HomeMy WebLinkAboutD-2266-16 Deferred CompensationSponsors: Councilor Carter
Councilor Finkam
Councilor Schleif
ORDINANCE D-2266-16
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA AMENDING CHAPTER 2, ARTICLE 3, DIVISION II, SECTION 2-48(g)(1)
OF THE CARMEL CITY CODE
WHEREAS, the City of Carmel, Indiana, (the "City") has developed a comprehensive
compensation and benefits package for its employees; and
WHEREAS, the City .has offered all employees an opportunity to participate in a
deferred. compensation plan since the year 1988; and
WHEREAS, a competitive benefits package is an important means to attract and retain
qualified employees in a competitive employment market; and
WHEREAS, it is necessary to occasionally clarify or update certain components of the
benefits package to maintain legal compliance, ensure consistency with administrative practices,
reflect the competitive environment and manage the cost, equity and efficiency_ of such
compensation and benefits.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of -the City of
Carmel, Indiana, that:
Section 1. The foregoing Recitals are fully incorporated herein by this reference.
Section 2. Chapter 2, Article 3, Division 11, Section 2-48(g)(1) of the. Carmel City
Code is hereby amended to read as follows:
"§ 2-48(g)(1).
The City shall match employee contributions to . deferred' compensation accounts
(excluding catch-up contributions) at the levels stated below. The City's
matching contribution will not exceed 50% of the employeecontribution or 50%
of the maximum allowed by federal tax law, whichever is lower, regardless of the
employee's length of service or the amount of his deferral.
a) No match in the first calendar year of"employment with the City;
b) Ten percent match after one full calendar year of employment with
the City;
C)
d) Twenty percent match after two full calendar years of employment
with the City;
This Ordinance was prepared by Ashley M. Ulbricht, Carmel Assistant City Attorney, on December 21,
. 2015 at 2:04 p.m. No subsequent revision to this Ordinance has been reviewed by Ms. Ulbricht for legal
sufficiency or otherwise.
VAshared\2016 Ordinance Project\Ordinance D-2266-16 - Deferred Comp.doex
Sponsors: Councilor Carter
Councilor Finkam
Councilor Schleif
e) Thirty percent match after three full calendar years of employment
with the City;
f) Forty percent match after four full calendar years of employment
with the City;
g) Fifty percent match after five full calendar years of employment
with ,the City."
Section 3. All prior ordinances or parts thereof inconsistent with any provision of this
Ordinance are hereby repealed as of the effective date of this Ordinance.
Section 4. If any portion of this Ordinance is for any reason declared to be
unconstitutional or invalid, such decision shall not affect the validity of the remaining portions of
this Ordinance so long as enforcement of same can be given the same effect. ,
Section 5. This Ordinance shall be in full force and effect from and after its passage,
signing by the Mayor, and such publication as is required by law.
PASSED by the Common Council of the City of Carmel, Indiana, this day of
UVI, 2016, by a vote of _ _ ayes and _ nays.
COMMON COUNCIL FOR THE CITY OF CARMEL
Presiding Officer H. Bruce Kimball
Laura D. Campbell
R Val. Carter
:t
Page Two of Three
Devin D. Rider
Carol eif
Jeff
This Ordinance was prepared by Ashley M. Ulbricht, Carmel Assistant City Attorney, on December 21,
2015 at 2:04 p.m. No subsequent revision to this Ordinance has been reviewed by Ms. Ulbricht for legal
sufficiency or otherwise.
V:\shared\2016 Ordinance Project\Ordinance D-2266-16 - Deferred Comp.dom
Sponsors: Councilor Carter
Councilor Finkam
Councilor Schleif
Presented by me to the Mayor of the City of Carmel, Indiana this day of
2016, at_�
Christine S. Pauley, Jerk -Treasurer
Approved by me, Mayor of the City of Cel, Indiana, this day of
2016, at It C r,.
J es Brainard, Mayor
ATTEST:
Christine S. Pauley, Cle -Treasurer
Ordinance D-2266-16
Page Three of Three
This Ordinance was prepared by Ashley M. Ulbricht, Carmel Assistant City Attorney, on December 21,
2015 at 2:04 p.m. No subsequent revision to this Ordinance has been reviewed by Ms. Ulbricht for legal
sufficiency or otherwise.
VAshared\2016 Ordinance Project\Ordinance D-2266-16 - Deferred Comp.docx