{"data":{"id":"us-ky/krs-96.180","jurisdiction":"us-ky","citation":"KRS 96.180","heading":"Pension plan for employees -- Repeal of ordinances establishing pension","body":"fund -- Liquidation and distribution of assets -- Report -- Coverage provided\nin County Employees Retirement System after August 1, 1988.\n(1) The board may, by proper order, prov ide a pension plan for its employees. In the\nevent the board elects to provide a pension plan, it shall determine and formulate\nthe form of pension plan to be used; determine and prescribe the eligibility of\nemployees or their dependents to a pension or ot her benefits; determine and\nprescribe the monthly allowance or pension for employees or their dependents so\ndetermined to be eligible for a pension or benefits under the pension plan, not to\nexceed, however, a sum equal to one -half (1/2) of the monthly sal ary or wages of\nany employee at the time of his or her retirement; appoint a commission, which\nshall consist of three (3) members possessing the qualifications of a member of the\nboard, for the administration of the pension plan and prescribe the powers an d\nduties of such commission; appoint a trustee of the pension fund, fix the term of his\noffice and the compensation of such trustee, and prescribe the powers and duties of\nsuch trustee and do and perform any other or further acts necessary to effectuate\nsuch pension plan. When a pension plan shall have been adopted, a commission\nappointed to administer such plan and a trustee of the pension fund appointed and\nqualified, the board may annually appropriate and pay out of its operating revenue,\nas an operating  expense, into the sinking fund, a sum sufficient, when determined\non a fair actuarial basis, to maintain the pension plan so adopted, not exceeding,\nhowever, a sum equal to one -half of one percent (0.5%) of the fair value of the\nutility property and asset s. The board may assess, and cause to be paid into the\npension fund monthly, such amount or percent of the salary of all employees\neligible under and electing to accept the pension plan as may be equitably\ndetermined on a fair actuarial basis, not to excee d, however, five percent (5%) of\nthe monthly salary of any employee. The trustee of the pension fund shall give such\nbond as required by the board, the cost of which shall be payable out of the pension\nfund. The trustee of the pension fund shall each year file with the board a report\nshowing his actions and his accounts as such trustee.\n(2) The board shall have full power to receive any and all funds of property which may\nbe available or become available to the board or the city for use in the creation or\nmaintenance of a pension plan for the employees of the board, including but not\nlimiting the power to sign, execute and deliver such receipts, indemnity agreement\nor other writing which either the board or the city may be required to sign, execute\nand deliver to obtain any such fund or property for such purpose.\n(3) If all liabilities to all individuals entitled to benefits from the pension fund\nestablished under this section have been satisfied, the ordinances establishing the\nfund may be repealed by the majority vote of the entire board. If repealed, the fund's\ntrustees shall, within sixty (60) days of repeal, proceed with the liquidation of any\nresidual assets of the fund. All residual assets liquidated pursuant to this subsection\nshall be distributed by t he trustees to the board's general fund so long as the return\nof assets complies with federal and state law governing the distribution of assets.\nWithin thirty (30) days following the distribution of residual assets, the trustees of\nthe fund shall as its last act file a complete report with the board of the actions taken\nto terminate the fund and liquidate residual assets of the fund.\n(4) (a) After August 1, 1988, except as permitted by KRS 65.156, no new pension\nfund shall be created pursuant to this secti on and boards which were covered\nby this section on or prior to August 1, 1988, shall participate in the County\nEmployees Retirement System effective August 1, 1988.\n(b) Any board which provided a pension plan for its employees on or prior to\nAugust 1, 198 8, shall place employees hired after August 1, 1988, in the\nCounty Employees Retirement System. The board shall offer employees hired\non or prior to August 1, 1988, membership in the County Employees\nRetirement System under the alternate participation plan  as described in KRS\n78.530(3), but such employees may elect to retain coverage under this section.","path":["KRS Chapter 96"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=45005","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:57Z","sha256":"a203e65b1b073eb49dcdfab3824f6ada0b24040440d203294a506a4ebfab5d3f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-96.179","next":"us-ky/krs-96.181"},"notice":"GroundRules: Original legal text. Not legal advice."}