HomeMy WebLinkAboutResolution 2011-07 457 Deferred Compensation Loan Guidelines Agreement With Nationwide Retirement Solutions, Inc. •
RESOLUTION NO. 2011 -07
A RESOLUTION BY THE CITY OF WINTER SPRINGS, FLORIDA, TO
APPROVE THE 457 DEFERRED COMPENSATION LOAN GUIDELINES
AGREEMENT WITH NATIONWIDE RETIREMENT SOLUTIONS, INC.
ATTACHED HERETO AS EXHIBIT "A"; AUTHORIZING THE CITY
MANAGER TO IMPLEMENT THE LOAN GUIDELINES; PROVIDING
FOR REPEAL OF PRIOR INCONSISTENT RESOLUTIONS,
SEVERABILITY RESTRICTION, AND AN EFFECTIVE DATE.
WHEREAS, the City of Winter Springs has established a 457 deferred Compensation
Retirement Plan ( "Plan ") for City employees; and
WHEREAS, the City Commission previously adopted Resolution 2011 -04 permitting
eligible participants in the Plan to take loans from the Plan in accordance with applicable loan
guidelines; and
WHEREAS, the City currently has two 457 deferred compensation programs for eligible
City employees and within the Plan; and
WHEREAS, in furtherance of Resolution 2011 -04 and this Resolution, the City
Commission now desires to approve the loan guidelines with Nationwide Retirement Solutions,
Inc., third party administrator, to administer the loans under the United States Conference of
Mayors Deferred Compensation Program offered by the City; and
WHEREAS, this Resolution is in the best interests of the City employees and the citizens
of Winter Springs, Florida; and
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of
Winter Springs, Seminole County, Florida, as follows:
Section 1. Recitals. The foregoing recitals are hereby fully incorporated herein by this
reference and are deemed a material part of this Resolution.
Section 2. Loan Guidelines. The City Commission hereby authorizes City employees to
take loans from the Plan in accordance with the Loan Guidelines Agreement attached
hereto as EXHIBIT "A" and fully incorporated herein by this reference ( "Agreement ").
The City Manager is hereby authorized to execute said Agreement and to execute such
other documents necessary to implement the Agreement. Further, the City Manager is
also authorized to adopt administrative rules in furtherance of and consistent with the
Agreement.
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Section 3. Repeal of Prior Inconsistent Resolutions. All prior resolutions or parts of
• resolutions in conflict herewith are hereby repealed to the extent of the conflict.
Section 4. Severability Restriction. If any section, subsection, sentence, clause,
• phrase, word, or portion of this resolution or Agreement is for any reason held invalid or
unconstitutional by any court of competent jurisdiction, this Resolution and Agreement
shall be deemed terminated and null and void.
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• Section 5. Effective Date. This Resolution shall become effective immediately upon
adoption by the City Commission of the City of Winter Springs.
DONE AND ADOPTED in regular session of the City Commission of the City of
Winter Springs, Florida, this 14 day of March, 2011.
CITY OF WINTER SPRINGS, FLORIRA
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ATTEST:
• ND ' >1 ORENZO - LUACES, City Clerk
Approve • as to legal form and sufficiency for
The Winter Springs only:
/ v
ANTHONY A. GARGANESE, City Attorney
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City of Winter Springs
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• Resolution 2011 -07
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