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<br /> } I <br /> '" <br /> RESOLUTION NO. ~92 ~:.... <br />(:- I, <br /> " CITY OF NEW BRIGHTON <br />~ I: COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />A RESOLUTION SUPPORTING FEDERAL LEGISLATION <br />TO IMPROVE STATE AND LOCAL GOVERNMENT RETIREMENT PLANS <br /> <br />WHEREAS the national savings rate in the United States remains among the lowest in the world's <br />industrial economies; and <br /> <br />WHEREAS the financial retirement needs of public employees typically extend beyond the savings <br />that can be accrued through Social Security and state/local pension systems; and <br /> <br />WHEREAS numerous proposals have been submitted in Congress to improve the benefits, <br />features, and flexibility of state and local government Section 457 deferred <br />compensation plans; and <br /> <br />WHEREAS workplace savings programs such as Section 457 deferred compensation plans provide <br />public employees with convenient and meaningful opportunities to save for their <br />financial future; and <br /> <br />WHEREAS it is important that Section 457 deferred compensation plans be enhanced in tandem <br />I, with education, non-profit and private sector retirement plans to allows: a $15,000 <br />maximum contribution limit, as indexed "457 IRA" or "Sidecar IRA" provisions; , <br />expanded portability between 457, 403(b) and 401 plans; and more liberalized <br />i i withdrawal options, and <br /> <br />WHEREAS of all the proposals submitted in Congress, the Financial Freedom Act of 1999 (H.R. <br />2488) embodies all those features that will enhance the 457 deferred compensation <br />program for the benefit of state and local government employees. <br /> <br />NOW, THEREFORE, BE IT RESOL VEn by the City of New Brighton, that it fully supports <br />legi$lation that will improve the retirement plans of state and local government employees, as <br />exemplified by the Financial Freedom Act of 1999 (H.R. 2488). <br /> <br />BE IT FURTHER RESOL YED that should the Financial Freedom Act of 1999 (H.R. 2488) fail to be <br />enacted in its current form, this body supports those provisions noted above which will serve to <br />improve retirement savings options for all employees of state and local government; and <br /> <br />FURTHER by passage of this resolution, the City Manager is hereby directed to forward this <br />document to all appropriate members of our Congressional delegation, to underscore support for this i <br />important improvement to state and local government retirement programs and options. <br /> <br />Ad~pted this 12th day of October, 1999. <br /> <br />i i <br /> <br />A-lT:r..tST; <br />-~..~ <br />~~. cgan <br />Finance Di ector/CIty Clerk <br /> <br />CITY OF NEW BRIGHTON <br /> <br />~~ <br />~.1Q~ Manager <br /> <br />~. 1 <br /> <br />- - _:; <br />., <br />, ' <br /> <br /><'I <br />