HomeMy WebLinkAboutD-295 Deferred Comp PlanORDINANCE NUMBER D-295
AN ORDINANCE ESTABLISHING A DEFERRED COMPENSATION PLAN FOR
THE EMPLOYEES OF THE CITY OF CAP~MEL
WHEREAS, the City of Carmel is desirous of establishing a
Deferred Compensation Plan to be made available to all eligible city
employees, elected officials, and independent contractors pursuant
to Federal legislation permitting such Plans; and
WHEREAS, certain substantial tax benefits could accrue to
employees, elected officials, and independent contractors participating
in said Deferred Compensation Plans; and
WI~REAS, such benefits may act as incentives to city employees
to voluntarily set aside and invest portions of their current income
to meet their future financial requirements and supplement their
city retirement and Social Security (if applicable), at no cost to
the city; and that the administration of such program will be the
responsibility of the vendor of such deferred compensation program,
NOW, THEREFORE, IT IS HEREBY ORDAINED as follows:
The City Council hereby adopts and hereby establishes the
City of Carmel Deferred Compensation plan for all eligible city
employees, elected officials and independent contractors.
No voluntary contributions to such plan shall be accepted or
permitted until further action by this Common Council and such
further action is not contemplated until at least, the first day of
July, 1982.
The Mayor of the City of Carmel is hereby authorized to execute
for the city, individual participation agreements with each said
employee and to contract with "Administrator" of the plan representing
the city, and to execute such agreements and contracts as are necessary
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to implement the program.
That the administration of the plan established and adopted hereby,
will be the responsibility of the vendor of such deferred compensation
program as set out herein.
That this Ordinance shall be in full force and effect upon its
passage by the Common Council of the City of Carmel, Indiana.
ALL OF WHICH IS ORDAINED BY THE COMMON COUNCIL OF THE CITY
OF CARMEL this /'~ day of May,
ATTESTED BY:
Dorothy J. ~ta-~-dOck,
1981.
ding Officer
Clerk-Treasurer
APPROVED BY:
i~an,'M~yor City of Carmel