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(A) An alternative Policemen's and Firefighters' Pension Fund in third-class cities, as provided in KRS 95.621 through 95.629, is hereby adopted in lieu of KRS 95.520 through 95.620.
(Ord. 320.4, passed 11-28-67)
(B) The pension plan established for police officers and firefighters under KRS 95.621 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 CERS.
(C) The city hereby elects to participate in CERS and adopts the non-hazardous coverage provided under 1988 H.B. 398 (KRS 78.510 through 78.852) effective August 1, 1988 as to police officers and firefighters thereafter becoming eligible therefor, and authorizes the Mayor and other city officials to execute the appropriate instruments to effectuate such election.
(D) The city shall continue to fund and manage its existing pension plan for the benefit of all employees electing to continue therein, and those who are entitled to benefits in the existing pension plan.
(E) New police officers and firefighters hired after August 1, 1988, who would otherwise be eligible to participate in the city pension plan adopted pursuant to KRS 95.621, shall hereinafter participate only in the CERS non-hazardous coverage plan as required by 1988 H.B. 398 (KRS 78.510 through 78.852).
(Ord. 88-10, passed 7-28-88)