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2 <br />THE CITY OF <br />-~- "' CITY COUNCIL AGENDA REPORT <br />~L£~S~4NTONe <br />October 7, 2008 <br />Administrative Services <br />TITLE: ADOPT RESOLUTIONS TO APPROVE AMENDMENTS TO THE <br />MASTER PLAN DOCUMENTS BETWEEN THE CITY OF PLEASANTON <br />AND ICMA RETIREMENT CORPORATION AND BETWEEN THE CITY <br />OF PLEASANTON AND CALPERS 457 TO PERMIT LOANS TO <br />ELIGIBLE PARTICIPANTS <br />SUMMARY <br />The City of Pleasanton entered into agreements with ICMA Retirement Corporation in <br />1993 and CaIPERS 457 in 1996 to provide supplemental retirement investment plans to <br />City of Pleasanton employees. These plans are funded entirely by the employees on a <br />voluntary basis. The current master plan documents for these two programs do not <br />offer loan provisions to eligible participants. The City would like to amend the plan. <br />documents to permit loans. <br />RECOMMENDATION <br />Adopt the attached resolutions approving amendments to the master plan documents <br />between the City of Pleasanton and ICMA Retirement Corporation and between the City <br />of Pleasanton and CaIPERS 457, which will allow eligible participants to obtain loans. <br />FINANCIAL STATEMENT <br />There is no financial impact to the City. The ICMA and CaIPERS 457 plans are <br />participant dollars only. The City of Pleasanton is not required to provide matching <br />funds, nor provide monetary contributions towards these plans. <br />