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WITHDRAWALS <br />BOOK 70 oux %` <br />There is no penalty or fee for any withdrawal from the ICMA Retirement <br />Corporation. During the payout period the funds remaining in the account <br />continue to accrue earnings- Some types <br />of withdrawals which are permitted in <br />accordance with Section 457 of the Internal Revenue Code are termination of <br />employment; unforeseeable emergency; retirement; and death. <br />RECOMMENDATION <br />The Board is respectfully requested to adapt the attached resolution to allow <br />its employees to participate in retirement planning. <br />_i4Blank <br />0 <br />m. A.nship, ., EP <br />Directersonnel <br />Administrator Balczun advised that Don Hylton, Manager of <br />Data Processing, has said that our computer system can handle <br />this deduction as the System 38 is very versatile. He advised, <br />however, that Mr. Hylton would need a little lead time on the <br />program. <br />Personnel Director Bill Blankenship believed there are 75 <br />spaces free on the computer for deductions. <br />Chairman Scurlock was concerned about using these two <br />companies without hearing presentations from other companies, but <br />Administrator Balczun emphasized that these two organizations <br />deal solely with government employees. He suggested that we <br />inform everyone who has ever contacted us on this matter and <br />notify them that beginning on a particular day we can set up time <br />blocks for them to make their proposals to groups of employees. <br />Chairman Scurlock felt that we have to have some limitations <br />on this, because he did not want to see our employees hustled on <br />County time. He believed that some rules need to be set on how <br />and when the employees are contacted, because we may end up with <br />8 or so firms desirous of doing business with the County. <br />32 <br />