HomeMy WebLinkAbout99-4-6034Ordinance 99-4- 41434
AN ORDINANCE APPROVING AN AUTOMATIC ANNUAL
COST OF LIVING INCREASE TO THE ELIGIBLE ANNUITANTS UNDER
THE POLICE AND FIRE FIGHTERS' RETIREMENT FUND OF THE CITY OF
PADUCAH, KENTUCKY AS DEFINED BY KRS 95.859(3).
WHEREAS, on March 29, 1999, the Board of Trustees of the Police and
Fire Fighters' Retirement Fund of the City of Paducah, Kentucky ("Board") adopted a
resolution wherein the Board has recommended that the City allow and fully fund all
future cost of living increases as defined by KRS Chapter 95 automatically; and
WHEREAS, the City is agreeable to increase its contribution to the Police
and Fire Fighters' Retirement Fund of the City of Paducah, Kentucky ("Fund") so as to
fund all future cost of living increases to eligible annuitants, as allowed by KRS 95.859(3),
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
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
t 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 Board in the future, unless such increase
as may be determined by the Board is supported on an actuarially sound basis by the Fund
itself as defined under KRS 95.859(3), or unless otherwise approved by the City
Commission.
SECTION 3. This ordinance shall be read on two separate days and will
T, become effective upon summary publication pursuant to KRS Chapter 424.
ATTEST:
City Clerk
200
201
Introduced by the Board of Commissioners April 13, 1999
Adopted by the Board of Commissioners April 27, 1999
Recorded by Lenita Smith, City Clerk, April 27, 1999
Published by The Paducah Sun 9
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