HomeMy WebLinkAboutD-508 Est Deferred Comp PlanORDINANCE
AN ORDINANCE AMENDING ORDINANCE D-295
ESTABLISHING A DEFERRED COMPENSATION PLAN
FOR THE EMPLOYEES OF THE CITY OF CARMEL
WHEREAS, the City of Carmel established a Deferred Compensation Plan
for the Employees of the City of Carmel by Ordinance D-295 passed
on May 15, 1981, and
WHEREAS, it is desirous to amend the third paragraph of said
Ordinance D-295,
NOW THEREFORE, BE IT ORDAINED that the City of Carmel hereby
amends paragraph 3 or Ordinance D-295 to read as follows:
"WHEREAS, 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), and that the admin-
istration of such program will be the responsibility
of the vendor of such deferred cgmpensation program."
The remainder of said Ordinance shall remain in full force and
effect.
Dated this /~ day of December, 1986.
ing Of icer '
ATTEST:
APPROVED:
D o~~/c o~ck, Clerk-Treasurer