HomeMy WebLinkAboutMO # 621MUNICIPAL ORDER NO. 621
A MUNICIPAL ORDER AUTHORIZING THE CITY TREASURER
TO PAY THE POLICE AND FIREMEN'S RETIREMENT FUND AN AMOUNT
EQUAL TO THIRTY-SIX AND SEVEN TENTHS PERCENT (36.7%) OF THE
PREVIOUS MONTH'S SALARIES OF ALL POLICEMEN AND FIREMEN
COVERED BY SAID FUND
WHEREAS, a City of Paducah Police and Firemen's
Retirement Fund Actuarial Valuation dated May 1, 1991, made
by William M. Mercer, Inc., has been re -studied and dis-
cussed; and
WHEREAS, the Mayor and Board of Commissioners have
agreed with the conclusion of said report to contribute to
said fund in an amount equal to thirty-six and seven tenths
percent (36.7%) of the previous month's salaries of all
policemen and firemen covered by said fund.
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The City Treasurer is hereby
authorized and directed,. beginning with July 1, 1991, and
each month hereafter, to pay to the Police and Firemen's
Retirement Fund an amount equal to thirty-six and seven -
tenths percent (36.7%) of the previous month's salaries of
all policemen and firemen covered by the retirement plan.
Total contributions shall not exceed the sum of $206,000 in
Fiscal Year 1992.
SECTION 2. The contribution rate of said Police
and Firemen's retirement Fund shall be adjusted retro-
actively to July 1, 1991.
SECTION 3. This order shall be in full and force
and effect from and after the date of its adoption.
Mayor
Adopted by the Board of Commissioners April 14, 1992
Recorded by Lenita Smith, City Clerk, April 14, 1992
mo/per f Pund
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