(A) The Police and Firefighters' Pension Fund in cities of the fourth class shall consist of:
(1) Revenues of the city authorized by the City Council, which shall not be less than the amount contributed by the members of the Police and Fire Departments;
(2) All rewards, fees, gifts or emoluments paid or given on account of extraordinary service of any member of the Police or Fire Department;
(3) Assessments, which the Board of Trustees of the Pension Fund shall make, upon each member of the Police and Fire Departments, of not more than 3 1/2% of his or her salary, to be held from the monthly salary and paid by the City Treasurer into the Pension Fund. Beginning July 15, 1982, and thereafter, upon a member's withdrawal from service prior to qualifying for a pension, the Board of Trustees shall be governed by the provisions of KRS 95.620(2), (3) and (4).
(B) Said Fund shall be for the pensioning of any Policeman or Firefighter who has served in the Police or Fire Departments for at least a period of 20 years or more, providing that applicant has reached his or her fifty-first birthday, and all members of the Police and Fire Departments shall be entitled to be credited with the services rendered continuously prior to the adoption ordinance under the provisions of KRS 95.761, by said city, to the eligibility of the 20 year or more, period for pension, not less than three, nor to exceed 15 years of previous service, and for the further purpose of pensioning any member of the Police or Fire Department who may become permanently crippled while in the service and on duty, and for the further purpose of pensioning the widow or dependent children under 14 years of age, or either of them, or any member of said departments who may lose his or her life while in the service and on active duty. The payments made under the provisions of this section shall constitute and be kept as a fund to be called the "Policeman's and Firefighter's Pension Fund," and the Board of Trustee of the Policemen's Pension Fund, are declared to be the Trustees of said Fund, and they shall have power, and it shall be their duty, from time to time, to invest the same, in whole or in part, as they shall deem most advantageous for the objects of said Fund; and they are empowered to make all the necessary contracts and to pursue all the necessary remedies in the premises.
(Ord. O-7-2005, passed 5-2-05)
Statutory reference:
For similar statutes, see KRS 95.768