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RESOLUTION
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A RESOLUTION REGARDING CONTRIBUTIONS TO THE POLICE
AND FIREMEN'S RETIREMENT FUND
BE IT RESOLVED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The Board of Commissioners of the City of
Paducah, has been advised of action taken on April 24, 1995, by
the Board of Trustees of the Police and Firemen's Retirement
Fund wherein the Trustees acknowledged that the $4.7 million
previously in controversy is not considered an asset of the Fund
and shall not be used in further assumptions for actuary or
other purposes.
SECTION 2. Based upon the action of the Trustees,
the Board of Commissioners of the City of Paducah resolves to
appropriate such funds as are statutorily necessary to maintain
the current level of pensions. The Board of Commissioners
further resolve to appropriate such funds necessary to fund a
one-time 2.5 percent cost of living adjustment for pension
recipients retroactive to July 1, 1994. Additionally, the
Board of Commissioners agree to appropriate such additional
sums necessary to pay a minimum monthly pension of $350 to
widows of deceased pensioners.
SECTION 3. This Resolution shall be in full force
and effect from and after the date of its adoption.
ATTEST:
Ci Cler
Adopted by the Board of Commissioners April 25, 1995
Recorded by Lenita Smith, City Clerk, April 25, 1995
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