(A) Creation of Retirement Fund; designation of name.
(1) There is established in the city a retirement and benefit fund for employees of the city, their dependents and beneficiaries.
(2) The Fund shall be known as the “Employees Retirement Fund of the City of Covington, Kentucky”. In such name, the Fund’s business shall be transacted, its moneys invested and accumulated reserves consisting of cash, securities and other property held. The Fund shall receive all assets, cash, securities and other property presently held by the trustees of an existing fund.
(B) Purpose of Fund. The purpose of the Fund is to provide retirement annuities and disability benefits for the employees of the city who become aged or otherwise incapacitated, and widows’ annuities and other benefits to the dependents of such employees to the end that such employees may accumulate reserves for themselves and their dependents to meet, without prejudice or hardship, the hazards of old age, disability, death and termination of service, thereby encouraging qualified personnel to enter and remain in the service of the city.
(C) Scope; exception.
(1) All city employees pension and retirement funds presently existing and in operation pursuant to statutory law and ordinances shall be operated under the provisions of this subchapter.
(2) This subchapter shall not apply to employees of the city covered by the Police and Firefighters Pension Fund.
(D) Persons covered. This subchapter shall apply to the following individuals:
(1) Employees of the city in the classified service prior to 7-23-1964; and
(2) Persons who become classified employees on or after the date of establishment who become members as a condition of employment.
(E) Scope of benefits.
(1) Members of existing pension funds retired by reason of age or disability and the widows or other dependents drawing funds from the Fund shall be continued upon the same terms and conditions as were in operation at the time the widow or other dependent became entitled to benefit as a widow or dependent. In no case shall the benefit be less than that set out in this subchapter.
(2) Members of existing pension funds, together with those who hereafter become members, and their widows and other dependents shall draw compensation pursuant to the provisions of this subchapter.
(F) Probationary employees subject to Fund. Employees appointed for a probationary period shall become members of the Pension Fund System immediately upon receiving their probationary appointment, and shall immediately begin paying into the Fund. In the event of the resignation or dismissal of the probationary employee, he or she shall receive a refund of all moneys paid into the Fund, without interest.
(G) Fiscal year. The fiscal year of the Fund shall coincide with that of the city.
(H) Violations; falsification of records.
(1) Any person who knowingly makes any false statement, falsifies or permits to be falsified, any record of this Fund, in any attempt to defraud the Fund, shall be punishable therefor under the laws of the state.
(2) The Fund shall have the right to recover any payments made under false representations.
(I) Pension Fund successor to former fund.
(1) It is the intention hereof that the Fund shall supersede and take the place of the pension fund heretofore created pursuant to enabling legislation by any ordinance of the city heretofore enacted.
(2) The Fund shall succeed to and assume all assets of any existing retirement or pension fund of every kind and character whatsoever, including cash, securities, receivables and accruals.
(3) The Fund shall assume all liabilities, obligations, annuities, pensions and benefits previously granted and in force by ordinances heretofore in effect.
(4) The Fund shall continue to make payments of all such annuities, pensions and benefits granted by such pre-existing pension ordinances at the rates previously fixed and under the conditions previously in effect.
(1984 Code, § 34.61) (Ord. O-39-64, passed 7-23-1964; Ord. O-64-64, passed 12-7-1964; Ord. O-48-71, passed 8-26-1971; Ord. O-15-80, passed 2-19-1980; Ord. O-20-83, passed 4-19-1983)
Statutory reference:
Pension fund in second class cities, see KRS 90.400