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(A) There was established and is continued under authority of KRS 95.290 a retirement and benefit fund for certain members of the Police Department, their dependents, and beneficiaries which is known as the City of Louisville Policemen's Retirement Fund. In such name all of its business shall be transacted, all of its moneys invested, and all of its accumulated reserves, consisting of cash, securities, and other property, shall be held.
(B) Any pension fund established under the provisions of this subchapter shall be held or distributed for, and only for, any of the following purposes:
(1) Paying pensions under applicable ordinances;
(2) Making payments to the Metro Government for transfer to the County Employees Retirement System for alternate participation pursuant, to KRS 78.530(3)(a) and KRS 78.531(2);
(3) Transferring pension assets through investment contract or other financial instrument for the purpose of amortizing unfunded service liabilities;
(4) Payment from the Metro Government to the County Employees Retirement System for future pension contributions required pursuant to KRS 61.565; and
(5) Payment to the Metro Government of excess funds as provided in subsection (C) of this section.
(C) If police officers elect entry into the County Employees Retirement System and thereby create excess funds over those required to provide for the purposes set forth in subsection (B)(1), (B)(2), and (B)(3) of this section (such as, the payment of pension benefits to the remaining active members of the Policemen's Retirement Fund and to retirees and their survivors and the city's alternate participation liability to the County Employees Retirement System), these excess funds shall be distributed to the Metro Government for use by the Metro Government for any other purpose it may elect, including, but not limited to, the establishment of a reserve for payment under subsection (B)(4) of this section.
(D) (1) After May 1, 1986, each new police officer who would have been granted membership in the Policemen's Retirement Fund shall be a member of the County Employees Retirement System. Each member of the Policemen's Retirement Fund who was hired prior to May 1, 1986, may, on or before the date established by the County Employees Retirement System, choose membership in the County Employees Retirement System (which shall be effective May 1, 1986) or may retain membership in the Policemen's Retirement Fund. Pursuant to the requirement imposed by the County Employees Retirement System, any police officer who elects to transfer into the County Employees Retirement System shall choose membership in the County Employees Retirement System by signing an election form provided by the County Employees Retirement System. The Metro Government shall have the right to require sufficient documentation from each police officer to verify the police officer's election into the County Employees Retirement System. If a police officer fails to verify his or her election to the reasonable satisfaction of the city or if a police officer's benefits in the Policemen's Retirement Fund are pledged, assigned, or otherwise alienated and are not available for distribution to the County Employees Retirement System on the date the Metro Government makes its first payment to the County Employees Retirement System pursuant to KRS 78.530(3)(a) and KRS 78.531(2), the police officer's election into the County Employees Retirement System shall be void and of no effect and no funds shall be transferred from the Policemen's Retirement Fund to the County Employees Retirement System on behalf of the police officer.
(2) When the Metro Government is reasonably satisfied that a police officer has made a valid election into the County Employees Retirement System, the Metro Government shall notify the Board of the name of each police officer who is transferring into the County Employees Retirement System and is withdrawing from the Policemen's Retirement Fund. The Metro Government shall have the right to require the Policemen's Retirement Fund to transfer assets to the Metro Government for payment of all or any portion of the obligation to the County Employees Retirement System for alternate participation pursuant to KRS 78.530(3)(a) and KRS 78.531(2) with respect to those police officers who have made a valid election.
(3) If the Metro Government or the Policemen's Retirement Fund should incur any liability, expense, loss, or cost, including but not limited to attorneys' fees, as a result of the fact that a police officer's benefits in the Policemen's Retirement Fund are pledged, assigned, or otherwise alienated and are not available for distribution to the County Employees Retirement System, the police officer shall indemnify and hold the Metro Government and the Policemen's Retirement Fund harmless for any liability, expense, loss, or cost, including but not limited to attorneys' fees.
(E) (1) The Metro Government elects the alternate participation plan, pursuant to KRS 78.530(3), for police officers who transfer to the County Employees Retirement System. The Metro Government may, at its option, extend the payment period for the cost of alternate participation for a maximum of 20 years with interest to be payable on the outstanding balance at the rate actuarially assumed by the Board of Trustees of the County Employees Retirement System.
(2) In the event the Metro Government decides to defer the payment of its alternate participation liability to the County Employees Retirement System pursuant to KRS 95.290(5), the amount of the alternate participation liability shall be transferred to a separate alternate participation fund within the Policemen's Retirement Fund and all income and principal with respect to this fund shall be reserved for payment to the Metro Government. The Metro Government may use any assets distributed to it from this fund to pay its liability to the County Employees Retirement System for alternate participation or, to the extent the fair market value of the assets in the fund exceeds the city's alternate participation liability to the County Employees Retirement System, the assets may be used by the city for any other purpose it may elect. The Metro Government shall have the right, at any time, to require the Board to liquidate and transfer, or transfer in kind, any or all of the assets in the alternate participation fund for immediate payment to the Metro Government. No less than annually, the Metro Government shall provide an investment program to the Board regarding the investment of the assets in the alternate participation fund.
(F) All police officers who become members of the County Employees Retirement System shall be granted hazardous duty coverage.
(G) Notwithstanding the provisions of KRS 61.565, which relate to the contributions required of participating employers, the Metro Government shall have the right to enter into agreement with its employees or with their respective collective bargaining representatives. This agreement may include, but is not limited to, specifications of what portion of the required employer contribution shall be borne by the Metro Government and what portion shall be borne by the participating employee. This provision in no way modifies the Metro Government's obligation to remit the contributions required by the County Employees Retirement System pursuant to KRS 61.565, whether those contributions are borne by the Metro Government or by its employees.
(H) The Metro Government reserves the right to amend the terms and conditions of its participation in the County Employees Retirement System in accordance with the provisions of KRS 95.290(7).
(I) Pursuant to §§ 35.180 through 35.183, the members of the Board shall be indemnified by the Metro Government for any and all claims, liabilities, costs, and expenses incurred by them which result from or arise out of their good faith performance of the duties and obligations imposed by the provisions of Chapter 36, including without limitation, any and all claims, liabilities, costs, and expenses resulting from or arising out of the Board's following the investment program provided by the Metro Government.
(1999 Lou. Code, § 36.100) (Lou. Ord. No. 91-1973, approved 6-29-1973; Lou. Am. Ord. No. 203-1986, approved 6-26-1986; Lou. Am. Ord. 0157-2002, approved 12-26-2002; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004; Lou. Metro Am. Ord. No. 127-2005, approved 8-29-2005)
The purpose of this Fund is to provide retirement annuities and disability benefits for the members of the Police Department and spouse annuities and other benefit to the dependents of such members to the end that the members may accumulate reserves for themselves and their dependents to meet, without prejudice or hardship, the hazards of old age, disability, death, and termination of service, thereby encouraging qualified personnel to enter and remain in the service of the Police Department.
(1999 Lou. Code, § 36.101) (Lou. Ord. No. 91-1973, approved 6-29-1973; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004)
For the purpose of this subchapter the following definitions shall apply unless the context clearly indicates or requires a different meaning.
AVERAGE SALARY. The sum of the three highest fiscal years of annual base salary of the member, as established in the Metro Government employees classification and compensation ordinance divided by 36 months.
BASE SALARY. The annual base salary established in the Metro Government employees classification and compensation ordinance.
BOARD. The Board of Trustees provided for herein as the agency responsible for the direction and operation of the affairs and business of the Fund. The Board shall hold title to all assets of the Fund and shall have exclusive authority relating to investment of the assets of the Fund, including contracting with investment advisors or managers to perform investment services as deemed necessary and prudent by the Board.
CIVILIAN EMPLOYEE. Any employee of the Police Department, other than a duly sworn patrolman or commanding officer of the Police Department.
FUND. The Policemen's Retirement Fund of the City of Louisville.
MEMBER. Any member of the Police Department who is included in the membership of the Fund.
MEMBERSHIP SERVICE. Service rendered on or after the date of establishment.
METRO GOVERNMENT. The Louisville/Jefferson County Metro Government, which shall include reference to the antecedent political subdivision "City of Louisville" as reference herein may be applicable.
OCCUPATIONAL DEATH. Death due directly to occupational disability as herein defined.
OCCUPATIONAL DISABILITY. Any physical hurt resulting from external force or violence occasioned by any act of police duty as an active member of the Police Department inherently involving special risk not ordinarily assumed by a citizen in the ordinary walks of life, imposed on a member of the Police Department by the statutes of the state or any ordinances or police rules or regulations of the Metro Government, or any act of heroism performed by such member having for its direct purpose the saving of life or property in the discharge of police duty, or any other disability which may directly be attributable to any act or acts of police duty as herein defined. The finding of disability for workers' compensation shall not be deemed presumptive evidence of disability for the purposes of this Pension Fund.
POLICE DEPARTMENT.
The City of Louisville Department of Police, or successor agency, Louisville Metro Police Department, as applicable
.
PRIOR SERVICE. Service rendered prior to the date of establishment.
SERVICE. Actual employment by the Police Department for salary or compensation, or service otherwise creditable as herein provided.
TOTAL SERVICE. Prior service, membership service, and military service.
(1999 Lou. Code, § 36.102) (Lou. Ord. No. 91-1973, approved 6-29-1973; Lou. Am. Ord. No. 102-1977, approved 10-5-1977; Lou. Am. Ord. No. 169-1985, approved 7-12-1985; Lou. Am. Ord. No. 203-1986, approved 6-26-1986; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004; Lou. Metro Am. Ord. No. 127-2005, approved 8-29-2005)
(A) Membership of the Policemen's Retirement Fund shall consist of those persons who became full-time members of the Police Department on or after the date the City Policemen's Retirement Fund was established and who, prior to May 1, 1986, became members as a condition of employment and who did not choose membership in the County Employees Retirement System.
(B) No police officer hired after May 1, 1986, shall be eligible for membership in the Policemen's Retirement Fund, but shall be eligible for membership in the County Employees Retirement System in accordance with § 32.111 of this subchapter and with KRS 95.290.
(1999 Lou. Code, § 36.103) (Lou. Ord. No. 91-1973, approved 6-29-1973; Lou. Am. Ord. No. 203-1986, approved 6-26-1986; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004)
Each person becoming a member on the date of establishment shall be entitled to full credit for all service rendered prior to that date. Each person becoming a member after the date of establishment shall be entitled to credit after that date, provided contributions are made for all such subsequent service. Total service shall include prior service and membership service. The following types of service shall be eligible for service credit:
(A) Service as a full-time member of the Police Department of the Metro Government;
(B) Service as a full-time member of the special park police prior to their transfer into the regular police force of the Metro Government;
(C) Service in a civilian or other capacity in the service of the city, county, state, or the federal government, while on an approved leave of absence from the Police Department;
(D) Service in any branch of the armed forces of the United States during a period of national emergency while on leave of absence from the Police Department, provided that no more than one year of such service shall be granted for each four years of service in the Police Department, and that the member reenters the service of the Police Department within a period of 90 days following the date of honorable discharge from such service;
(E) All service rendered in a civilian capacity prior to June 1, 1949, or rendered as a member of the pension system established by Ordinance No. 90, Series 1949, as amended, or rendered as a member of this plan;
(F) In determining the amount of any annuity or other benefit payable pursuant to §§ 32.118, 32.120 or 32.122, a member shall have added to his or her service time credit for accumulated unused sick leave at the rate of one month service for each ten days of accumulated unused sick leave. Such unused accumulation shall be included only for calculating benefits and shall not be included in determining eligibility for benefits of any sort hereunder.
(G) Any member of this plan or a predecessor plan who had terminated employment and was subsequently rehired prior to July 1, 1973, shall receive credit for such prior period or periods of service provided that before January 1, 1974, he or she returns to the Fund all previously refunded contributions, without interest. Any member who is reemployed on or after July 1, 1973, shall receive credit for such prior period or periods of service provided that, within one year after reemployment, he or she returns to the Fund all previously refunded contributions, with interest at 6% per annum compounded annually from the date of payment of such refund by the Fund to the date the member refunds such amount. If any refund is payable hereunder by a member, and such refund is not made, he or she shall not receive credit for such prior period or periods of service. If the terminating member has received no refunds, he or she shall be automatically credited with his or her prior service at time of reemployment.
(1999 Lou. Code, § 36.104) (Lou. Ord. No. 91-1973, approved 6-29-1973; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004)
(A) Any member who was first hired by the Police Department prior to April 1, 1985, may, at his or her option, retire on a service retirement annuity provided he or she has completed at least 20 years of total service.
(B) Any member who was first hired by the Police Department on or after April 1, 1985, may, at his or her option, retire on a service retirement annuity provided he or she has completed at least 25 years of total service.
(1999 Lou. Code, § 36.105) (Lou. Ord. No. 91-1973, approved 6-29-1973; Lou. Am. Ord. No. 140-1984, approved 6-15-1984; Lou. Am. Ord. No. 169-1985, approved 7-12-1985; Lou. Am. Ord. No. 77-1986, approved 2-27-1986; Lou. Am. Ord. No. 80-1988, approved 4-15-1988; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004)
(A) All retired members, surviving spouses, or dependents who, upon the effective date of this section, are receiving a monthly annuity, shall continue to receive the annuity in the dollar amount being paid, subject to the termination provisions set forth in other sections of this subchapter; provided, however, that nothing contained in this subchapter shall prohibit or restrict the Metro Government from increasing the benefits payable to those eligible to receive an annuity.
(B) The increased costs associated with any increased benefits shall be paid by the Metro Government and the amount of liabilities associated therewith shall be amortized over a 30-year period as indicated in § 32.129.
(C) Effective July 1, 2005, any member, or any surviving spouse or dependent of a member, who retires thereafter, and who is eligible to receive an annuity, shall receive a minimum annaul benefit of $9,600 ($800 monthly). In addition, all members, surviving spouses, or dependents, shall receive a graduated increase in their annual benefits, pursuant to the following schedule:
Annual Pension Benefit Prior to Increase | Increased Annual Benefit |
Less than $9,600 | Greater of $9,600 or current benefit plus $800 |
$9,600 but less than $20,000 | Current benefit plus $800 |
$20,000 but less than $30,000 | Greater of $20,800 or current benefit plus $600 |
$30,000 or more | Greater of $30,600 or current benefit plus $400 |
(D) If death benefits are being paid to more than one individual due to the death of a member or a retired member, the total amounts being paid due to the death of that member or retired member shall be combined for purposes of determining the amount of the annuity. Any increases in the annuity shall be allocated on a pro rata basis among all such beneficiaries of that member or retired member.
(1999 Lou. Code, § 36.106) (Lou. Ord. No. 91-1973 approved 6-29-1973; Lou. Am. Ord. No. 169-1985, approved 7-12-1985; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004; Lou. Metro Am. Ord. No. 127-2005, approved 8-29-2005)
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