HomeMy WebLinkAbout88-7-4104397
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ORDINANCE NO. 88-7 *±ft3--
AN ORDINANCE CONCERNING PARTICIPATION IN THE COUNTY EMPLOYES
RETIREMENT SYSTEM ESTABLISHED IN KRS 78.510 TO 78.852 AS PRESCRIBED BY
THE 1988 GENERAL ASSEMBLY (H.B.398)
WHEREAS, the City of Paducah now offers two pension plans to
its employees, under the authority of.Chapter 95 of-the'Kentucky
Revised Statutes for policemen and firemen and under the authority of
Chapter 78 for other employees; and
WHEREAS, the Board of Commissioners of the Gity�.of Paducah
desires to phase out said pension plans by restricting future
participation therein to those existing employees electing to continue
their participation; and
WHEREAS, the Board of Commissioners desires to participate in
the County Employes Retirement System managed by the Board of Trustees
of the Kentucky Retirement Systems pursuant to KRS 78.510 - 78-852; and
WHEREAS, THE Board of Commissioners hereby declares its
intention to permit all eligible employees, at their option, to obtain
service credit in the CERS as provided under the provisions of the
ALTERNATE PARTICIPATION PLAN for service in accordance with the
provision of the 1988 H.B. 398, the cost of which service credit will
be actuarially determined by the Board of Trustees of the Kentucky
Retirement Systems and funded by the City as employer to the extent
that such cost would not be satisfied within the standard employer
contribution rate; and
WHEREAS, the Board of Commissioners hereby acknowledges its
obligation to pay the cost of such service credit over a thirty (30)
year amortization period and,to appropriate monies to make such payment
in addition to the required standard employer contribution rate.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
1 SECTION 1. That the pension plans established for its
J employees under Chapter 95 of the Kentucky Revised Statutes are hereby
frozen effective August 1, 1988, to participation by those existing
employees who are then,.participating therein and who file with the City
on or before October 31, 1988, a written election to continue
participating therein in lieu of participating in CERS.
398
SECTION 2. That the City of Paducah hereby elects to
participate in CERS effective August 1, 1988, and authorizes the Mayor
to execute the.appropriate..instruments to effectuate such election.
SECTION 3. _That all employees. now participating in said
existing City pension plan are hereby authorized to terminate such
participation.and transfer to CERS.
SECTION 4. That -.the City shall:cont.inue to :fund and manage
its,said existing pension plan for the benefit of any employees
electing to continue therein and those who are.:entitled to benefits, in
existing pension -plan. _
SECTION 5. That .employees hired after.July 31; 1988, who are
otherwise eligible to participate in the City pension.p.lan shall
participate only in CERS.
SECTION 6. That the. .City hereby adopts the terms and
provisions of the-CERS under. KRS 78.5.10 - 78.852, elects the alternate
participation plan under KRS_78.530(3), and declares its intention to
enter into an agreement with the Board of Trustees for the amortization
of the cost of such prior service credit over a thirty (30) year period _
commending on or about August 1, 1988.
SECTION 7. That the individual employee accounts in the
existing City pension plan shall be transferred to CERS for credit to
the respective employee's individual account in CERS, pursuant to KRS
78.531(1) and (2), upon the election of such .employees to participate
in CERS.
SECTION 8. That the City Manager is hereby directed to
certify to.the Board of Trustees the names of all employees deemed to
be working in a hazardous position for.purposes of KRS 61.592, and all
policemen and firemen employed after July 31, 1988, shall, if otherwise
qualified, be eligible for CERS hazardous position coverage.
SECTION 9. This ordinance shall be read on two separate days
and will become effective upon publication of title .and a -certified
i
summary thereof.
ATTEST:
LENITA SMITH
City Clerk
GERRY B. MONTGOMERY
Mayor
PANDF2
Introduced by the Board of.Commissioners July 12, 1988
Adopted by the Board of Commissioners July 26, 1988
Recorded by Lenita Smith, City Clerk, July 26, 1988
Published by The Paducah Sun
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