HomeMy WebLinkAboutD-871 Deferred CompensationOrdiance No. D-871
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA, AMENDING CHAPTER 2, ARTICLE 3, SECTION 2-56,
OF THE CITY CODE BY THE INCLUSION OF SECTION 2-56A
WHEREAS, the City of Carmel has established a deferred compensation
plan for all eligible city employees and,
WHEREAS, the Insurance Committee has reported to the Mayor's Office
numerous deficiencies in the current plan and ongoing problems with
the administration of the plan and,
WHEREAS, the Insurance Committee and the Mayor's Office believe it
is in the best interest of current employees and future employees
to temporarily close the deferred compensation plan to those
employees not already enrolled in the plan and any future employees
who may wish to make voluntary contributions to the plan.
Involuntary contributions are not affected by this ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL 'OF THE CITY OF
CARMEL, INDIANA, AS FOLLOWS:
Section I. Chapter 2, Article 3, Section 2-56 is hereby amended to
include Section 2-56A as follows:
a. No eligible city employee who is not enrolled in the City
of Carmel Deferred Compensation Plan for ~luntzry ~/~6_~;'V~.
contribution, as of the effective date of this ordinance,
may enroll in the plan. Inv~],,n~ry contributions to the
plan are not affected. ~V~- ~/6~l'w~_
b. This Section (2-56A) will expire 180 days from its
enactment.
Section II. All prior Ordinances or parts thereof inconsistent
with any provision of this Ordinance are hereby repealed.
Section III. This Ordinance shall be in full force and effect from
and after its passage and signing by the Mayor.
7 - DAY o~
~Presi~~
ATTES:
PR~NTED by me to the Mayor of the City of Carmel, Indiana, on the
day of .~e~e4( , 19 ~-, at the hour of /o~ ~ .m.
MayoI ty of Carmel, Indiana
erk-Treasurer /