{"data":{"id":"us-ky/krs-95.767","jurisdiction":"us-ky","citation":"KRS 95.767","heading":"Board of trustees of pension fund -- Membership -- Officers -- Treasurer --","body":"Option to convert pension benefits to annuity benefits.\n(1) (a) There shall be organized in connection with the police and fire departments a\nboard to be known as the board of trustees of the policemen's and firefighters'\npension fund.\n(b) If there are six (6) or more active members of the fund, the board shall be\ncomposed of the mayor of the city, city treasurer or chief financial officer, one\n(1) member of the city legislative body appointed by the mayor, one (1) retired\nmember each from the police and fire departments elected by the respective\nretired members of those departments annually by ballot, and one (1) active\nmember of the fund from each department elected by  the active members of\nthe fund from the respective departments annually. If all of the six (6) or more\nactive members or all of the retired members are from one (1) department,\nthen both of the active member board members or both of the retired board\nmembers, as the case may be, shall be elected from that department.\n(c) If there are fewer than six (6) active members of the fund, no active members\nof the departments shall be elected to the board. The trustees shall select from\ntheir number a president and secretary. The city treasurer or chief financial\nofficer shall be ex officio treasurer of the board and custodian of its funds.\n(d) If there are fewer than six (6) active and retired members of the policemen's\nand firefighters' pension fund, the board of t rustees shall be composed of the\nmayor, city treasurer or chief financial officer, one (1) member of the city\nlegislative body appointed by the mayor, and two (2) employees appointed by\nthe mayor, one (1) from the city police department and one (1) from th e city\nfire department, who shall serve for one (1) year and until their respective\nsuccessors are appointed and qualified. If all of the members of the pension\nfund are from one (1) department, no appointment shall be made from the\nother department.\n(2) 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(3) 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 ann uity\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 benefits from the fund sufficiently complete and appropriate disclosures\nto assist in making an informed decision.","path":["KRS Chapter 95"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50464","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:55Z","sha256":"71b0889476b7969361e86c9f350c08963ff22cdc595bd488936a7d74e1cf444f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-95.7665","next":"us-ky/krs-95.768"},"notice":"GroundRules: Original legal text. Not legal advice."}