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ORDINANCE NO. 98-6- � %T
AN ORDINANCE APPROVING AN INCREASE TO THE ELIGIBLE ANNUITANTS
UNDER THE POLICE AND FIRE FIGHTERS' RETIREMENT FUND OF THE CITY OF PADUCAH,
KENTUCKY
WHEREAS, on May 28, 1998, the Board of Trustees of the Police and Fire Fighters'
Retirement Fund of the City of Paducah, Kentucky (`Board") adopted a resolution, effective to July 1,
1998, to increase the monthly benefit for certain annuitants; and
WHEREAS, since certain annuitants have inequitably low monthly benefits the City is
agreeable to increasing its contribution by an additional amount which shall equal the amount necessary to
raise each annuitant's pension to a total monthly benefit of not less than $500.00.
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
fund an increase in benefits to certain annuitants up to a total monthly payment amount of not less than
$500.00. The City's Director of Finance is hereby authorized to annually pay into the Fund a sum which is
equal to the amount necessary to maintain the aforementioned contribution for those annuitants who are
eligible.
SECTION 2. The City's Finance Director is further authorized to pay to each eligible
annuitant as herein described a lump sum equal to the aforesaid monthly increase, effective -July 1, 1998.
SECTION 3. This Ordinance shall in no manner be intended or construed as a
commitment or intent, either expressed or implied, by the City to fund any other additional increase or cost
of living to eligible annuitants or any future adjustments of benefits paid to widows 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 4. This ordinance shall be read on two separate days and will become
effective upon summary publication pursuant to KRS Chapter 424.
MaycV
ATTEST:
L--4
nita Smith, 06 Clerk
Introduced by the Board of Commissioners June 9, 1998
Adopted by the Board of Commissioners June 23, 1998
Recorded by Lenita Smith, City Clerk, June 23, 1998
Published by The Paducah Sun,0 , l5'�
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