CC Resolution No. 08-004 Deferred comp.RESOLUTION 08-004
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
AUTHORIZING 457 DEFERRED COMPENSATION EMPLOYEE LOANS
WHEREAS, the City of Cupertino offers 457 deferred compensation plans to assist
employees in preparing for their retirement security; and
WHEREAS, the City of Cupertino offers 457 plans through Nationwide Retirement
Solutions, Ca1PERS 457, and ICMA Retirement Corporation; and
WHEREAS providing employees with a loan option in which they repay the principal and
interest to their own 457 accounts serves the objective of assisting employees in their retirement
planning;
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Cupertino that
the City's current 457 deferred compensation plans will permit employee loans.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino
this 8th day of January, 2008 by the following vote:
Vote Members of the Cit~Council
AYES: Sandoval, Mahoney, Wang, Wong
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST: APPROVED:
City Clerk Mayor, City of Cupertino