(A) The pension plans established for employees under KRS Chapter 95 and Chapter 78 are frozen effective August 1, 1988, to participation by those existing employees who are then participating 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 (CERS).
(B) The city elects to participate in CERS effective August 1, 1988, and authorizes the Mayor to execute the appropriate instruments to effectuate the election.
(C) All employees now participating in these existing city pension plans are 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 and those who are entitled to benefits in the 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 30-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 the employees to participate in CERS.
(H) The City Administrative Officer is 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. All police officers and firefighters employed after August 1, 1988, shall, if otherwise qualified, be eligible for CERS hazardous position coverage.
(Ord. 15-88, passed 7-19-1988)