HomeMy WebLinkAboutD-1446-99 Deferred Compensation AmendOrdinance D- 1446-99
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA AMENDING CHAPTER 2, ARTICLE 3, DIVISION II, SECTION 2-56
OF THE CARMEL CITY CODE
WHEREAS, an ordinance to establish a Deferred Compensation matching
program for City of Carmel employees was passed by the Carmel Common Council on
October 4, 1999; and
WHEREAS, although the plan was also intended to include elected officials, their
inclusion was not specifically'mentioned in the ordinance; and
WHEREAS, the intent of that program was to match "normal" contributions to a
Deferred Compensation account, and not excess contributions allowed under the catch-up
provisions of the Deferred Compensation plan; and
WHEREAS, effective and efficient administration of the program is better served
by adjusting the matching levels on each employee's individual anniversary date rather
than on a common plan anniversary date.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of
Carmel, Indiana, as follows:
Chapter 2, Article 3, Division II, Section 2-56(g)( 1 ) and 2-56(g)(4) are amended
to read as follows:
(~)
"The City shall match certain contributions of full-time and part-
time employees and elected officials to an approved Deferred
Compensation (457) plan to the extent such contributions are
allowed by law. Contributions made under the special catch-up
provisions of the plan are not eligible for matching."
(4)
"An employee will be eligible for each stated level of matching on
his or her employment anniversary date on which the required
years of service are attained. Employees will be given credit for
full calendar years of service completed prior to the inception of
the matching plan."
,
This Ordinance shall be in full force and effect on the later to occur of (a) passage
by the Common Council, execution by the Mayor and such publication as may be
required by law or (b) January 1, 2000.
,
All prior Ordinances or parts thereof inconsistent with any provision of this
Ordinance are hereby repealed as of the effective date of this Ordinance.
Presi ' O~ ////
~ '~' -. ;~y "
Robert Battreall ?
Diana L. Cordray, IAMC, Clerk~reasurer
Presented to me by the Mayor of the City of Carmel, Indiana the c2C) day of
"t'Oo .c O4-,tXV-M ( ,1999.
Approved by me, Mayor of the City of Carmel, Indiana, this ,-~
'E)pQ..o~' ,1999.
Diana L. Cordray, , asurer
day of
Diana L.Cordray, IAMC, Clerk-~rer