HomeMy WebLinkAbout99-7-6081279
Ordinance 99-7-6081
AN ORDINANCE APPROVING AN AUTOMATIC ANNUAL
COST OF LIVING INCREASE TO THE ELIGIBLE ANNUITANTS UNDER
THE APPOINTIVE EMPLOYEES' PENSION FUND OF THE CITY OF
PADUCAH, KENTUCKY AS DEFINED BY PADUCAH CODE OF ORDINANCE
78-103
WHEREAS, the Board of Commissioners of Paducah, Kentucky, desires
that eligible annuitants of the Appointive Employees' Pension Fund be allowed all future
cost of living increases and fully fund them; and
WHEREAS, the cost of living adjustment shall not be less than the cost of
living adjustment granted the Police and Fire Fighters' Retirement Fund annuitants at the
beginning of the most recent fiscal year and payable subsequently in January of the same
fiscal year; and
WHEREAS, the City is agreeable to increase its contribution to the
Appointive Employees' Pension Fund of the City of Paducah, Kentucky ("Fund") so as to
fund all future cost of living increases to eligible annuitants, as allowed by Paducah
Code of Ordinances Section 78-103, as long as it is financially feasible, the Fund is
actuarially sound and funding is included in the City' annual budget; and
WHEREAS, in keeping with sound public policy practices, it is the position
f of the City to no longer grant cost of living increases without funding their full actuarial
cost.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The City does hereby agree to increase its contribution to
the Fund so as to fully fund an increase of cost of living to eligible annuitants in all future
years as long as the Fund is actuarially sound and the City can, at its sole discretion,
financially afford to do so. To effectuate the foregoing, the City's Finance Director is
hereby authorized to pay into the Fund an annual amount which is equal to the total of
such increase to the eligible annuitants as established by an annual actuarial valuation
study.
SECTION 2. This ordinance shall in no manner be intended or construed
as any commitment or intent, either expressed or implied, by the City to fund any other
additional costs which may be considered by the Appointive Employees' Pension Board of
Trustees in the future, unless such increase as may be determined by the Board of Trustees
'a is supported on an actuarially sound basis by the Fund itself, or unless otherwise approved
by the City Commission.
280
SECTION 3. This ordinance shall be read on two separate days and will
become effective upon summary publication pursuant to KRS Chapter 424.
ATTEST:
City Clerk
Introduced by the Board of Commissioners 4t, 1999
Adopted by the Board of Commissioners-Af41�, 9-' +� affil ���
Recorded by Lenita Smith, City C erk, 0;4-.,ja"/j /`199
Published by The Paducah Sun / / 9
ord/cola
J