HomeMy WebLinkAboutOrdinances Book 16, Page 380, No Resolution Number380
A RESOLUTION AUTHORIZING THE CITY TREASURER TO PAY THE POLICE
AND FIREMEN'S RETIREMENT FUND AN AMOUNT EQUAL TO 18.2% OF THE PREVIOUS
MONTH'S SALARIES OF ALL POLICE AND FIREMEN COVERED BY SAID FUND RETRO-
ACTIVE TO JULY 1, 1966, BUT NOT EXCEEDING THE TOTAL AMOUNT BUDGETED
AND APPROPRIATED FOR THE FUND FOR 1967
WHEREAS, on April 26, 1960 the City Commission directed the City
Treasurer to pay each month to the Policemen's and Firemen's Retire-
ment Fund an amount equal to 12% of the previous month's salaries of
all police officers and firemen, and
WHEREAS, a "Report on the Actuarial Valuation of the Policemen's
and Firemen's Pension Fund of the City of Paducah, Kentucky" dated
February, 1967, made by the Public Administration Service of Chicago,
concluded, among other findings, that starting July 1, 1966 the con-
tribution of the City should be increased to 18.2% of the salaries to
provide full funding of current service, and
WHEREAS, this City Commission has budgeted for policemen's and
firemen's pensions an amount equal to 12% of the salaries, plus an
additional $52,000.00, and
WHEREAS, the cost of increasing the contribution to said pension
fund from 12% to 18.2% will be approximately $4,000.00 per month.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the City Treasurer be, and he is hereby,
authorized and directed, as soon as possible in each month hereafter,
and retroactive to July 1, 1966, to pay to the Policemen's and Fire-
men's Retirement Fund an amount equal to 18.2% of the previous months'
salaries for all policemen and firemen covered by the retirement plan,
but the total amount of the payment in 1967 shall not exceed the
1967 budget appropriations for policemen's and firemen's pensions.
SECTION 2. This resolution shall be in full force and effect
from and after its adoption.
IVY
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Mayor
Passed by the Board of Commissioners November 28, 1967
Recorded by Sarah Thurman, City Clerk, November 28, 1967.