HomeMy WebLinkAboutD-1789-05 Employee Retirement (Introd. 2005)SPONSOR: Councilor Glaser
ORDINANCE D-1789-05
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF
CARMEL, 1NDIANA, AMENDING CHAPTER 2, ARTICLE 3, DIVISION I1,
SECTION 2-56 OF THE CARMEL CITY CODE
WHEREAS, a competitive benefits package is critical to attracting and retaining
qualified employees in a competitive employment market; and
WHEREAS, planning and saving for retirement is an essential part of sound
personal financial management, and one in which the City of Carmel desires to assist its
employees; and
WHEREAS, the City has established a program to match contributions made by
eligible employees to a deferred compensation account; and
WHEREAS, it is necessary to periodically adjnst benefit levels to reflect the
regulatory environment and the cost, equity and etTectiveness of'such benefits.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City
of Carmel, Indiana, as follows:
Section 1. The foregoing Recitals are fully incorporated herein by this reference.
Section 2. Chapter 2, Article 3, Division Il, Section 2-56(g)(2) of the Carmel City
Code is hereby amended to read as follows:
(2) Employee contributions will be matched by the City at the levels stated
below. The City's matching contribution shall not exceed 50% of the employee
contribution or $7,500 annually, whichever is lower, regardless of the employee's length
of'service or the amount of his or her deferral.
a) No match in the first year of employment with the City;
b) Ten pement (10%) match after one fidl calendar year of employment
with the City;
c) Twenty percent (20%) match after two full calendar years of
employment with the City;
d) Thirty pement (30%) match after three full calendar years of
employment xvith the City;
e) Forty percent (40%) match after four Full calendar years of
employment with the City;
f) Fifty percent (50%) 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this Ordinance are hereby repealed as of the effective date of this Ordinance.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 4.1 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 on and after January 1,
2006.
of
~--..PASSED by the Common Council of the City of Carmel, Indiana thisc~ day
~A ~.. 2006, by.avoteof '7 ayesand d) ~'-ays.
COMMON COU~CIL FOR THE CITY OF CARMEL
~ic~Sha¢,t ~sidentProTempore Kevin~ ' ~/ /
~~ _ ~ ~ ~./~.~/
~~~ Mark Ratte~ann
~TEST:
Diana L. Cordray, ~C, Clerk-~r~asurer
Presented by me to the Mayor of the City of Cannel, Indiana, this ~ day of
Diana~~~'
Mayor of the City of Carmel,
2006, at & :,Be.3 F.M.
ATTEST:
Diana L. Cordray, IAMC, Clerk-T~asurer
Prepared by: Barbara A. Lamb
Indiana, thi~ e~'-~ ~ today of
Director of Human Resources