95.610 Payments to pension fund established under KRS 95.520 -- Disbursements -

193 words·~1 min read·/ky/95-610

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

- Insufficient funds.

(1)The officers of cities with pension funds established under KRS 95.520 that are

designated by law to draw warrants on the city treasurer or chief financial officer

shall, on request in writing by the board of trustees of the pension fund, draw

warrants on the city treasurer or chief financial officer payable to the treasurer of the

board of trustees of the pension fund for all funds belonging to the pension fund.

(2)Moneys ordered paid from the pension fund to any person shall be paid by the

treasurer of the board of trustees only upon warrant signed by the president of the

board and countersigned by the secretary. No warrant shall be drawn except by

order of the board of trustees duly entered on the records of the proceedings of the

board.

(3)If at any time there is not sufficient money in the pension fund to pay each

beneficiary the full amount per month to which he is entitled, an equal percentage of

the monthly payments due shall be paid to each until the fund is so replenished as to

warrant payment in full to all beneficiaries.