{"data":{"id":"us-ky/krs-95.868","jurisdiction":"us-ky","citation":"KRS 95.868","heading":"Contributions by city.","body":"The city shall make current contributions to the fund on an actuarially funded basis,\ntoward the annuities and benefits herein provided. These contributions shall be equal to\nthe sum of the following:\n(1) An annual amount resulting from the application of a rate percent of salaries of\nactive members, representing the present value of the actuarial reserve requirements\nfor membership service, for service retirement annuity, disability retirement\nannuity, and annuities to widows and children, and the one (1) year term premium\nfor the city's liability for death benefits, after applying the contributions by the\nactive members. Such rate percent shall be fixed by the board at least once every\nthree (3) to five (5) years after completion of the actuarial valuation  of the fund as\nrequired by KRS 65.156, and shall be in effect until the next actuarial valuation is\ncompleted by the fund. For the first three (3) fiscal years of operation of the fund,\nthe city's rate of contribution shall be at least twelve percent (12%) of the salaries of\nthe active members participating in the fund.\n(2) An amount resulting from the application of a rate percent of the salaries of active\nmembers which will provide each year regular interest on the remaining liability for\nprior service.","path":["KRS Chapter 95"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=45000","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:56Z","sha256":"fd7f9685794f8ac2009cebe39c347d4feb37b8df21a56f02e1b59a3f9681e930","source_id":"us-ky","stale":false,"prev":"us-ky/krs-95.867","next":"us-ky/krs-95.869"},"notice":"GroundRules: Original legal text. Not legal advice."}