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HomeMy WebLinkAboutordinance.council.088-81RECORD OF PROCEEDINGS FORM 50 C. F*. HOECKEL B. B. & L. CO. .~ ORD N NC NO. (Series of 198~) 100 Leaves AN ORDINANCE AMENDING SECTIONS 2-101, 2-200, 2-202, 2-300, 2-302 and 2-600 OF THE MUNICIPAL CODE OF THE CITY OF ASPEN TO MODIFY THE EMPLOYEES' RETIREMENT PLAN AND TRUST ~D TO ALLOW ELIGIBLE EMPLOYEES TO PARTICIPATE IN A DEFERRED COMPENSATION PLAN WHEREAS, the City of Aspen, Colorado,~ has established an Employee Retirement Plan and Trust and a Deferred Compensation Plan for eligible employees, and WHEREAS, amendments to certain sections of the Municipal Code of the City of Aspen are necessary to allow optional participation in either plan, and to establish a schedule by virtue of which the contriDutions.made by the City will vest in employees according to years of service to the City. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO: Section 1 That subsections (k) and (1) of Section 2-201 of the Munici- pal Code of the City of Aspen, Colorado, are hereby repealed and subsection (k) of Section 2-201 is hereby re-enacted to read as follows: "(k) Deferred Compensation Plan shall mean the Deferred Com- pensation Plan selected by an Administrative Selection Committee made up of the City Manager, Assistant City Manager, Personnel Director, Finance Director and City Attorney-" Section 2 That Section 2-200 of the Municipal Code of the City of Aspen, Colorado, is hereby repealed and re-enacted to read as follows: "Sec. 2-200. Eligibility Requirements. Every officer and employee Who is employed by the City on a regular, full time basis, excluding elected officials, police officers, firemen and any person who is customarily employed for less than twenty (20) hours in one week, or less than five (5) months in any calendar year, shall be eligible to FOR~ 50 C.F. HOECKEL B, B, & L. CO. RECORD OF PROCEEDINGS 100 Leaves participate in the City Retirement Plan or the Deferred Com- pensation Plan on the first day of employment." Section 3 That Section 2-202 of the Municipal Code of the City of Aspen, Colorado, is hereby repealed and re-enacted to read as follows: "Sec. 2-202. optional Participation. Participation in the retirement plan or the deferred compen- sation plan is optional for all eligible employees. Eligible employees snali make their participation selection prior to the first day of employment or prior to April 1 of each calendar year. Plan participation selection may only be amended once per calendar year." Section 4 That Section 2-300 of the Municipal Code of the City of Aspen, Colorado, is hereby repealed and re-enacted to read as follows: "Sec. 2-300. Contributions by City. Subject to the right of the City to alter, amend or discon- tinue the retirement plan or deferred compensation plan, the City shall contribute for each eligible employee an amount equal to three (3) percent of the compensation received by each eligible employee to either the retirement plan or deferred compensation plan according to the following: (a) Participation in Retirement Plan - City contribution is to the Retirement Plan; (b) Participant in Deferred Compensation Plan - City contri- bution is to the Deferred Compensation Plan; (c) Non-participant in either the Retirement Plan or the Deferred Compensation Plan- City contribution is to the Retirement Plan; The City will contribute three (3%) percent of compensation according to the above of each eligible employee employed by the City ten (10) years or less and five (5%) percent of com- pensation according to the above for each eligible employee employed by the City more than ten (10) years." Section 5 That Section 2-302 of the Municipal Code of the City of Aspen, Colorado, is hereby repealed and re-enacted to read as follows: 2 RECORD OF PROCEEDINGS 100 Leaves "Sec. 2-302. Contributions Dy Eligible Employees. Each eligible employee may elect to contribute from three (3%) percent up to and including nine (9%) percent of employee's compensation for the period that the employee is a participant in the retirement plan or may elect to contribute from three (3%) percent up to and including the maximum allowed by t~e Internal Revenue Code for the period that the employee is a participant in the deferred compensation plan, provided, however, that no functional percentages within this range are to be permitted. This election must be submitted in writing to the Finance Director prior to the standard pay- roll deadline per pay period. Thereafter, this election can only be changed a maximum of two times during the calendar year." Section 6 That Section 2-600 of the Municipal Code o~ the City of Aspen, Colorado, is hereby repealed and re-enacted to read as follows: "Sec. 2-600. Employee Retirement Plan Vesting. All contributions to the retirement plan made by eligible employees shall immediately vest and be nonforfeitable. There shai also vest in each eligible employee (at the end of five (5) full years of continuous employment) one hundred (i00%) percent o~ the City's contribution and one hundred (100%) percent for each calendar year thereafter as illus- trated in the following schedule: Full Years of Employmen_t One to Four Five Six to termination of participation Percent of City'_s Contribution Vestin~ 0% of City Contribution 100% of City Contribution 100% of City Contribution Section 7 If any section, subsection, sentence, clause, phrase or portion of this ordinance is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and such holding shall not affect the validity of the remaining portions thereof. RECORD OF PROCEEDINGS 100 Leaves FOR~ 59 C. F'. HOECKEL B. B. & L~CO. Section 8 A puDlic hearing on the ordinance shall be held on the //~J day of oun~cil ~~ , 1982, at 5:00 P.M. in the City Chambers, Aspen City Hall, Aspen, Colorado. INTRODUCED, READ AND ORDERED published as provided by law by the City Council of the City of Aspen on the J~ day of k~TEST': "" ':; · Kathry..n S~/Koch Herman Edel Mayor CitY' ~'C1 erk FINALLY adopted, passed and approved on the ///Y~ day of , 1982. ATTEST Kathryn $' ~och FORM 50 C. F, HO£CKEL B. B. & L. CO. RECORD OF PROCEEDINGS 100 Leaves STATE OF COLORADO ) ) ss COUNTY OF PITKIN ) CERTIFICATE I, Kathryn S. Koch, City Clerk of Aspen, Colorado, do hereby certify that the above and foregoing ordinance was introduced, read in full, and passed on reading at a regular meeting of the City Council of the City of AsPen on /~~~/t~', 19 ~, and published in the Aspen Times a weekly newspaper of general circul- ation, published, in the City of Aspen, Colorado, in its issue of ~,.~/~L~/~ ~/.. , 19~, and was finally adopted and approved at a regular meeting of the City Council on ~/~~~~__, 19f~_, and ordered published as Ordin,~nce Noo ~'~ , Series of 19. ~/, of said City, as provide¢t by law. ~N WITNESS WHEREOF, I have hereunto set my hand and the seal of said City of Aspen, Colorado, this ~/~ SEAL Deputy City Clerk .....