67A.655 Transition to County Employees Retirement System. - Kentucky Statutes

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Page 1 of 1 67A.655 Transition to County Employees Retirement System. The legislative body in an urban-county government may issue the appropriate order,
pursuant to KRS 78.530(1), directing participation for policemen and firefighters in the
County Employees Retirement System. All new employees who would have been granted
membership in the policemen's and firefighter's retirement fund of the urban-county
government shall be members of the County Employees Retirement System. All active
members of the policemen's and firefighter's retirement fund of the urban-county
government at the time of transition to the County Employees Retirement System may
choose membership in the County Employees Retirement System or may retain
membership in the local retirement fund, but the legislative body may withdraw its order
prior to the effective date if the number of active members choosing to transfer is not
sufficient to fully fund the balance of the cost of transition after available local pension
assets are included. The urban-county government shall elect the alternate participation
plan, pursuant to KRS 78.530(3), for active members who transfer to the County
Employees Retirement System. Notwithstanding the provisions of KRS 78.530(3)(b), the
urban-county government may, at its option, extend the payment period for the cost of
alternate participation to a maximum of thirty (30) years with the interest at the rate
actuarially assumed by the County Employees Retirement System board. The urban-
county government shall have the right to use assets in the local pension fund, other than
those assets, as determined by actuarial evaluation, necessary to pay benefits to the
remaining active members of the local retirement fund and retirees and their survivors, to
assist in the payment of the annual installment cost of alternate participation. The County
Employees Retirement System employee contribution shall be made as a deduction from
salary, and payment to the member of salary less this deduction shall constitute a full and
complete discharge and acquittance of all claims and demands whatsoever for the
services rendered by the member during the period covered by the payment. All
policemen and firefighters who become members of the County Employees Retirement
System pursuant to this section shall be granted hazardous duty coverage. Effective: July 15, 1994
History: Created 1994 Ky. Acts ch. 371, sec. 1, effective July 15, 1994.