R-731 - 10/26/1999 - ICMA - Resolutions _. . f
RESOLUTION 1999-ICMA-R-;31
A RESOLUTION
SUPPORTING FEDERAL LEGISLATION
TO IMPROVE STATE AND LOCAL GOVERNMENT RETIREMENT PLANS
WHEREAS,the national savings rate in the United States remains among the lowest in the
world's industrial economies; and
WHEREAS,the financial retirement needs of public employees typically extend bayond the
savings that can be accrued through Social Security and state and local pension systems; and
WHEREAS,workplace savings programs such as Section 457 deferred compensation plans
provide public employees with convenient and meaningful opportunities to save for their financial future;
and
WHEREAS, numerous proposal have been submitted in Congress to improve the benefits,
features and flexibility of state and local government Section 457 deferred compensation plans;and
WHEREAS, it is important that Section 457 deferreo compensation plans be enhanced in tandem
with education, ,on-profit and private sector retirement plans to allow:a$15,000 maximum contribution
limit,as indexed,"457 IRA°or"Sidecar IRA°provisions;expanded portability between 457,403(b)and
401 plans; and more liberalized withdrawal options;and
WHEREAS,of all the proposals submitted in Congress,the Financial Freedom Act of 1999(H.R.
2488)embodies all those features that will enhance the 457 deferred compensation program for the
benefit of state and local government employees;
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF OAK BROOK, DU PAGE AND COOK COUNTIES, ILLINOIS that it fully supports
legislation that will result in equal treatment of Section 457 deferred compensation plans,as provided
within the Financial Freedom Act of 1999(H.R.2488).
BE IT FURTHER RESOLVED,that should the Financial Freedom Act of 1999 (H.R. 2488)fail t.,be
enacted in its current form, the Village of Oak Brook supports those provisions noted above which will
serve to improve retirement savings options for all employees of state and local governments;and
FURTHER, by passage of this resolution,the Village Clerk is directed to forward this document to
all appropriate members of our Congressional delegation to underscore support for this important
impravement to state and local government retirement programs and options.
PASSED AND APPROVED this 26th day of October, 1999 by the President and Board of
Trustees of the Village of Oak Brook, DuPage and Cook Counties, Illinois,according to a roll call vote as
follows:
i
Resolution 1999-ICMA-R-731
Supporting F=ederal Legislation To
improve Government Retirement Plans
Page 2
Ayes: Trustees Butler, Caleel, Craig, Kenny, McInerney and Savino
Nays: None
Absent: None
Abstain: None
Village President-
ATTEST: t)F 0,14,
L Lpv�
Village Clerk " , j ' ' cot
i