(A) The pension plans established for the city's police officers and firefighters under KRS Chapter 95 is 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 the County Employees Retirement System (hereafter known as 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 said existing city pension plan are hereby authorized to terminate such participation and transfer to CERS.
(D) The city shall continue to fund and manage its said 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 of CERS for the amortization of the cost of such prior service credit over a period of 15 years 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) It is hereby certified to the Board of Trustees of CERS that all police officers and firefighters presently employed by the city are deemed to be working in hazardous positions for purposes of KRS 61.592, and all police officers and firefighters employed after August 1, 1988 shall, if otherwise qualified, be eligible for CERS hazardous position coverage.
(I) Effective September 27, 1994, all employees working under hazardous duty job classifications of the Fire and Emergency Medical Services Department will transfer from the existing nonhazardous (general) coverage in the County Employees Retirement System of the Commonwealth of Kentucky to hazardous duty coverage. Upon such transfer, contributions to be paid for affected employees are as follows:
(1) 18.46% (current rate) of employee's gross wages to be paid by the employer (may be changed by the Board of Trustees of the Kentucky Retirement Systems).
(2) 7% (current rate) of employee's gross wages to be paid by the employee (may be changed by Kentucky General Assembly).
(J) The city will comply with all statutory requirements necessary to make the County Employees Retirement System hazardous duty coverage available to all employees who are working under approved positions within the Fire/Emergency Medical Services Department of the city.
(Ord. O-16-88, passed 7-26-88; Am. Ord. O-25-94, passed 9-27-94)