2016 Kentucky Revised Statutes CHAPTER 95 - CITY POLICE AND FIRE DEPARTMENTS .530 Board of trustees of pension fund established under KRS 95.520 -- Members -- Officers -- Adoption of ordinance dissolving pension fund -- Liquidation and distribution of residual assets -- Report.
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95.530
Board of trustees of pension fund established under KRS 95.520 -Members -- Officers -- Adoption of ordinance dissolving pension fund -Liquidation and distribution of residual assets -- Report.
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In cities with a pension fund established under KRS 95.520 where there are fewer
than six (6) active members of the pension fund, except as provided by subsection
(3) of this section, the board of trustees of the policemen's and firefighter's pension
fund is composed of the mayor, city treasurer or chief financial officer, and one (1)
retired member each from the police and fire departments. The retired members
from the police and fire departments shall be elected by the respective retired
members of those departments annually by ballot, one (1) from each department,
and shall serve for one (1) year and until their respective successors are elected and
qualified. The board shall select from their number a president and a secretary.
If there are six (6) or more active members of the fund, there shall be two (2)
additional board members added to the members established by subsection (1) of
this section who shall be one (1) active member of the fund from each department
elected by the active members of the fund from the respective departments and who
shall serve for one (1) year and until their respective successors are elected and
qualified. If all of the six (6) or more active members or all of the retired members
are from one (1) department, then both of the active member board members or
both of the retired board members, as the case may be, shall be elected from that
department.
If there are fewer than six (6) active and retired members of the policemen's and the
firefighters' pension fund, the board of trustees shall be composed of the mayor, city
treasurer or chief financial officer, and two (2) employees appointed by the mayor,
one (1) from the city police department and one (1) from the city fire department,
who shall serve for one (1) year and until their respective successors are appointed
and qualified. If all of the members of the pension fund are from one (1)
department, no appointment shall be made from the other department.
The board of trustees' membership shall be restructured according to the provisions
of this section at the time of the next scheduled election of board members after
July 15, 2016.
If all liabilities to all individuals entitled to benefits from the policemen's and
firefighters' pension fund have been satisfied, the legislative body of the city may by
majority vote of the entire legislative body adopt an ordinance dissolving the fund.
If adopted, the fund's board of trustees shall, within sixty (60) days of adoption,
proceed with the liquidation of any residual assets of the fund. All residual assets
liquidated pursuant to this subsection shall be distributed by the board of trustees to
the city's general fund so long as the return of assets complies with federal and state
law governing the distribution of assets. Within thirty (30) days following the
distribution of residual assets, the board of trustees of the fund shall as its last act
file a complete report with the legislative body of the city of the actions taken to
dissolve the fund and liquidate residual assets of the fund for retention by the city
clerk the same as for other city records.
Effective: July 15, 2016
History: Amended 2016 Ky. Acts ch. 31, sec. 9, effective July 15, 2016. -- Amended
2014 Ky. Acts ch. 92, sec. 122, effective January 1, 2015. -- Amended 1990 Ky. Acts
ch. 83, sec. 2, effective July 13, 1990. -- Amended 1978 Ky. Acts ch. 164, sec. 24,
effective June 17, 1978. -- Amended 1966 Ky. Acts ch. 255, sec. 103. -- Amended
1960 Ky. Acts ch. 40, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective
October 1, 1942, from Ky. Stat. secs. 3142b-3, 3351a-3.
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