2014 Kentucky Revised Statutes
CHAPTER 95 - CITY POLICE AND FIRE DEPARTMENTS
95.874 Records and accounts -- Accurate system to be maintained.
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<![CDATA[95.874 Records and accounts -- Accurate system to be maintained.
(1)
(2)
An adequate system of accounts and records shall be established and
maintained for the fund that will reflect fully the requirements of the provisions
of KRS 95.851 to 95.884 and KRS 95.991. This system shall be integrated, to
the extent possible with the accounts, records, and procedures of the city to the
end that the same shall operate most effectively and at minimum expense, and
that duplication of records and accounts may be avoided.
All assets of the fund shall be credited according to the purposes for which
they are held in the following designated reserve accounts:
(a) Members' Contribution Reserve. The amounts contributed by the
members, including those employee contributions picked up by the
employer pursuant to KRS 65.155, shall be credited to this reserve,
together with regular interest thereon as herein provided. An individual
account shall be maintained for each member, to which shall be credited
the amounts of his contributions. Upon the granting of a service
retirement annuity, disability annuity, or survivor's annuity or benefit, the
accumulated contributions to the credit of the member concerned shall be
transferred from this reserve to the retirement reserve. Refunds and death
payments representing member's contributions shall be charged to this
reserve.
(b) Employer's Contribution Reserve. The amounts contributed by the city
under the provisions hereof, for service retirement annuity, disability
retirement annuity, and benefits to survivors covering membership service
and prior service, shall be credited to this reserve. Upon the granting of a
service retirement annuity, disability retirement annuity, or survivor's
benefit, an amount representing the excess of the actuarial value of the
annuity, or benefit over the accumulated contributions of the member,
shall be transferred from this reserve to the retirement reserve.
(c) Retirement Reserve. Upon the granting of a service retirement annuity,
disability retirement annuity, or survivor's benefit, the accumulated
contributions of the member and an amount representing the excess of
the actuarial value of the annuity or benefit over such accumulated
contributions, shall be transferred to this reserve from the member's
contribution reserve and employer's contribution reserve, respectively. All
income from investments, including gains on investment transactions,
shall be credited to this reserve. All losses on investments shall be
charged to this reserve. All payments on account of any annuity made by
the fund shall be charged to this reserve. Any excess balance in this
reserve, as determined by actuarial valuation as of the close of any fiscal
year, shall be applied to reduce the city's contributions for membership
service for the fiscal years next following the date of such valuation. Any
deficiency in this reserve shall be removed by an increase in the amount
of city's contributions for future membership service.
History: Amended 1982 Ky. Acts ch. 166, sec. 53, effective July 15, 1982. -Amended 1980 Ky. Acts ch. 188, sec. 90, effective July 15, 1980. -- Created
1956 Ky. Acts ch. 16, sec. 24, effective July 1, 1956.
Legislative Research Commission Note (11/21/96). In 1974, the Reviser of
Statutes renumbered KRS 95.885 as KRS 95.991. 1980 Ky. Acts ch. 188, sec.
90, a revisory act, mistakenly changed a reference in this statute from "KRS
95.851 to 95.885" to "KRS 95.851 to 95.991." Because this change would
appear to effect a substantive change in the law, it has been disregarded, and
the reference has been made to read "KRS 95.851 to 95.884 and KRS 95.991"
under KRS 7.123(4) and 7.136(1)(a).
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