RES 2019-17 ICMA 457 loan provision TOWN OF TROPHY CLUB, TEXAS
RESOLUTION NO. 2019-17
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF
TROPHY CLUB, TEXAS. APPROVING THE ICMA 457 LOAN
PROVISION; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town of Trophy Club has employees rendering valuable
services; and,
WHEREAS, the Town of Trophy Club 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 Town of Trophy Club has determined that permitting participants
in the retirement plan to take loans from the Plan will serve these objectives.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF TROPHY CLUB, TEXAS:
Section 1. The Town of Trophy Club approves the ICMA 457 Plan to permit
loans.
Section 2. This resolution shall become effective from and after the date of its
passage in accordance with the law.
PASSED and APPROVED by the Town Council of the Town of Trophy Club, Texas
on this 13th day of August 2019.
C. Nick Sanders, Mayor
Town of Trophy Club, Texas
ATTEST: OF ROF�yycl AP'• ; *V•ii TO AS - :
04 '1 4jp.-
Holly Fimbr:s, Town eta' (07. 11"111, Town Attorney
Town of T •phy Club, -4as �\ , •ch Town of Trophy Club, Texas
.`1jVVAR`d '�°'