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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 All prior ordinances or parts thereof inconsistent with any provision of this Ordinance are hereby repealed as of the effective date of this Ordinance.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