{"data":{"id":"us-ky/krs-95.530","jurisdiction":"us-ky","citation":"KRS 95.530","heading":"Board of trustees of pension fund established under KRS 95.520 --","body":"Members -- Officers -- Option to convert pension benefits to annuity benefits --\nAdoption of ordinance dissolving pension fund -- Liquidation and distribution\nof residual assets -- Report.\n(1) In cities with a pension fund established under KRS 95.520 where there are fewer\nthan six (6) active members of the pension fund, except as provided by subsection\n(3) of this section, the board of trustees of the policemen's and firefighter s' pension\nfund is composed of the mayor, city treasurer or chief financial officer, and one (1)\nretired member each from the police and fire departments. The retired members\nfrom the police and fire departments shall be elected by the respective retired\nmembers of those departments annually by ballot, one (1) from each department,\nand shall serve for one (1) year and until their respective successors are elected and\nqualified. The board shall select from their number a president and a secretary.\n(2) If the re are six (6) or more active members of the fund, there shall be two (2)\nadditional board members added to the members established by subsection (1) of\nthis section who shall be one (1) active member of the fund from each department\nelected by the active members of the fund from the respective departments and who\nshall serve for one (1) year and until their respective successors are elected and\nqualified. If all of the six (6) or more active members or all of the retired members\nare from one (1) department , then both of the active member board members or\nboth of the retired board members, as the case may be, shall be elected from that\ndepartment.\n(3) If there are fewer than six (6) active and retired members of the policemen's and the\nfirefighters' pension fund, the board of trustees shall be composed of the mayor, city\ntreasurer or chief financial officer, and two (2) employees appointed by the mayor,\none (1) from the city police department and one (1) from the city fire department,\nwho shall serve for one (1) year and until their respective successors are appointed\nand qualified. If all of the members of the pension fund are from one (1)\ndepartment, no appointment shall be made from the other department.\n(4) The board of trustees' membership shall be restru ctured according to the provisions\nof this section at the time of the next scheduled election of board members after\nJuly 15, 2016.\n(5) If there are fewer than twelve (12) active and retired members or beneficiaries of the\npolicemen's and the firefighters'  pension fund, the governing body of the fund may\nelect to offer to individuals entitled to benefits from the fund a one (1) time\nirrevocable option to convert monthly pension benefits from the fund to monthly\nannuity benefits from an insurance company for  the same amount. An insurance\ncompany accepting a benefit transfer shall honor any features and options available\nunder the existing plan. If the governing body of the fund elects to offer the option\nto convert monthly pension benefits to monthly annuity benefits, it shall provide to\nindividuals entitled to benefits from the fund sufficiently complete and appropriate\ndisclosures to assist in making an informed decision.\n(6) If all liabilities to all individuals entitled to benefits from the policemen's and\nfirefighters' pension fund have been satisfied, the legislative body of the city may by\nmajority vote of the entire legislative body adopt an ordinance dissolving the fund.\nIf adopted, the fund's board of trustees shall, within sixty (60) days of adoption ,\nproceed with the liquidation of any residual assets of the fund. All residual assets\nliquidated pursuant to this subsection shall be distributed by the board of trustees to\nthe city's general fund so long as the return of assets complies with federal and  state\nlaw governing the distribution of assets. Within thirty (30) days following the\ndistribution of residual assets, the board of trustees of the fund shall as its last act\nfile a complete report with the legislative body of the city of the actions take n to\ndissolve the fund and liquidate residual assets of the fund for retention by the city\nclerk the same as for other city records.","path":["KRS Chapter 95"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50461","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:55Z","sha256":"886334134c050ded81adf82b1a87d5722ed14068eb6d0113605ae9bf6d48736b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-95.520","next":"us-ky/krs-95.540"},"notice":"GroundRules: Original legal text. Not legal advice."}