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Title:
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A resolution of the City Commission of the City of Gainesville, Florida authorizing the 457 Deferred Compensation Plan to permit loans to participants under certain circumstances; providing a repealing clause; and providing an effective date.
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Title
A resolution of the City Commission of the City of Gainesville, Florida authorizing the 457 Deferred Compensation Plan to permit loans to participants under certain circumstances; providing a repealing clause; and providing an effective date.
Explanation
On March 8, 1999 the City Commission passed Ordinance No. O-99-31 creating Section 2-523(i) of the Code of Ordinances providing for limited participant re-entry into the General Employees Pension Plan. The attached resolution will permit loans solely for the purpose of allowing employees described in Section 2-523(i) of the Code of Ordinances to utilize the amount of the loan to "purchase" additional credited service in the General Employees Pension Plan in accordance with the terms of Section 2-523(i).
Fiscal Note
There is no fiscal impact associated with this item.
Recommendation
The City Commission adopt the Resolution and authorize the City Manager or his designee to execute any documents necessary to permit loans under certain circumstances.
Drafter
Signature Sheet
Description of Submission: Police Officers & Firefighters Retirement Plan Changes
Date/Time of Submission: _____________________________________
Department/Div. Head: __________________Approved ___ Disapproved ___ Date/Time: __________
Purchasing Department: __________________Approved ___ Disapproved ___ Date/Time: __________
Budget Department: Approved ___ Disapproved ___ Date/Time: __________
Administrative
Services Director: ___________________Approved ___ Disapproved ___ Date/Time: __________
City Manager: ___________________Approved ___ Disapproved ___ Date/Time: __________