HomeMy WebLinkAboutD-1598-02 Police/Fire PensionsSponsor: Councilor Snyder
ORDINANCE NO. D-1598-02,
AS AMENDED
AN ORDINANCE OF THE COMMON COUNCIL OF
THE CITY OF CARMEL, INDIANA AMENDING CHAPTER 2,
ARTICLE 4, SECTION 2-101 OF THE CARMEL CITY CODE
WHEREAS, the Common Council of the City of Carmel has previously established,
pursuant to Ordinance No. D-1514-01, the Police and Fire Pension Funds (Funds 801 and 802);
and,
WHEREAS, the Common Council of the City of Carmel has the authority to amend the
Carmel City Code; and,
WHEREAS, the Common Council of the City of Carmel is desirous of protecting the
funding levels of the Police and Fire Pension Funds; and,
WHEREAS, the Common Council of the City of Carmel desires to amend Chapter 2,
Article 4, Section 2-101 of the Carmel City Code;
NOW, THEREFORE, Be It Ordained by the Common Council of the City of Carmel,
Indiana, as follows:
Section I: Section 2-101 of the Carmel City Code hereby is amended by the addition of
the language which is underlined, to read as follows:
§ 2-101 Police and Fire Pension Funds (Funds 801 and 802)
(a) The Police and Fire Pension Funds have been established for
purposes set forth in I.C., 36-8-7 (1937 Fire Fund); I.C., 36-8-8 (1977 Fire Fund);
I.C., 36-8-6 (1925 Police Fund); and I.C., 36-8-8 (1977 Police Fund).
(b) Effective as of the date of this section, and to the fullest extent
allowed by law, all employee contributions to the Fund shall be designated as being
"picked up" by the City, pursuant to Section 414(h)(2) of the Internal Revenue
Code of 1986, as amended, so as to permit such contributions to be considered
"pre-tax contributions" for purposes of the contributing employee's W-2 salary as
utilized in assessing state and federal income taxes until distributed from the Fund.
(c) The affected employees shall not be entitled to any option of
choosing to receive the contributed amounts directly instead of having them paid
by the City to the Fund.
Sponsor: Councilor Snyder
(d) No contributions prior to the effective date of this section shall be
designated as being "picked up".
(e) The Police and Fire Pension Funds shall be non-reverting funds.
Withdrawals or transfers from these funds ma,/be used only for pension payments.
(f) The fiscal officer shall deposit all municipal and state pension
revenues into the Police Pension and Fire Pension Funds.
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this Ordinance are hereby repealed.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.
,~ PASSED by the Conunon Council of the City of Carmel, Indiana, this//~7~day of
(~t*~Dqtf~,~ ~, ,2002, byavoteof r/ ayesand 0 nayes.
COMMON COUNCIL OF THE~
~esiding O fficef~-'~ ~, Ke~K~~y
Wayne Wilson, President Pro Te p oven
~~~'~ N.L. RunS lc
Ronald E. C~ '
ATTEST:
! .,.
Diana L. Cordray, IAMC, Cl~,Treasurer
D-1598-02, As Amended 2
Sponsor: Councilor Snyder
~zd by me to the ,Ma,vor of the City of Carmel, Indiana this /~ day of
2002, at ~'~/.M.
Diana L. Cordray, I~-~~Treasure
of
Approved by me, Mayor of the City of Carmel, Indiana, this ~ day
2002, at ~g~' ~,.m.
~fnes Brainard, Mayor
ATTEST:
~ urer
Diana L. Cordray, I~eas
Prepared by:
Sue A. Beesley
Bingham McHale LLP
2700 Market Tower
10 West Market Street
Indianapolis, IN 46204
D-1598-02, AsAmended 3