(A) All existing pension plans established for the police, fire, general services and administrative departments are frozen effective February 1, 1988, to participation by those existing employees who are then participating therein and who file with the city on or before February 1, 1988, or as otherwise required under KRS 78.510 through 78.582, a written election to continue participation therein in lieu of participating in C.E.R.S, or those who changed their written election pursuant to KRS 78.530(8) and in accordance with administrative guidelines of C.E.R.S.
(B) The city hereby elects to participate in C.E.R.S effective February 1, 1988, and authorizes the Mayor and/or City Administrative Officer to secure the appropriate instruments to effectuate such election.
(C) All employees now participating in said existing city pension plans are hereby authorized to terminate such participation and transfer to C.E.R.S.
(D) The city hereby stipulates that all such employees electing participation with C.E.R.S. shall be classified under the "Non-Hazardous" coverage provisions, with the exception of police and firefighters who shall be classified under "hazardous duty coverage" in accordance with C.E.R.S regulations.
(E) The city shall continue to fund and manage its said existing pension plans for the benefit of any employees electing to continue therein and those who are entitled to benefits in said existing pension plans, shall participate only in C.E.R.S.
(F) Employees hired after February 1, 1988, who are otherwise eligible to participate in city pension plans, shall participate only in C.E.R.S.
(G) The city hereby adopts the terms and provisions of the C.E.R.S. under KRS 78.510 through 78.582, 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 period determined by the Board of Trustees of C.E.R.S commencing on or about February 1, 1988.
(H) The individual employee accounts in the existing city pension plans shall be transferred to C.E.R.S. for credit to the respective employees individual account in C.E.R.S., pursuant to KRS 78.531(1) and (2), upon the election of such employees to participate in C.E.R.S.
(Ord. O-25-87, passed 1-4-88; Am. Ord. O-16-88, passed 8-1-88; Am. Ord. O-15-02, passed 6-17-02)