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(a) The pension plan established for the city's policemen and firemen under Chapter 95 of the Kentucky Revised Statutes are hereby frozen effective August 1, 1988, to participation by those existing employees who are then participating therein and who file with the city on or before October 31, 1988, a written election to continue participating therein in lieu of participating in CERS.
(b) The city hereby elects to participate in CERS effective August 1, 1988, and 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 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 existing pension plan.
(e) Employees hired after August 1, 1988, who are otherwise eligible to participate in the city pension plan, shall participate only in CERS.
(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 thirty-year period commencing on or about August 1, 1988.
(g) The individual employee accounts in the existing city pension plan shall be transferred to CERS for credit to the respective employee's individual account in CERS, pursuant to KRS 78.531(1) and (2), upon the election of such employees to participate in CERS.
(h) The city manager 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 policemen and firemen employed after August 1, 1988, shall, if otherwise qualified, be eligible for CERS hazardous position coverage.
(Code 1977, § 9.410; Ord. No. 1400, §§ 1-8, 7-26-88)
State law reference--County employees' retirement system, KRS 78.510 et seq.