HomeMy WebLinkAboutORDINANCE 0931-1984Suggested by: Adminictratien
CITY OF KENAI
ORDINANCE NO. 931-84
AN ORDINANCE. OF THE COUNCIL OF THE CITY OF KENAI, ALASKA,
AMENDING KMC 23.40 BY ADDING A NEW SECTION ESTABLISHING THE
CITY'S PARTICIPATION IN A SUPPLEMENTAL RETIREMENT PROGRAM.
WHEREAS, the City has proposed in its preliminary 1984-85 budget
to finance a supplemental retirement contribution for its
permanent employees working 15 or more hours per week, and
WHEREAS, the Council has determined that the City's contribution
shall be set at two percent (2%) of the employee's b,�4e salary,
up to $37,500 per year.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
KENAI, ALASKA, that KMC 23.40 be amended by adding a new
section to be numbered 23.40.095 which shall read as follows:
23.40.095 supPlemental Retirement: All permanent
employees 21 years of age or of er wit�i'six months of
service regularly scheduled to work 15 hours or more per
week shall be eligible to participate in a supplemental
retirement Droaram to he selected by the City Manager. The %fiI
City's contribution on behalf of each eligible employee
shall betwo percent (2%) of the first $37,500 of base wages
earned in a calendar year. The contribution shall not apply
to additional compensation tD employees, such as overtime
pay, holiday pay, and qualification pay.
PASSED BY THE COUNCIL OF THE CITY
of May, 1984.
ATTEST:
e/t Whelan, .ity ulerk
OF ✓.ENAI, ALASKA, this 16th day
T WAGONER, 2MA40R7 -
First Reading: May 2, 1984
Second Reading: May 16, 1984
Effective Date: July 1, 1984