KRS 95.768: Pension fund in cities establishing a fund under KRS 95.767 to 95.784 --

Purpose -- Investment -- Coverage provided in County Employees Retirement

System after August 1, 1988.

(1) The police and firefighters' pension fund in cities that have est ablished a fund

pursuant to KRS 95.767 to 95.784 shall consist of:

(a) Revenues of the city authorized by the city legislative body, which shall not be

less than the amount contributed by the members of the police and fire

departments;

(b) All rewards, fee s, gifts or emoluments paid or given on account of

extraordinary service of any member of the police or fire department;

(c) Assessments, which the board of trustees of the pension fund shall make,

upon each member of the police and fire departments, of no t more than three

and one-half percent (3.5%) of his salary, to be held from the monthly salary

and paid by the city treasurer or chief financial officer into the pension fund.

Beginning July 15, 1982, and thereafter, upon a member's withdrawal from

service prior to qualifying for a pension, the board of trustees shall be

governed by the provisions of KRS 95.620(2), (3) and (4).

(2) Said fund shall be for the pensioning of any policeman or firefighter who has served

in the police or fire departments for at least a period of twenty (20) years or more,

providing that applicant has reached his fifty -first birthday, and all members of the

police and fire departments shall be entitled to be credited with the services

rendered continuously prior to the adoption or dinance under the provisions of KRS

95.761, by said city, to the eligibility of the twenty (20) year or more, period for

pension, not less than three (3), nor to exceed fifteen (15) years of previous service,

and for the further purpose of pensioning any m ember of the police or fire

department who may become permanently crippled while in the service and on duty,

and for the further purpose of pensioning the widow or dependent children under

fourteen (14) years of age, or either of them, of any member of sai d departments

who may lose his life while in the service and on active duty. The payments made

under the provisions of this section shall constitute and be kept as a fund to be

called the "Policemen's and Firefighters' Pension Fund," and the board of trustees of

the policemen's pension fund, are declared to be the trustees of said fund, and they

shall have power, and it shall be their duty, from time to time, to invest the same, in

whole or in part, as they shall deem most advantageous for the objects of sa id fund;

and they are empowered to make all the necessary contracts and to pursue all the

necessary remedies in the premises.

(3) (a) After August 1, 1988, no new pension fund shall be created pursuant to this

section, and cities 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) Cities which were covered by this section on or prior to August 1, 1988, shall

provide for the retirement of police or firefig hters rehired after August 1,

1988, by placing such employees in the County Employees Retirement

System.

(c) Cities which were covered by this section on or prior to August 1, 1988, shall

place police or firefighters newly hired after August 1, 1988, in th e County

Employees Retirement System.

(d) Cities which were covered by this section on or prior to August 1, 1988, shall

offer employees hired on or prior to August 1, 1988, membership in the

County Employees Retirement System under the alternate participa tion plan

as described in KRS 78.530(3), but such employees may elect to retain

coverage under this section.

(e) The city shall certify that all police and firefighters placed in the County

Employees Retirement System are employed in hazardous positions.