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§ 32.127 WORKERS' COMPENSATION.
   Any periodic benefits payable under workers' compensation shall reduce dollar-for-dollar the benefits payable under this Pension Fund. Expressly exempt from this section are service retirement benefits and survivor and dependent benefits of a service retiree. In the event of a lump sum payment of workers' compensation benefits, the procedure for payment of pension benefits shall be in an equitable manner as determined by the Board. In the event that the amount of workers' compensation benefits exceed the amount of benefits payable under this Pension Fund, no benefits shall be payable from this Pension Fund. In the event that the amount of workers' compensation benefits are increased or decreased or in the event the benefits are discontinued either because the statutory period has been exhausted or because the member or his or her survivor or dependent ceases to qualify for the benefits, the Board shall recalculate the benefits to which the member or his or her survivor or dependent are entitled. Such recalculation shall be based on the amount of benefits that would have originally been payable had no workers' compensation been payable, adjusted to reflect the workers' compensation offset, if any is applicable at the time of recalculation, and the status of the member or his or her survivor or dependent at the time of recalculation. Any excess benefits paid from the Fund to a member shall be repaid by the member to the Fund.
(1999 Lou. Code, § 36.116) (Lou. Ord. No. 102-1977, approved 10-5-1977; Lou. Am. Ord. No. 210-1979, approved 12-28-1979; Lou. Am. Ord. No. 169-1985, approved 7-12-1985; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004)
§ 32.128 EMPLOYEE CONTRIBUTION.
   Each active member participating in the Fund shall contribute 6.5% of his or her gross annual salary (not including any state salary supplement). The Director of Finance and Budget is authorized to deduct the amount from the salary of each active member in biweekly installments. Every employee who is a member of the Fund shall be deemed to consent and agree to the deduction from salary as herein provided, and shall receipt for his or her full salary, and payment of the employee of salary less the deduction shall constitute a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by the employee during the period covered by the payment, except as to the benefits herein provided.
(1999 Lou. Code, § 36.117) (Lou. Ord. No. 91-1973, approved 6-29-1973; Lou. Am. Ord. No. 40-1986, approved 2-27-1986; Lou. Am. Ord. No. 165-1986, approved 6-5-1986; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004)
§ 32.129 CONTRIBUTIONS BY METRO GOVERNMENT.
   The Board of Trustees of the Policemen's Retirement Fund of the City of Louisville shall prepare a budget request each year for submission to the Metro Council. The budget request shall be on an actuarially funded basis sufficient to provide for the annuities to be paid from that fund, and the request shall be equal to the sum of the following:
   (A)   The annual normal cost resulting from an actuarial valuation applying an aggregate version of the entry age normal actuarial funding method, which determines normal cost as a level percentage of salary, after taking credit for the contributions by the members. Such normal cost shall be calculated by the Board annually, prior to the beginning of each fiscal year, on recommendation of the actuary selected by the Board.
   (B)   Changes in prior service liability resulting from amendments to this subchapter, or changes in actuarial assumptions occurring after June 30, 1985, shall be amortized over 30 years. Changes to prior service liability resulting from amendments to § 32.120 enacted in April 2005, and § 32.117(C) of this subchapter after the date of enactment thereof shall be amortized over 15 years. Changes in prior service liability resulting from actuarial gain or loss shall be amortized over 15 years. Changes in prior service liability resulting from actuarial gains or loss shall be determined every year and included in the regular actuarial valuation process.
   (C)   An itemized account of the estimated funds needed to defray proper and necessary expenses connected with the administration of the Fund.
(1999 Lou. Code, § 36.118) (Lou. Ord. No. 91-1973, approved 6-29-1973; Lou. Am. Ord. No. 288-1984, approved 10-26-1984; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004; Lou. Metro Am. Ord. No. 127-2005, approved 8-29-2005)
§ 32.130 BOARD OF TRUSTEES; MEMBERS.
   (A)   The responsibility for the proper operation of the Fund and the direction of its policies shall be vested in a Board of Trustees of six members. The majority of the Board of Trustees shall be comprised of persons receiving pension benefits from the Policemen's Retirement Fund. The Board of Trustees shall consist of a member of the Louisville/Jefferson County Metro Government Council ex officio to be appointed by the President of the Council and five members of the Fund, all of whom shall be elected by the members and widows and widowers of members pursuant to election procedures and policies to be established by the Board of Trustees. All terms of office shall be for a term of four years. Vacancies in the offices of appointive members shall be filled by the appointing authority for the unexpired portion of the term of office.
   (B)   In the event of a vacancy of an elected member, the Board of Trustees may fill the vacancy until the next regular election, when a member shall be elected to fill the vacancy. The election shall be conducted pursuant to the election policies and procedures established by the Board of Trustees.
   (C)   The Board shall manage and control the Pension Fund and all related matters and shall use and disburse the funds in accordance with this subchapter and the act of the General Assembly authorizing this subchapter.
   (D)   The Board may adopt and enforce bylaws consistent with this subchapter and the act of the General Assembly authorizing this subchapter.
   (E)   Each of the trustees shall, before entering on the duties of his or her office, take an oath to faithfully perform the duties of his or her office.
   (F)   The Chairman and Vice Chairman of the Board of Trustees shall execute bond, in such sum as the Board deems adequate, conditioned that he or she will faithfully discharge the duties of his or her office. The bond shall be filed with the Chief Financial Officer.
   (G)   The Board of Trustees shall file with the Chief Financial Officer a complete report of the condition of the Policemen's Retirement Fund as of June 30 of each year.
   (H)   To be effective, an action of the Board of Trustees shall require only a simple majority of the votes cast, at a properly convened meeting of the Board of Trustees at which a quorum is present, with a quorum being a majority of the members of the Board of Trustees.
   (I)   The Board of Trustees may, from funds appropriated annually by the Metro Government, expend for the necessary administrative expenses of the Fund, including but not limited to expenses for investment services, medical, actuarial, accounting, corporate custodian, and legal or other professional services, the amount the Board of Trustees deems proper.
(Lou. Metro Ord. No. 57-2003, approved 4-16-2003; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004; Lou. Metro Am. Ord. No. 91-2006, approved 6-12-2006)
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