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ORDINANCE NO. 96-1- 54.3 G
AN ORDINANCE APPROVING A COST OF LIVING
INCREASE TO THE ANNUITIES OF ELIGIBLE
ANNUITANTS AND INCREASING THE BENEFITS
FOR CERTAIN WIDOWS OF DECEASED
ANNUITANTS UNDER THE POLICE AND FIRE
FIGHTERS' RETIREM ENT FUND OF THE CITY OF
PADUCAH,KENTUCKY
0WHEREAS, on December 11, 1995, 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 accorded to eligible annuitants an annual increase of cost of living to the extent of 3.0 percent,
retroactive to July 1, 1995 and
WHEREAS, it is the position of the City that the Board's attempted implementation of
such increase of cost of living is unauthorized pursuant to KRS 95.859(3) since such increase to cost of
living of eligible annuitants is not supported on an actuarially sound basis by the Police and Fire Fighters'
Retirement Fund of the City of Paducah, Kentucky ("Fund"); and
WHEREAS, it is the further position of the City that since such increase to cost of
living for eligible annuitants is not supported on an actuarially sound basis by the Fund itself, an increase
of cost of living to eligible annuitants may only be implemented in the event the City, in its sole
discretion, provides additional contributions to the Fund to fund such increase of cost of living to eligible
annuitants; and
p WHEREAS, The City is agreeable to increase its contributions to the Fund so as to fund
an increase of cost of living to eligible annuitants to the extent of 3.0 percent form and after July 1, 1995;
and
NOW, THEREFORE, be it ordained by the Board of Commissioners of the City of
Paducah, as follows:
SECTION 1. The City does hereby agree to increase its contribution to the Fund so
as to fund an increase of cost of living to eligible annuitants to the extent of 3.0 percent from and after
July 1, 1995. To effectuate the foregoing, the City's Director of Finance is hereby authorized to pay into
the Fund such sum which is equal to the total of such increase to the eligible annuitants from and after
July 1, 1995, through June 30, 1996, and to thereafter increase the City's periodic contributions to the
Fund so as to fund such increase in the future.
SECTION 2. The City's Director of Finance is further authorized to pay to each
eligible annuitant a lump sum equal to the aforesaid increase to each eligible annuitant's annuity from
and after July 1, 1995, to date of payment and to thereafter pay to each eligible annuitant an increase to
such eligible annuitant's annuity of 3.0 percent.
SECTION 3. 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 increase or
cost of living to eligible annuitants 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
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as defined under KRS 95.859(3), or unless otherwise approved by the City Commission.
SECTION 4. This Ordinance shall be given two separate readings in accordance
with law and shall become effective upon publication of title and certified summary thereof.
ALBERT JONES, MA
ATTEST:
Lenita mith, Ci Clerk
Introduced by the Board of Commissioners January 9, 1995
Adopted by the Board of Commissioners January 23, 1995
Recorded by Lenita Smith, City k January 23, 1995
Published by The Paducah. Sum, , A7, / " if.
ORDINANC\