HomeMy WebLinkAbout95-5-5280W•,
ORDINANCE #95- 5-5280
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' RETIREMENT FUND OF THE CITY OF
PADUCAH,KENTUCKY
WHEREAS, on April 24, 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 2.5 percent, retroactive
to July 1, 1994, plus an additional sum to increase the
monthly benefit for certain widows of deceased annuitants;
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
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 2.5
percent from and after July 1, 1994; and
WHEREAS, since certain widows of deceased
annuitants have inequitably low monthly benefits the City is
also agreeable to increasing its contribution by an
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additional amount which shall equal the amount necessary to
raise each widowed annuitant's pension to a total monthly
benefit of not less than $350.00.
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 2.5
percent from and after July 1, 1994. 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, 1994, through June 30, 1995, 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, 1994, to date of
payment and to thereafter pay to each eligible annuitant an
increase to such eligible annuitant's annuity of 2.5
percent.
SECTION 3. The City does hereby agree to increase
its contribution to the Fund so as to fund an increase in
benefits to certain widows of deceased annuitants up to the
total monthly payment amount of not less than $350.00. 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 widows who are eligible.
SECTION 4. The City's Finance Director is further
authorized to pay each eligible widow of deceased annuitants
as herein described, a lump sum equal to the aforesaid
monthly increase, retroactive to July 1, 1994.
SECTION 5. 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
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 6. This Ordinance shall be given two
separate readings in accordance with law and shall become
effective upon publication of title and certified summary
thereof.
r
RALDINE B. MONTGOMER MAYOR
Introduced by the Board of Commissionersaty�Jr, /�— 95
Adopted by the Board of CommissionersY222 /9 cis
Recorded by A*64" City Clerk ".2. /97
Published by The Paducah Sun 4,V . /94S
ORD \ 18728
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