2014 Kentucky Revised Statutes CHAPTER 96 - UTILITIES IN CITIES 96.180 Pension plan for employees -- Coverage provided in County Employees Retirement System after August 1, 1988.
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96.180 Pension plan for employees -- Coverage provided in County
Employees Retirement System after August 1, 1988.
(1)
(2)
(3)
The board may, by proper order, provide a pension plan for its employees. In
the event the board elects to provide a pension plan, it shall determine and
formulate the form of pension plan to be used; determine and prescribe the
eligibility of employees or their dependents to a pension or other benefits;
determine and prescribe the monthly allowance or pension for employees or
their dependents so determined to be eligible for a pension or benefits under
the pension plan, not to exceed, however, a sum equal to one-half (1/2) of the
monthly salary or wages of any employee at the time of his or her retirement;
appoint a commission, which shall consist of three (3) members possessing the
qualifications of a member of the board, for the administration of the pension
plan and prescribe the powers and duties of such commission; appoint a
trustee of the pension fund, fix the term of his office and the compensation of
such trustee, and prescribe the powers and duties of such trustee and do and
perform any other or further acts necessary to effectuate such pension plan.
When a pension plan shall have been adopted, a commission appointed to
administer such plan and a trustee of the pension fund appointed and qualified,
the board may annually appropriate and pay out of its operating revenue, as an
operating expense, into the sinking fund, a sum sufficient, when determined on
a fair actuarial basis, to maintain the pension plan so adopted, not exceeding,
however, a sum equal to one-half of one percent (0.5%) of the fair value of the
utility property and assets. The board may assess, and cause to be paid into
the pension fund monthly, such amount or percent of the salary of all
employees eligible under and electing to accept the pension plan as may be
equitably determined on a fair actuarial basis, not to exceed, however, five
percent (5%) of the monthly salary of any employee. The trustee of the pension
fund shall give such bond as required by the board, the cost of which shall be
payable out of the pension fund. The trustee of the pension fund shall each
year file with the board a report showing his actions and his accounts as such
trustee.
The board shall have full power to receive any and all funds of property which
may be available or become available to the board or the city for use in the
creation or maintenance of a pension plan for the employees of the board,
including but not limiting the power to sign, execute and deliver such receipts,
indemnity agreement or other writing which either the board or the city may be
required to sign, execute and deliver to obtain any such fund or property for
such purpose.
(a) After August 1, 1988, except as permitted by KRS 65.156, no new
pension fund shall be created pursuant to this section and boards 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.
(b) Any board 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:July 15, 1988
History: Amended 1988 Ky. Acts ch. 11, sec. 10, effective July 15, 1988. -Amended 1984 Ky. Acts ch. 177, sec. 11, effective July 13, 1984. -- Amended
1964 Ky. Acts ch. 19, sec. 1. -- Created 1946 Ky. Acts ch. 212, sec. 12.
History of former KRS 96.180:
Recodified 1942 Ky. Acts ch. 208, sec. 1,
effective October 1, 1942, from Ky. Stat. sec. 3290-43, and renumbered as KRS
96.189, effective 1946.
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