95.622 Pension fund created in cities adopting provisions of KRS 95.621 to 95.629 -
715 words·~3 min read·
/ky/95-622A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
- Board of trustees, members, officers, powers -- Option to convert pension
benefits to annuity benefits -- Repeal of ordinances establishing pension fund --
Liquidation and distribution of residual assets -- Report.
(1)There shall be created in cities that elected to adopt the provisions of KRS 95.621 to
95.629 a policemen's and firefighters' pension fund, and a board of trustees for that
fund.
(a)Except as provided by paragraph
(c)of this subsection, in cities where there
are fewer than six
(6)active members of the pension fund, the board of
trustees of the policemen's and firefighters' pension fund shall be composed of
the mayor, city treasurer or chief financial officer, and one
(1)retired member
each from the police and fire departments shall be elected by the respective
retired members of those departments annually by ballot, one
(1)from each
department, and shall serve for one
(1)year and until their successors are
elected and qualified.
(b)If there are six
(6)or more active members of the fund, there shall be two
additional board members who shall be one
(1)active member of the fund
from each department elected by the active members of the fund from the
respective departments and who shall serve for one
(1)year and until their
successors are elected and qualified. If all of the six
(6)or more active
members or all of the retired members are from one
(1)department, then both
of the active member board members or both of the retired board members, as
the case may be, shall be elected from that department.
(c)If there are fewer than six
(6)active and retired members of the fund, the
board of trustees shall be composed of the mayor, city treasurer or chief
financial officer, and two
(2)employees appointed by the mayor, one
(1)from
the city police department and one
(1)from the city fire department, who shall
serve for one
(1)year and until their respective successors are appointed and
qualified. If all of the members of the pension fund are from one
department, no appointment shall be made from the other department.
(d)The board shall select from their number a president and a secretary. The
board of trustees shall be the trustees of the pension fund and of all moneys
donated or paid for the relief or pensioning of members of the police and fire
departments. It may do all things necessary to protect the fund.
(3)The board of trustees may draw the pension fund from the treasury and invest it, in
whole or in part, in the name of the board or nominee name as provided by KRS
286.3-225, as the board deems most advantageous for the objects of the fund, in a
local government pension investment fund created pursuant to KRS 95.895 or in
any other securities in which trustees are permitted to invest trust funds under the
laws of this state. The securities shall be subject to the order of the board.
(4)The board of trustees' membership shall be restructured according to the provisions
of this section at the time of the next scheduled election of board members after
July 15, 2016.
(5)If there are fewer than twelve
(12)active and retired members or beneficiaries of the
policemen's and firefighters' pension fund, the governing body of the fund may elect
to offer to individuals entitled to benefits from the fund a one
(1)time irrevocable
option to convert monthly pension benefits from the fund to monthly annuity
benefits from an insurance company for the same amount. An insurance company
accepting a benefit transfer shall honor any features and options available under the
existing plan. If the governing body of the fund elects to offer the option to convert
monthly pension benefits to monthly annuity benefits, it shall provide to individuals
entitled to benefits from the fund sufficiently complete and appropriate disclosures
to assist in making an informed decision.
(6)If all liabilities to all individuals entitled to benefits from the policemen's and
firefighters' pension fund have been satisfied, the ordinances establishing the fund
may be repealed by the majority vote of the duly elected members of the entire
legislative body in accordance with the provisions established by KRS 95.530(6).