R-883 - 08/10/2004 - CMA - ResolutionsRESOLUTION 2004 - ICMA -R -883
A RESOLUTION AMENDING A DEFERRED
COMPENSATION PLAN OF THE VILLAGE OF
OAK BROOK TO PERMIT LOANS
WHEREAS, the Village of Oak Brook, (hereinafter referred to as "Employer"), has employees
rendering valuable services, and
WHEREAS, the Employer has established a deferred compensation 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 ICMA -RC 457
Deferred Compensation Plan to take loans from the Plan will serve these objectives,
'NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF OAK BROOK, DU PAGE AND COOK COUNTIES, ILLINOIS as follows
Section 1 That the provisions of the preamble hereinabove set forth are hereby adopted as
though fully set forth herein
Section 2 That Loan Guidelines shall be established by the Village Manager in accordance with
the requirements and provisions established by the Plan and shall serve as the measure by which this
program is implemented
Section 3 That this resolution shall be in full force and effect from and after its passage and
approval as provided by law
APPROVED THIS 10th day of August, 2004.
Villa President
PASSED THIS 10th day of August, 2004
Ayes Trustees Aktipis, Korin, Yusuf and Zannis
Nays
None
Absent Trustees Ca eel and Craig
ATTEST
Village Clerk
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