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36,272 statutes · page 1786 of 1814
United States — Kentucky legislation
20 statutes shown from 36,272 source-backed records
This section gives certain members credit for service, including prior service and some service performed while on approved leave, subject to stated limits and conditions.
A member may retire on a service retirement annuity at age 50 or older if they have at least 20 years of total service, and the board must grant the annuity when the member applies and the terms are met.
A member who leaves service before age 50 after at least 20 years of service and without taking a refund of contributions may, on application, receive a certificate for a service retirement annuity at age 50.
Members are subject to compulsory retirement under the city’s rules, but a member who can still perform assigned duties may serve for at least 20 years.
This section sets retirement annuity rates, minimum benefits, and annual cost-of-living increases, with limited board and city authority to adjust some amounts if actuarially supported.
If a member dies from occupational causes, the section sets survivor annuities for a widow, minor children, and dependent parents, with minimum benefit rules and offsets for workers' compensation.
This section gives survivor annuities and related cost-of-living adjustments to a deceased member’s widow and minor children, subject to service, age, marriage, disability, and remarriage conditions.
This section sets disability retirement annuity amounts and related adjustments for a member with a total and permanent occupational disability.
A member with total and permanent nonoccupational disability and at least 10 years of service is entitled to a disability retirement annuity, and survivors may receive regular annuities if the member dies.
The board uses physician certification to decide disability retirement, may end the annuity if the retiree is doing substantially the same police or fire work for another employer, and the city must offer reemployment if the annuity is terminated.
This section makes the referenced benefit rules retroactive to June 21, 1974, and says they supersede specified 1974 Act provisions to the extent they address reductions tied to workers' compensation benefits.
If a member dies in service or after retirement, a designated beneficiary or the member’s estate may receive a death benefit, with a $300 minimum and different calculations depending on whether survivor annuities are payable.
A member leaving service before retirement can get a refund of contributions, but doing so causes forfeiture of accrued rights and service credit.
Each active member must contribute 8% of current salary, and the city’s director of finance is authorized to deduct that amount from salary in semimonthly installments.
The city must make current contributions to the fund and the contribution rate must be set on an actuarially funded basis.
A board of trustees runs the fund, can offer a one-time pension-to-annuity conversion in limited cases, and must remove any board member convicted of fund mismanagement or embezzlement.
This section sets the yearly election process for trustee of the fund, including nomination filing, vote certification, and when the winner takes office.
The board must run the fund’s office, records, meetings, applications, reports, audits, and related administration.
The board must set up its officers and procedures, the city treasurer/chief financial officer must bond and account for fund property, and the board must adopt rules and arrange legal and actuarial support.
The board may invest fund money in specified bonds or securities and may hire consultants for investment advice at its own cost.
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