HomeMy WebLinkAboutR2025-24 Amendments to the Defined Contribution and 457 PlansRESOLUTION 2025-24
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH
PALM BEACH, FLORIDA, APPROVING AMENDMENTS TO THE VILLAGE'S
DEFINED CONTRIBUTION PLANS AND DEFERRED COMPENSATION PLAN
TO REDUCE THE MINIMUM WITHDRAWAL AGE AND AN AMENDMENT
TO THE DEFERRED COMPENSATION PLAN TO ALLOW FOR LOANS;
AUTHORIZING THE VILLAGE MANAGER TO EXECUTE ALL DOCUMENTS
NECESSARY TO EFFECTUATE THE AMENDMENTS; PROVIDING FOR
CONFLICTS; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, Village Staff is recommending an amendment to the Village's Defined Contribution
Plans (Non -Union Employees, Municipal Workers, Department Directors, and Village Manager) and
the Village's 457 Deferred Contribution Plan to reduce the minimum withdrawal age to 59'/2 and an
amendment to the 457 Deferred Compensation Plan to allow for loans against the vested balance; and
WHEREAS, the Village Council determines that the adoption of this Resolution is in the best interests
of the Village, its employees, and its residents.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM
BEACH, FLORIDA as follows:
Section 1. The foregoing recitals are ratified as true and correct and are incorporated herein.
Section 2. The Village Council hereby approves an amendment to the Village's Defined
Contribution Plans (Non -Union Employees, Municipal Workers, Department Directors, and Village
Manager) and the Village's 457 Deferred Contribution Plan to reduce the minimum withdrawal age
to 59'/2 and an amendment to the Village's 457 Deferred Compensation Plan to allow for loans against
the vested balance up to $50,000 with a five-year term (increased to fifteen years for principal
residence loans). The Village Council further authorizes the Village Manager to execute all
documents necessary to effectuate these amendments.
Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the
extent of such conflict.
Section 4. This Resolution shall take effect immediately upon adoption.
OPTED THIS 26TH DAY OF JUNE, 2025.
1 VILLAGE CLERK