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ORDINANCE #93--Z---6'q67
AN ORDINANCE APPROVING A COST OF LIVING
INCREASE TO THE ANNUITIES OF ELIGIBLE
ANNUITANTS UNDER THE POLICE AND
FIREFIGHTERS' RETIREMENT FUND OF THE CITY OF
PADUCAH, KENTUCKY
WHEREAS, on June 22, 1992, the Board of Trustees
of the Police and Firefighters' 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 3.1 percent; 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
Firefighters' 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 3.1
percent from and after July 1, 1992.
NOW, THEREFORE, be it ordained by the Board of
Commissioners of the City of Paducah, as follows:
SECTION 1. They 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 3.1 percent from and after July 1, 1992. 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, 1992, through July 31,
1993, and to thereafter increase the City's periodic
contributions to the Fund so as to fund such increase in the
future.
I
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, 1992, to July 31,
1993, and to thereafter pay to each eligible annuitant an
increase to such eligible annuitant's annuity of 3.1
percent.
SECTION 3. This Ordinance shall in no manner be
intended or construed as any commitment or intent by the
City to fund any other additional increase or cost of living
to eligible annuitants which may be determined 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 given two
separate readings in accordance with law and shall become
effective upon publication of title and certified summary
thereof.
GERALDINE B.
Introduced by the Board of Commissioners
Adopted by the Board of Commissioners
Recorded by City Clerk
Published by The Paducah Sun
ORD\7594
MA
169