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ORDINANCE NO. 88-11-4160
AN ORDINANCE AUTHORIZING THE CITY TREASURER TO PAY
$521,100.00 TO KENTUCKY STATE TREASURER FOR THE INITIAL
PAYMENT OF TRANSFERRING HAZARDOUS DUTY EMPLOYEES TO COUNTY
EMPLOYEES RETIREMENT SYSTEM
WHEREAS, the City of Paducah has adopted an ordi-
nance allowing hazardous duty employees employed prior to
August 1, 1988, to elect to transfer their retirement bene-
fits to the County Employees Retirement System; and
WHEREAS, under state law the city must pay past
service credit to employees transferring to the County
Employees Retirement System on behalf of the employees; and
WHEREAS, the Kentucky Revised Statute allows the
city the option of making the payment over a thirty-year
period; and
WHEREAS, the County Employees Retirement System
has determined that the city's liability based on a thirty-
year payment for 1988 is $521,100.00; and r
WHEREAS, if said sum is not paid to the Kentucky
State Treasurer prior to November 23, 1988, the city will be
charged interest on said amount until paid.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1.
The City Treasurer is authorized to
pay to the Kentucky State Treasurer the sum of $521,100.00
as the initial payment toward the city's cost of trans-
ferring hazardous duty employees to the County Employees
Retirement System.
SECTION 2. This payment is being made from the
General Fund and charged to the accounts for Paducah Police
Department Retirement Benefits and Paducah Fire Department
Retirement Benefits.
SECTION 3. In order to avoid interest payment to
the Commonwealth of Kentucky, an emergency is hereby de-
clared to exist and this ordinance shall be passed on one
reading.
475
SECTION 4. A summary of this ordinance shall be
published in The Paducah Sun.
GERRY B. MONTGOMERY
Mayor
Introduced and adopted by the Board of Commissioners
November 22, 1988
Recorded by Lenita Smith, City Clerk, November 22, 1988
Published by The Paducah Sun November 28, 1988
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