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(A) Generally. Notwithstanding any ordinance to the contrary, the city shall be authorized to enter into a written contract with any of its employees to defer any allowable part of the employee’s gross compensation and may invest the funds in any manner as prescribed by the Deferred Compensation Program of the city, as permitted under subsequent provisions of this section. The Deferred Compensation Program established by this section shall exist and serve in addition to retirement, pensions, and benefit systems established by the city. Any income deferred under a plan shall continue to be included as regular compensation for the purpose of computing the retirement and pension benefits earned by an employee. However, it is exempt from taxation by the state to the same extent as it is exempt from income tax imposed by the United States.
(B) Scope and coverage. As used in this section, EMPLOYEE means any person, whether appointed, elected, or under contract, providing services for the city for which compensation is paid.
(C) Deferred Compensation Commission; membership; duties. There is established a City Public Employees Deferred Compensation Commission, which shall approve any deferred agreement entered into pursuant to this section, and shall oversee the orderly administration of the assets held by the city under the agreement. The Commission shall consist of the Mayor, or his or her representative, and the City Manager, or his or her representative, each of whom shall serve for a term commensurate with his or her term in office; plus three city employees appointed by the Mayor with the consent of the Council, who shall serve for a term of four years commencing with their appointment. The Commission shall annually elect a Chairperson and shall be required to meet not less than annually or at any other time as called by the Chairperson or a majority of the Commission.
(D) Establishment and administration of plan; copy on file. Subject to the Public Employees Deferred Compensation Commission, the Mayor shall establish and administer a deferred compensation plan for the employees of the city. The Commission may directly or through the Mayor contract with a private corporation or institution for providing the services as may be part of any plan or may be deemed necessary or proper by the Commission or the Mayor, including, but not limited to, communicating the plan to employees, providing consolidated billing, individual and collective record keeping, and accounting as an asset purchase control and safekeeping. The City Public Employee Deferred Compensation Plan is a part of this division (D). A copy is on file in the office of the Clerk-Treasurer.
(E) Participation by employees; agreement; limitation. Participation in the plan shall be a specific written agreement between the employee and the city, which shall provide for the deferral of amounts of compensation as requested by the employee. Participating employees must authorize deferrals from their wages for the purpose of participation in the program. However, in no event shall the total of the amount of deferred compensation to be set aside under a deferred compensation program exceed the limits established in § 131 of the Revenue Act of 1978 and incorporated in § 457 of the Revenue Code.
(F) Investment of deferred monies in insurance and annuity plans. Funds held by the Public Employees Deferred Compensation Commission pursuant to a written deferred compensation agreement between the city and participating employees may be invested as deemed appropriate by the Mayor and approved by the Commission, including, but not limited to, insurance and annuity contracts. These investments shall not be construed to be a prohibited use of the general assets of the city. In no case shall insurance investments be offered by other than persons and companies authorized and duly licensed by the state and applicable federal regulatory agencies to offer insurance or investment programs in compliance with all relevant provisions of this section.
(G) Limitation of city financial liability. The financial liability of the city shall be limited in each instance to the value of the particular insurance or annuity contract or other investment options purchased on behalf of any employee.
(1985 Code, § 9-6-2) (Ord. 2-1983, passed 6-14-1983; Ord. 1998-7, passed 11-12-1998)
(A) The city elects participation in the Public Employees’ Retirement Fund by including classes of employees as stated below in the coverage under I.C. 5-10.3-1-1 et seq. and all acts amendatory and supplemental thereto. The city agrees to make the required contributions under the Public Employees’ Retirement Fund Act (I.C. 5-10.3-1-1 et seq.) and all acts amendatory thereof and supplemental thereto, including specifically Acts 1955, Chapter 329, commonly designated as the State Public Employees’ Social Security Integration and Supplemental Retirement Benefits Acts. The following are declared to be covered by the Fund:
(1) Full-time city employees, excluding police, and excluding firefighters hired after 5-1-1977;
(2) Full-time water and electric utility employees; and
(3) Elected officials.
(B) Active membership in the Fund shall begin 1-1-1971.
(1985 Code, § 9-6-3) (Res. passed 10-13-1970; Res. passed 12-29-1970; Ord. 13-1984, passed - -; Ord. 1998-7, passed 11-12-1998)
The city elects to become a participant in the 1977 Firefighters’ Pension and Disability Fund as established by Pub. L. No. 9 (Special Session 1977), and all acts amendatory and supplemental thereto. The city agrees to make the required contributions under Pub. L. No. 9 (Special Session 1977) and all acts amendatory thereof and supplemental thereto, to the 1977 Firefighters’ Pension and Disability Fund in an amount determined by the Board of Trustees of the Public Employees’ Retirement Fund (PERF). Full-time firefighters (excluding volunteers) are declared to be covered by the Fund. Any full-paid firefighter hired after 5-1-1977 shall be a member of the 1977 Firefighters’ Pension and Disability Fund. Each full-paid firefighter shall contribute 6% of the first-class firefighter’s salary. This section establishes a retirement fund for the positions declared above and supersedes any other provision for a retirement system for those positions. The active participating membership of the city shall begin on 1-1-1978.
(1985 Code, § 9-6-4) (Res. passed 3-14-1978; Ord. 18-1978, passed 12-26-1978; Ord. 13-1984, passed - -; Ord. 1998-7, passed 11-12-1998)
The city agrees to pay 94% of the cost of group plan insurance for full-paid firefighters. The insurance shall include 26 weeks of disability pay of 50% of base weekly earnings; comprehensive medical insurance; full coverage for semi-private room; in addition to diagnostic coverage as outlined and in effect as of 8-1-1972; and life insurance of at least one year’s earnings face amount on each full-paid firefighter. Two hundred fifty dollars will be paid by the city for maternity benefits for spouses in addition to the insurance contract.
(Ord. 18-1978, passed 12-26-1978; Ord. 1998-7, passed 11-12-1998)
(A) There is hereby created a Police Pension Fund in accordance with I.C. 36-8-6 et seq. and all acts amendatory and supplementary thereto (commonly termed a “1925 Police Pension Fund”). The Police Pension Fund as established herein shall apply, as to contributions and benefits, to all paid police officers of the city who are described under I.C. 36-8-6-1, excepting those exempt therefrom under the provisions of I.C. 36-8-6-15 and I.C. 36-8-6-16 or who are required or have opted to become members of the state’s 1977 Police Pension and Disability Fund under I.C. 36-8-8 et seq. The Police Pension Fund shall be governed and managed by a Board of Trustees to be composed of seven members, as follows:
(1) The Mayor;
(2) The Clerk-Treasurer;
(3) The Police Chief;
(4) A retired member of the Police Department; and
(5) Three active members of the Police Department.
(B) The members described under divisions (A)(4) and (A)(5) above shall be elected and serve terms as provided by I.C. 36-8-6-2(c). However, if there is not a sufficient number of active and retired members of the Police Department to elect enough members of the Pension Fund Board of Trustees under divisions (A)(4) and/or (A)(5) above so that the total membership of the Board is at least five members, then the ex officio members described in divisions (A)(1) through (A)(3) above shall alone constitute the Pension Fund Board of Trustees and have all of its powers and duties. The Pension Fund Board of Trustees shall be vested with all authority of, and subject to regulations as provided by I.C. 36-8-6 and amendments or supplements thereto.
(1985 Code, § 9-6-6) (Ord. 1-1969, passed 2-11-1969; Ord. 13-1984, passed - -; Ord. 1998-7, passed 11-12-1998)
It shall be the policy of the city to pay coverage for disability resulting from job injuries to full-time police officers and firefighters as follows:
(A) Time covered is to be 26 weeks;
(B) The city will pay that portion of employee’s regular weekly salary not paid by workers’ compensation or the State Police and Firefighters’ Pension Fund; and
(C) Sick leave and vacation pay are not to be applied.
(1985 Code, § 9-6-7) (Ord. 6-1981, passed 7-14-1981; Ord. 1998-7, passed 11-12-1998)
This section applies to employees represented by the union under §§ 31.20 through 31.33. The city agrees to pay 8% of the employees’ gross pay as the employer’s share of participation in the State Public Employees’ Retirement Fund. The employees agree to pay 3% of their gross pay as their contribution toward participation in the plan.
(1985 Code, § 9-6-8) (Ord. 12-1982, passed 12-14-1982; Ord. 1998-7, passed 11-12-1998)
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