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HomeMy WebLinkAboutordinance.council.001-80RECORD OF PROCEEDINGS ORDINANCE NO../ (Series of 1980) Leaves AN ORDINANCE AMENDING SECTIONS 2-101, 2-202, 2-300 and 2-603 OF THE MUNICIPAL CODE OF THE CITY OF ASPEN TO ALLOW CERTAIN KEY EMPLOYEES TO PARTICIPATE IN THE DEFERRED COMPENSATION PLAN OF THE INTERNATIONAL CITY MANAGEMENT ASSOCIATI~ RETIREMENT CORPORATION WHEREAS, the City of Aspen, Colorado, has established a Deferred Condensation Plan for certain key employees made avail- able to the City and to said employees by the International City Management Association Retirement Corporation; and WHEREAS, amendments to certain sections of the Municipal Code of the City of Aspen are necessary to allow participation, NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO: ~ection 1 Section 2-101 of the Municipal Code of the City of Aspen, Colorado, shall be amended by the addition of new sections (k) (1) which read as follows: and (k) Key employees shall mean those employees of the City of Aspen, as determined by the City Council, who are eligi- ble to participate in the Deferred Compensation Plan of the City. (1) Deferred Compensation Plan shall mean the Deferred Com- pensation Plan made available to the City by the Inter- national City Management Association Retirement Corpora- tion which Deferred Compensation Plan is hereby estab- lished to be administered under the supervision of the Retirement Board and in accordance with the policy and procedures of the International City Management Associ- ation Retirement Corporation. Section 2 and Section 2-202 of the Aspen Municipal Code is hereby repealed reenacted to read as follows: Sec. 2-202. Required participation. Participation in the retirement plan shall be required, as a condition of employment for all eligible employees of the city immediately upon becoming eligible, with the exception and and and RECORD OF PROCEEDINGS 100 Leaves that key employees who have elected to participate in the~ Deferred Compensation Plan shall not be required or allowed to participate in the retirement plan. However, nothing herein shall require participation by those employed by the city prior to August 1, 1972, who were exempted from required participation in any retirement plan prior to the effective date of this article. Any such exempt employee may join the plan on the first day of January, in any subsequent year, provided that prior to such date he signifies in writing his acceptance of the terms and provisions of this trust and plan. Section 3 Section 2-300 of the Aspen Municipal Code is hereby repealed reenacted to read as follows: Sec. 2-300. Contributions by city. Subject to the right of the city to alter, amend or discon- tinue this retirement plan, the city shall contribute for each participant employed by the city ten (10) years or less an amount equal to three (3) per cent, and each participant employed by the city more than ten (10) years an amount equal to five (5) per cent of the compensation received by each participant while employed by the City of Aspen. For key employees who have elected to participate in the Deferred Compensation plan, the city shall contribute said amount to the Deferred Compensation Plan rather than the retirement plan. Section 4 Section 2-302 of the Aspen Municipal Code is hereby repealed reenacted to read as follows: Sec. 2-302. Contributions by participants. Each participant in either the retirement plan or Deferred Compensation Plan must elect to contribute at least three (3) per cent of his compensation to the Plan during the period that he is a participant in the Plan. An election to con- tribute an amount in excess of three (3) per cent must be made in writing one month preceding the month of participa- tion provided, however, that no fractional percentages are permitted. Contributions of participants shall be effected by payroll deductions in accordance with procedures estab- lished by the city. Section 5 Section 2-603 of the Aspen Municipal Code is hereby repealed reenacted to read as follows: RECORD OF PROCEEDINGS 100 Leaves Sec. 2-603. Resignation, dismissal other than for gross mis- conduct or dishonesty, or election to partici- pate in the Deferred Compensation Plan. As of the date any participant shall resign from the service of the city or be dismissed other than for a cause specified in section 2-604 or shall, as a key employee, elect to par- ticipate in the Deferred Compensation Plan, he shall be en- titled to receive the vested portion of his account in any of the following ways or combination thereof: (a) He may receive a lun~ sum distribution of all of his contributions, earnings and fund changes andhis vested share of the city's contributions earnings and fund changes. ' (b) (c) He may elect to [lave the committee purchase a life annuity contract from a legal reserve life insurance company to begin distribution not later than ninety (90) days after the participant attains retirement status, as determined by the co~nittee. For purchase of said con- tract the com~Littee shall use: Ail of the partcipant's contributions, earnings and fund changes and The vested share of the city's earnings and fund changes. (i) The participant may elect to leave in contributions, the plan all of his contributions, earnings and fund changes, and his vested share of the city's contributions, earnings and fund changes, and for a key employee who elects to participate in the deferred compensation plan, his unvested portion which will continue to vest in accordance with the provisions of Section 2-600 of this code, and he may add personal contributions to increase his fund share, in which event he shall, on attaining retirement status (as determined by the conmtittee}, elect the manner of distribution of his account by November 30th of the year he will retire. Subject to the approval of the co~mnittee, he shall be entitled to receive the entire balance of his account as provided for in section 2-601. As of the date of death of any participant or as of the date any participant shall be determined by the co~ittee to have become totally and permanently disabled because of physical or mental infirmity, he shall De entitled to receive the entire balance of his account as provided in section 2-602. ~ection 6 If any section, subsection, sentence, clause, phrase or por- tion of this ordinance is for any reason held invalid or unconsti- tutional 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 por- tions thereof. .Section 7 RECORD OF PROCEEDINGS 100 Leaves meeting held on the A public ~.~ day of ~~~ , 1980, at 5:00 P.M. the City Council Chambers, Aspen City Hall, Aspen, Colorado. INTRODUCED, READ AND ORDERED published as provided by law by the City Council of the City of Aspen, Colorado, at its regular /~day of ~/~Z-z-~L~c~./~ , 1980. ATTEST: hearing on the ordinance shall be held on the in Mayor FINALLY adopted, passed and approved on the , 1980. ATTEST: //~'~ day of Mayor Kathryn S./~6ch City Cle rkO' 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 t~e above and foregoing ordinance was introduced, read in full, and passe~ on reading at a~ing of the City '~ouncil of the City of Aspen one, 19F~, and published in the Aspen Times a weekly newspaper of general circul- ation, published in the City of Aspen, Colorado, in its issue of.~, 19~, and was finally adopt( and approve~ at a regular meeting of the City Council on , !9~, and ordered published as ce No. _ ~ , Series of 19~, of said City, as provided by law. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of said City of Aspen, Colorado, this ~~.. day of ~, 19~. Kathyrn S~Kbch, City Clert: SEAL Deputy City Clerk