{"data":{"id":"us-ky/krs-95.783","jurisdiction":"us-ky","citation":"KRS 95.783","heading":"Repeal of pension fund ordinance -- Disposition of funds -- Repeal of","body":"ordinances establishing pension fund -- Liquidation and distribution of\nresidual assets -- Report.\n(1) Except as provided by subsection (2) of this section, in the event that the p rovisions\nof KRS 95.767 to 95.784 are accepted and adopted by the legislative body of a city,\nas authorized in KRS 95.7665 by ordinance, as herein provided, the repeal of such\nordinance shall not become effective unless adopted by the unanimous vote of the\nduly elected members of such legislative body. In the event a repeal ordinance is\nadopted by such legislative body, all moneys or property belonging to the\npolicemen's and firefighters' pension fund at the time of the repeal of the said\nadoption ordinance shall be dissolved or liquidated by the board of trustees of said\npolicemen's and firefighters' pension fund and distributed by said board in the\nfollowing manner: Within sixty (60) days of adoption by said legislative body of\nsaid repeal ordinance, the said board of trustees shall proceed with the liquidation of\nsaid pension fund as follows: All unexpended moneys appropriated to said pension\nfund out of the said city's general fund to the policemen's and firefighters' pension\nfund by the said legislative body of such city and at the time of adoption of a repeal\nordinance shall revert back to the city's general fund. All other unexpended moneys\nor property which has come into the said pension fund's hands shall be liquidated by\nsaid board of trustees in the  following manner: All unexpended moneys in the said\npension fund which accumulated thereto by pick up of employee contributions by\nthe employer pursuant to KRS 65.155 or assessments from policemen's and\nfirefighters' salaries and gifts, or accumulated the reto in any manner except\nappropriations from the said city's general fund, shall revert back to the active or\nretired policemen and firefighters and dependents who have qualified under KRS\n95.761 to 95.784 in such city. In the division to the beneficiarie s, the board of said\ntrustees shall use in the division of said fund the per centum of the present salaries\nof such members. After all disbursements have been made of said fund by the board\nof trustees, the said board of trustees shall file, as their last act, a complete report of\nsame with said legislative body within thirty (30) days, and such report shall be kept\nin the office of the city clerk as other city records.\n(2) If all liabilities to all individuals entitled to benefits from the policemen's and\nfirefighters' pension fund have been satisfied, the ordinances establishing the fund\nmay be repealed by the majority vote of the duly elected members of the entire\nlegislative body. If repealed, the fund's board of trustees shall, within sixty (60) days\nof repeal, proceed with the liquidation of any residual assets of the fund. All\nresidual assets liquidated pursuant to this subsection shall be distributed by the\nboard of trustees to the city's general fund so long as the return of assets complies\nwith fede ral and state law governing the distribution of assets. Within thirty (30)\ndays following the distribution of residual assets, the board of trustees of the fund\nshall as its last act file a complete report with the legislative body of the city of the\nactions taken to terminate the fund and liquidate residual assets of the fund for\nretention by the city clerk the same as for other city records.","path":["KRS Chapter 95"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=44998","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:55Z","sha256":"3f2623adfe02fe307e8c0e2e253a0bab1cf1d9728f089ea0345e0bbf35d07bdc","source_id":"us-ky","stale":false,"prev":"us-ky/krs-95.782","next":"us-ky/krs-95.784"},"notice":"GroundRules: Original legal text. Not legal advice."}