{"data":{"id":"us-ky/krs-95.622","jurisdiction":"us-ky","citation":"KRS 95.622","heading":"Pension fund created in cities adopting provisions of KRS 95.621 to 95.629 -","body":"- Board of trustees, members, officers, powers -- Option to convert pension\nbenefits to annuity benefits -- Repeal of ordinances establishing pension fund --\nLiquidation and distribution of residual assets -- Report.\n(1) There shall be created in cities that elected to adopt the provisions of KRS 95.621 to\n95.629 a policemen's and firefighters' pension fund, and a board of trustees for that\nfund.\n(2) (a) Except as provi ded by paragraph (c) of this subsection, in cities where there\nare fewer than six (6) active members of the pension fund, the board of\ntrustees of the policemen's and firefighters' pension fund shall be composed of\nthe mayor, city treasurer or chief financial officer, and one (1) retired member\neach from the police and fire departments shall be elected by the respective\nretired members of those departments annually by ballot, one (1) from each\ndepartment, and shall serve for one (1) year and until their suc cessors are\nelected and qualified.\n(b) If there are six (6) or more active members of the fund, there shall be two (2)\nadditional board members who shall be one (1) active member of the fund\nfrom each department elected by the active members of the fund fr om the\nrespective departments and who shall serve for one (1) year and until their\nsuccessors are elected and qualified. If all of the six (6) or more active\nmembers or all of the retired members are from one (1) department, then both\nof the active member board members or both of the retired board members, as\nthe case may be, shall be elected from that department.\n(c) If there are fewer than six (6) active and retired members of the fund, the\nboard of trustees shall be composed of the mayor, city treasurer or chief\nfinancial officer, and two (2) employees appointed by the mayor, one (1) from\nthe city police department and one (1) from the city fire department, who shall\nserve for one (1) year and until their respective successors are appointed and\nqualified. If all of the members of the pension fund are from one (1)\ndepartment, no appointment shall be made from the other department.\n(d) The board shall select from their number a president and a secretary. The\nboard of trustees shall be the trustees of the pen sion fund and of all moneys\ndonated or paid for the relief or pensioning of members of the police and fire\ndepartments. It may do all things necessary to protect the fund.\n(3) The board of trustees may draw the pension fund from the treasury and invest it,  in\nwhole or in part, in the name of the board or nominee name as provided by KRS\n286.3-225, as the board deems most advantageous for the objects of the fund, in a\nlocal government pension investment fund created pursuant to KRS 95.895 or in\nany other secu rities in which trustees are permitted to invest trust funds under the\nlaws of this state. The securities shall be subject to the order of the board.\n(4) The board of trustees' membership shall be restructured 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 firefighters' pension fund, the governing body of the fund may elect\nto offer to individuals entitled to benefits from the fund a one (1) time irrevocable\noption to convert monthly pension benefits from the fund to monthly annuity\nbenefits from an insurance company for the same amount. An insurance company\naccepting a benefit transfer shall honor any features and options available under the\nexisting plan. If the governing body of the fund elects to offer the option to convert\nmonthly pension benefits to monthly annuity benefits, it shall provide to individuals\nentitled to ben efits from the fund sufficiently complete and appropriate disclosures\nto 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 ordi nances establishing the fund\nmay be repealed by the majority vote of the duly elected members of the entire\nlegislative body in accordance with the provisions established by KRS 95.530(6).","path":["KRS Chapter 95"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50463","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:55Z","sha256":"00109a2ec4f4eaa363b5564361145a0b3740d243b1ff2f6f566286f181dca513","source_id":"us-ky","stale":false,"prev":"us-ky/krs-95.621","next":"us-ky/krs-95.623"},"notice":"GroundRules: Original legal text. Not legal advice."}