CC - 2021-03 - Amending the ICMA-RC Retirement Plan to Permit Loans RESOLUTION NO. 2021-03
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ROSEMEAD, COUNTY OF LOS ANGELES, STATE OF
CALIFORNIA, IN THE MATTER OF AMENDING THE
ICMA-RC RETIREMENT PLAN TO PERMIT LOANS
WHEREAS, the City of Rosemead has employees rendering valuable services; and
WHEREAS, the City of Rosemead has established a retirement plan (the "Plan") for
such employees which serves the interest of the City of Rosemead by enabling it to
provide reasonable retirement security for its employees, by providing increased
flexibility in its personnel management system, and by assisting in the attraction and
retention of competent personnel; and
WHEREAS, the City of Rosemead has determined that permitting participants in the
retirement plan to take loans from the Plan will serve these objectives.
NOW THEREFORE, BE IT RESOLVED that the City of Rosemead Section 401
Profit-Sharing Plan#106564 will permit loans.
PASSED,APPROVED AND ADOPTED this 26th day of January,2021.
Sca/144A-,4744 '
Sandra Armenta, May or
APPROVED AS TO FORM: ATTEST:
61/61;1aing417 )
Rachel Richman, City Attorney Eric : ernandez, City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) §
CITY OF ROSEMEAD )
I, Ericka Hernandez, City Clerk of the City Council of the City of Rosemead, California,
do hereby certify that the foregoing City Council Resolution No. 2021-03 was duly
adopted by the City Council of the City of Rosemead, California, at a regular meeting
thereof held on the 26th day of January, 2021, by the following vote, to wit:
AYES: ARMENTA, CLARK, DANG, LOW, LY
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
�IV
Ericka Hernandez, City Clerk