95.783 Repeal of pension fund ordinance -- Disposition of funds.
In the event that the provisions of KRS 95.761 to 95.785 are accepted and adopted by the <br>legislative body of a city of the fourth class by ordinance, as herein provided, the repeal of <br>such ordinance shall not become effective unless adopted by the unanimous vote of the <br>duly elected members of such legislative body. In the event a repeal ordinance is adopted <br>by such legislative body, all moneys or property belonging to the policemen's and <br>firefighters' pension fund at the time of the repeal of the said adoption ordinance shall be <br>dissolved or liquidated by the board of trustees of said policemen's and firefighters' <br>pension fund and distributed by said board in the following manner: Within sixty (60) <br>days of adoption by said legislative body of said repeal ordinance, the said board of <br>trustees shall proceed with the liquidation of said pension fund as follows: All <br>unexpended moneys appropriated to said pension fund out of the said city's general fund <br>to the policemen's and firefighters' pension fund by the said legislative body of such city <br>and at the time of adoption of a repeal ordinance shall revert back to the city's general <br>fund. All other unexpended moneys or property which has come into the said pension <br>fund's hands shall be liquidated by said board of trustees in the following manner: All <br>unexpended moneys in the said pension fund which accumulated thereto by pick up of <br>employee contributions by the employer pursuant to KRS 65.155 or assessments from <br>policemen's and firefighters' salaries and gifts, or accumulated thereto in any manner <br>except appropriations from the said city's general fund, shall revert back to the active or <br>retired policemen and firefighters and dependents who have qualified under KRS 95.761 <br>to 95.785 in such city. In the division to the beneficiaries, the board of said trustees shall <br>use in the division of said fund the per centum of the present salaries of such members. <br>After all disbursements have been made of said fund by the board of trustees, the said <br>board of trustees shall file, as their last act, a complete report of same with said legislative <br>body within thirty (30) days, and such report shall be kept in the office of the city clerk as <br>other city records.
Effective: July 15, 1982 <br>History: Amended 1982 Ky. Acts ch. 166, sec. 49, effective July 15, 1982. -- Amended
1978 Ky. Acts ch. 164, sec. 44, effective June 17, 1978. -- Created 1942 Ky. Acts <br>ch. 9, sec. 25.
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