HomeMy WebLinkAboutOrdinance Book 18, Page 934, Ordinance Number 75-6-1142934
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ORDINANCE NO. 75-6-1142
AN ORDINANCE RELATING TO PARTICIPATION IN THE COUNTY
EMPLOYES RETIREMENT SYSTEM ESTABLISHED IN KRS 78.510 TO 78.991
WHEREAS, the City of Paducah has, by Resolution adopted June
announced its intention to permit all eligible city employees, at their option, t
obtain service credit in the County Employes Retirement System for service
rendered prior to July 1, 1975, the cost of which prior service credit will
be actuarially determined and funded by the City of Paducah as employer oven
a 10 -year period to the extent that such cost would not be met within the stanc
7 1/4% employer contribution rate; and
WHEREAS, the City of Paducah recognizes its obligation to make
to the County Employes Retirement System for such prior service credit over
amortization period; and
WHEREAS, the City of Paducah Board of Commissioners has appr
an amount of money in the 1975-76 budget for the City of Paducah to make sue
to the County Employes Retirement System in addition to the required standar
contribution rate;
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMIS;
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the City of Paducah recognizes its present obl
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make payment to the County Employers Retirement System for such prior ser%
j which obligation shall be fully met in accordance with an amortization agreem
f with the County Employers Retirement System in annual installments over a p
ter, years, such pnyments to commence on or about October 1, 1975.
SECTION 2 That the City of Paducah, as of July 1, 1975, adopt. ,„c
provisions of County I.mploycs Retirement System pursuant to KRS 78.510 through
KRS 78.991.
SECTION 3. That this ordinnnce shall be introduced and remain on file one
wr..ek for public inspection in the completed form in which it shall be put upon its
final passage, and if adopted shall be in full force and effre,•t tin (10) days thereafter.
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Introduced by by the Board of Commissioners June 17. 1975
Passed by the Board of Coma^issioncrs June 24, 1975
Recorded by Sarah Thurr..:n, City Clerk, June 2.1, 1975.