2014 Kentucky Revised Statutes
CHAPTER 90 - CITY CIVIL SERVICE
90.400 Pension fund in cities -- Coverage provided in County Employees Retirement System after August 1, 1988.
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<![CDATA[90.400 Pension fund in cities -- Coverage provided in County Employees
Retirement System after August 1, 1988.
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Any city maintaining a pension fund for employees under civil service hired
before August 1, 1988, operating pursuant to this section as of January 1,
2015, shall continue to operate the existing pension fund in accordance with
this section. The city may assess monthly such amount or percent of the salary
of the employees as may be equitably determined on a fair actuarial basis, the
assessment to be deducted from the employees' salaries and paid in cash into
the pension fund.
The city may make current contributions to the fund on an actuarially funded
basis, toward the annuities and benefits herein provided. These contributions
shall be equal to the sum of the following:
(a) An annual amount resulting from the application of a rate percent of
salaries of active members, representing the present value of the
actuarial reserve requirements for membership service, for service
retirement annuity, disability retirement annuity, and annuities to surviving
spouses and children, and the one-year term premium for the city's
liability for death benefits, after applying the contribution by the active
members. Such rate percent shall be fixed by the city legislative body
every three (3) years after an actuarial survey of the fund, and shall be in
effect for a period of at least three (3) years.
(b) An amount resulting from the application of a rate percent of the salaries
of active members which will provide each year regular interest on the
remaining liability for prior service.
The city may create or continue to operate a board for the pension fund and
designate trustees of that board, and may fix the powers of the trustees,
determine the eligibility of employees or their dependents to a pension or other
benefit, and may provide a monthly allowance for employees eligible for a
pension.
Temporary employees appointed without examination shall not be compelled
to contribute to any pension fund and shall not be eligible to benefits.
In no year shall the contribution by the city to the pension fund, in the manner
provided in this section, be less than the total amount assessed upon and
deducted from the salary of the employees.
The trustees of the pension fund shall, at least once every three months, report
in writing to the mayor the receipts, expenditures, and financial status of the
pension fund, stating the places of deposit of funds, or the character of
investments made, and the mayor shall cause copies of the report to be posted
in at least three (3) places where city employees frequent and report.
When any city maintaining a pension fund for employees under civil service
hired before August 1, 1988, operating pursuant to this section as of January 1,
2015, picks up employee contributions pursuant to KRS 65.155, or accepts
from its employees a portion of their wages and contributes city funds therefor,
an inviolable contract shall be created between the city as employer and its
employees, and the city and its employees shall continue to operate under
KRS 90.310 to 90.390 and the adopting ordinance, except that employees,
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pursuant to subsection (8) of this section, may choose to participate in the
County Employees Retirement System. A repeal of that ordinance by the city
shall in no wise affect such employees unless by the mutual consent of the city
and an employee or employees.
After August 1, 1988, no new pension fund shall be created pursuant to this
section, and cities which were covered by this section on or prior to August 1,
1988, shall participate in the County Employees Retirement System effective
August 1, 1988. Any city which provided a pension plan for its employees on or
prior to August 1, 1988, shall place employees hired after August 1, 1988, in
the County Employees Retirement System. The board shall offer employees
hired on or prior to August 1, 1988, membership in the County Employees
Retirement System under the alternate participation plan as described in KRS
78.530(3), but such employees may elect to retain coverage under this section.
Effective:January 1, 2015
History: Amended 2014 Ky. Acts ch. 92, sec. 85, effective January 1, 2015. -Amended 1988 Ky. Acts ch. 11, sec. 8, effective July 15, 1988. -- Amended
1984 Ky. Acts ch. 177, sec. 8, effective July 13, 1984; and ch. 192, sec. 5,
effective July 13, 1984. -- Amended 1982 Ky. Acts ch. 166, sec. 46, effective
July 15, 1982; and ch. 297, sec. 5, effective July 15, 1982. -- Amended 1974 Ky.
Acts ch. 386, sec. 13. -- Amended 1972 Ky. Acts ch. 315, sec. 1. -- Amended
1960 Ky. Acts ch. 26, sec. 1, effective June 16, 1960. -- Recodified 1942 Ky.
Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 3235h-2,
3235h-10.
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