(A) The pension plan established for city employees under KRS Ch. 95 is hereby frozen effective 8-1-1988, to participation by those existing employees who are then participating therein and who file with the city on or before 11-1-1988, a written election to continue participating therein in lieu of participating in the County Employees Retirement System (CERS).
(B) The city elects to participate in the CERS effective 8-1-1988, and hereby authorizes the Mayor to execute the appropriate instruments to effectuate such election.
(C) All employees now participating in the existing city pension plans are hereby authorized to terminate such participation and transfer to the CERS.
(D) The city shall continue to fund and manage its existing pension plan for the benefit of any employees electing to continue therein and those who are entitled to benefits in the existing pension plan.
(E) (1) Employees hired after 8-1-1988, who are otherwise eligible to participate in the city pension plan, shall participate only in the CERS.
(2) Notwithstanding the foregoing, full-time employees hired on or after 9-1-1999 shall participate in CERS upon his or her employment date as a full-time employee. Full-time employees for the purpose of this section do not include seasonal, co-op or intern employees.
(F) The city hereby adopts the terms and provisions of the CERS under KRS 78.510 through 78.852, elects the alternate participation plan under KRS 78.530(3), and declares its intention to enter into an agreement with the Board of Trustees for the amortization of the cost of such prior service credit over a 30-year period commencing on or about 8-1-1988.
(G) Individual employee accounts in the existing city pension plan shall be transferred to the CERS for credit to the respective employee’s individual account in the CERS, pursuant to KRS 78.531(1) and (2), upon the election of such employees to participate in the CERS.
(H) The City Manager or his or her assignee is hereby directed to certify to the Board of Trustees the names of all employees deemed to be working in a hazardous position for purposes of KRS 61.592, and all police officers and firefighters employed after 8-1-1988 shall, if otherwise qualified, be eligible for the CERS hazardous position coverage.
(1984 Code, § 33.07) (Ord. O-28-17, passed 11-28-2017)