2008-086-Approving An Amendment To The Town Of Los Gatos Deferred Compensation Plan To Permit Loans From The Participants Deferred Compensation Account BalanceRESOLUTION N0.2008-086
RESOLUTION OF THE TOWN OF LOS GATOS
APPROVING AN AMENDMENT TO THE TOWN OF LOS GATOS' DEFERRED
COMPENSATION PLAN TO PERMIT LOANS FROM THE PARTICIPANT'S
DEFERRED COMPENSATION ACCOUNT BALANCE
WHEREAS, the Town of Los Gatos (Employer) has employees rendering
valuable services; and
WHEREAS, the Employer has established a retirement plan (the "Plan") for such
employees which serves the interest of the Employer 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 Employer has determined that permitting participants in the
retirement plan to take loans from the Plan will serve these objectives; and
WHEREAS, the Employer is not charged a cost for employee loans from the
Plan.
RESOLVED, that the Plan will permit loans.
PASSED AND ADOPTED at a regular meeting of the Town Council of the
Town of Los Gatos, California, held on the 4t'' day of August, 2008 by the following vote:
COUNCIL MEMBERS:
AYES: Steve Glickman, Diane McNutt, Joe Pirzynski, Milce Wasserman, and Mayor
Barbara Spector
NAYS:
ABSENT:
ABSTAIN: ~~`"
SIGNED: - ~~
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R OF THE TO OF LOS GATOS
OS GATOS, CALIFORNIA
ATTEST:
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CLERI OFT E TO`~JIV OF LOS GATOS
LOS GATOS, CALIFORNIA