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HomeMy WebLinkAbout1998-OR-34 AN ORDINANCE ENABLING THE COMMON COUNCIL OF THE CITY OF JEFFERSONVlLLE, CLARK COUNTY, INDIANA TO ESTABLISH A RETIREMENT, SAVINGS OR SEVERANCE PAY PLAN FOR EMPLOYEES OF THE CITY OF JEFFERSONVlLLE WHEREAS, the Common Council of the City of Jeffersonville, Clark County, Indiana desires to establish the right to enter into agreements for retirement, savings or severance pay plans for employees of the City of Jeffersonville, when it is in the best interest of the employees, the City of Jeffersonville, and the taxpayers of the City of Jeffersonvilie, and when the City of Jeffersonville has funds with which to carry out said pay plans; and WHEREAS, the State of Indiana has no statute either prohibiting or preempting the City of Jeffersonville from such agreements and pay plans; and WHEREAS, the grant of this authority is required for the effective operation of the governmental affairs of the City of Jeffersonville. NOW, THEREFORE, BE IT ORDAINED by the City of Jeffersonville, Clark County, Indiana, as follows: a) The Common Council shall have the authority to create or confirm, to amend or modify, or to revoke or cancel a retirement, savings or severance pay plan with an employee or a class of employees. b) The payments and benefits from a retirement savings or severance pay plan may be paid to an employee who is eligible under such pay plan, or in the event of the employee's subsequent death, payable to the employee's designated beneficiary or the employee's estate. c) The payments under such pay plan may be made in lump sum or installments, as established by the City and agreed to by the employee, or may be made to a non-qualified deferred compensation plan under I.C. 5-10-1.1-1(1), orto both. Passed and adopted this / ~ day of .,~/Y ,1! Tl~omas R. Galligan Presiding Officer ATTEST: ~;~-I~ich-ard Spencer, ~. M' ° Clerk and Treasurer Presented by .m..e as Clerk and Treasurer to th~ Mayor of said City of Jeffersonville this t/~' day of ~')¢,~IU' ' 199~,. - ! C. Richard Spencer, Clerk and Treasurer Approved and signed by me this .