96.180 Pension plan for employees -- Coverage provided in County Employees Retirement System after August 1, 1988. - Kentucky Statutes

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96.180 Pension plan for employees -- Coverage provided in County Employees Retirement System after August 1, 1988. (1) The board may, by proper order, provide a pension plan for its employees. In the event the board elects to provide a pension plan, it shall determine and formulate
the form of pension plan to be used; determine and prescribe the eligibility of
employees or their dependents to a pension or other benefits; determine and
prescribe the monthly allowance or pension for employees or their dependents so
determined to be eligible for a pension or benefits under the pension plan, not to
exceed, however, a sum equal to one-half (1/2) of the monthly salary or wages of
any employee at the time of his or her retirement; appoint a commission, which
shall consist of three (3) members possessing the qualifications of a member of the
board, for the administration of the pension plan and prescribe the powers and
duties of such commission; appoint a trustee of the pension fund, fix the term of his
office and the compensation of such trustee, and prescribe the powers and duties of
such trustee and do and perform any other or further acts necessary to effectuate
such pension plan. When a pension plan shall have been adopted, a commission
appointed to administer such plan and a trustee of the pension fund appointed and
qualified, the board may annually appropriate and pay out of its operating revenue,
as an operating expense, into the sinking fund, a sum sufficient, when determined
on a fair actuarial basis, to maintain the pension plan so adopted, not exceeding,
however, a sum equal to one-half of one percent (0.5%) of the fair value of the
utility property and assets. The board may assess, and cause to be paid into the
pension fund monthly, such amount or percent of the salary of all employees
eligible under and electing to accept the pension plan as may be equitably
determined on a fair actuarial basis, not to exceed, however, five percent (5%) of
the monthly salary of any employee. The trustee of the pension fund shall give such
bond as required by the board, the cost of which shall be payable out of the pension
fund. The trustee of the pension fund shall each year file with the board a report
showing his actions and his accounts as such trustee. (2) The board shall have full power to receive any and all funds of property which may be available or become available to the board or the city for use in the creation or
maintenance of a pension plan for the employees of the board, including but not
limiting the power to sign, execute and deliver such receipts, indemnity agreement
or other writing which either the board or the city may be required to sign, execute
and deliver to obtain any such fund or property for such purpose. (3) (a) After August 1, 1988, except as permitted by KRS 65.156, no new pension fund shall be created pursuant to this section and boards which were covered
by this section on or prior to August 1, 1988, shall participate in the County
Employees Retirement System effective August 1, 1988. (b) Any board which provided a pension plan for its employees on or prior to August 1, 1988, shall place employees hired after August 1, 1988, in the
County Employees Retirement System. The board shall offer employees hired
on or prior to August 1, 1988, membership in the County Employees Retirement System under the alternate participation plan as described in KRS
78.530(3), but such employees may elect to retain coverage under this section. Effective: July 15, 1988
History: Amended 1988 Ky. Acts ch. 11, sec. 10, effective July 15, 1988. -- Amended 1984 Ky. Acts ch. 177, sec. 11, effective July 13, 1984. -- Amended 1964 Ky. Acts
ch. 19, sec. 1. -- Created 1946 Ky. Acts ch. 212, sec. 12. History of former KRS 96.180: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 3290-43, and renumbered as KRS 96.189,
effective 1946.