIZE THEIR PERSONAL FUND DOLLARS TO OBTAIN INDIVIDUAL LOANS IF <br />DESIRED TRHOUGH THE ICMA RETIREMENT CORPORATION. <br />this 8th day of February, 2011. <br />I <br />Dave Jac en, Mayor <br />i Danie],A: Mai;iZ <br />i ' Director of Fir ince and Support <br />f <br />�i Serviees./City Clerk <br />(SEAL) <br />