95.767 Board of trustees of pension fund -- Membership -- Officers -- Treasurer --
498 words·~2 min read·
/ky/95-767A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Option to convert pension benefits to annuity benefits.
(a)There shall be organized in connection with the police and fire departments a
board to be known as the board of trustees of the policemen's and firefighters'
pension fund.
(b)If there are six
(6)or more active members of the fund, the board shall be
composed of the mayor of the city, city treasurer or chief financial officer, one
(1)member of the city legislative body appointed by the mayor, one
(1)retired
member each from the police and fire departments elected by the respective
retired members of those departments annually by ballot, and one
(1)active
member of the fund from each department elected by the active members of
the fund from the respective departments annually. 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 members of the fund, no active members
of the departments shall be elected to the board. The trustees shall select from
their number a president and secretary. The city treasurer or chief financial
officer shall be ex officio treasurer of the board and custodian of its funds.
(d)If there are fewer than six
(6)active and retired members of the policemen's
and firefighters' pension fund, the board of trustees shall be composed of the
mayor, city treasurer or chief financial officer, one
(1)member of the city
legislative body appointed by the mayor, 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
(1)department, no appointment shall be made from the
other department.
(2)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.
(3)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.