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67A.655 Transition to County Employees Retirement System.
The legislative body in an urban-county government may issue the appropriate
order, pursuant to KRS 78.530(1), directing participation for policemen and
firefighters in the County Employees Retirement System. All new employees who
would have been granted membership in the policemen's and firefighter's retirement
fund of the urban-county government shall be members of the County Employees
Retirement System. All active members of the policemen's and firefighter's
retirement fund of the urban-county government at the time of transition to the
County Employees Retirement System may choose membership in the County
Employees Retirement System or may retain membership in the local retirement
fund, but the legislative body may withdraw its order prior to the effective date if the
number of active members choosing to transfer is not sufficient to fully fund the
balance of the cost of transition after available local pension assets are included.
The urban-county government shall elect the alternate participation plan, pursuant to
KRS 78.530(3), for active members who transfer to the County Employees
Retirement System. Notwithstanding the provisions of KRS 78.530(3)(b), the
urban-county government may, at its option, extend the payment period for the cost
of alternate participation to a maximum of thirty (30) years with the interest at the
rate actuarially assumed by the County Employees Retirement System board. The
urban-county government shall have the right to use assets in the local pension
fund, other than those assets, as determined by actuarial evaluation, necessary to
pay benefits to the remaining active members of the local retirement fund and
retirees and their survivors, to assist in the payment of the annual installment cost of
alternate participation. The County Employees Retirement System employee
contribution shall be made as a deduction from salary, and payment to the member
of salary less this deduction shall constitute a full and complete discharge and
acquittance of all claims and demands whatsoever for the services rendered by the
member during the period covered by the payment. All policemen and firefighters
who become members of the County Employees Retirement System pursuant to this
section shall be granted hazardous duty coverage.
Effective:July 15, 1994
History: Created 1994 Ky. Acts ch. 371, sec. 1, effective July 15, 1994.
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