021-06 - Resolution - Retirement Savings PlanRESOLUTION NO. 021-06
A RESOLUTION OF THE CITY OF PORT ORCHARD, WASHINGTON
ESTABLISHING A RETIREMENT SAVINGS PLAN FOR CITY
EMPLOYEES NOT ELIGIBLE FOR EXISTING STATE RETIREMENT
PROGRAMS
WHEREAS, the City of Port Orchard has the ability to recruit highly qualified
individuals with specific skills and responsibilities that because of previous employment are not
eligible for state retirement programs, and
WHEREAS, it is often difficult to recruit qualified individuals for highly trained
positions and it benefits the City to hire employees with years of experience in the related field,
and
WHEREAS, it is the City's desire to provide a reasonable retirement savings plan
that assists in the recruiting of qualified candidates that are not eligible for a state retirement
program, and
WHEREAS, such a retirement saving plan benefits both the City and the
employee, now, therefore,
THE CITY COUNCIL OF THE CITY OF PORT ORCHARD DOES HEREBY
RESOLVE THE FOLLOWING:
SECTION l. The city will provide a retirement savings plan to employees that
are not eligible for existing state retirement plans as determined by the State Department of
Retirement Systems.
SECTION 2 The retirement savings plan will be administered as follows:
1. The retirement savings plan requires the employee to contribute 100% of the
state required employee contribution of the retirement system the employee
would be enrolled in if they were eligible.
2. The city will contribute 75% of the state required city contribution of the
retirement system the employee would be enrolled in if they were eligible.
3. The employee will be required to establish a state sponsored deferred
compensation plan and deposit an amount equal to or greater than the total
of the employee and city contributions as described above.
4. The contributions will be calculated on base wage rates and will only include
those regular and leave hours that make up the 80 hour pay period. Other
Resolution No. 021-06
Page 2 of 2
compensation including but not limited to overtime, Labor & Industry
payments, specialty pay, longevity pay and leave buy-out will not be included
in calculating the contribution.
SECTION 3 The City Treasurer shall establish the accounting and operating
procedures for this program.
PASSED by the City Council of the City of Port Orchard, APPROVED by the Mayor
and attested by the Clerk in authentication of such passage this 12th day of June 2006.
KIM E. ABEL, MAYOR
ATTEST: