95.783 Repeal of pension fund ordinance -- Disposition of funds -- Repeal of
567 words·~3 min read·
/ky/95-783A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
ordinances establishing pension fund -- Liquidation and distribution of
residual assets -- Report.
(1)Except as provided by subsection
(2)of this section, in the event that the provisions
of KRS 95.767 to 95.784 are accepted and adopted by the legislative body of a city,
as authorized in KRS 95.7665 by ordinance, as herein provided, the repeal of such
ordinance shall not become effective unless adopted by the unanimous vote of the
duly elected members of such legislative body. In the event a repeal ordinance is
adopted by such legislative body, all moneys or property belonging to the
policemen's and firefighters' pension fund at the time of the repeal of the said
adoption ordinance shall be dissolved or liquidated by the board of trustees of said
policemen's and firefighters' pension fund and distributed by said board in the
following manner: Within sixty
(60)days of adoption by said legislative body of
said repeal ordinance, the said board of trustees shall proceed with the liquidation of
said pension fund as follows: All unexpended moneys appropriated to said pension
fund out of the said city's general fund to the policemen's and firefighters' pension
fund by the said legislative body of such city and at the time of adoption of a repeal
ordinance shall revert back to the city's general fund. All other unexpended moneys
or property which has come into the said pension fund's hands shall be liquidated by
said board of trustees in the following manner: All unexpended moneys in the said
pension fund which accumulated thereto by pick up of employee contributions by
the employer pursuant to KRS 65.155 or assessments from policemen's and
firefighters' salaries and gifts, or accumulated thereto in any manner except
appropriations from the said city's general fund, shall revert back to the active or
retired policemen and firefighters and dependents who have qualified under KRS
95.761 to 95.784 in such city. In the division to the beneficiaries, the board of said
trustees shall use in the division of said fund the per centum of the present salaries
of such members. After all disbursements have been made of said fund by the board
of trustees, the said board of trustees shall file, as their last act, a complete report of
same with said legislative body within thirty
(30)days, and such report shall be kept
in the office of the city clerk as other city records.
(2)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. If repealed, the fund's board of trustees shall, within sixty
(60)days
of repeal, proceed with the liquidation of any residual assets of the fund. All
residual assets liquidated pursuant to this subsection shall be distributed by the
board of trustees to the city's general fund so long as the return of assets complies
with federal and state law governing the distribution of assets. Within thirty
days following the distribution of residual assets, the board of trustees of the fund
shall as its last act file a complete report with the legislative body of the city of the
actions taken to terminate the fund and liquidate residual assets of the fund for
retention by the city clerk the same as for other city records.