(A) There shall be organized in connection with the Police and Fire Departments a board to be known as the board of trustees of the policemen’s and fire fighter’s pension fund. If there are six (6) or more active members of the fund, the board shall be composed of the Mayor, City Clerk, one (1) member of the City Council appointed by the mayor, one (1) retired member each from the police and fire departments elected by the respective retired members of those departments annually by ballot, and one (1) active member of the fund from each department elected by the active members of the fund from the respective departments annually. If all of the six (6) or more active members or all of the retired members are from one (1) department, then both of the active member board members or both of the retired board members, as the case may be, shall be elected from that department. If there are fewer than six (6) active members of the fund, no active members of the departments shall be elected to the board. The trustees shall select from their number a president and secretary. The City Treasurer shall be an ex officio nonvoting member of the board and the custodian of its funds. (‘74 Code, § 2- 171)
(B) The Board of Trustees of the Policemen’s and Firemen’s Pension Fund shall have the exclusive control and management of the fund and all moneys donated, paid, or assessed for the relief or for pensioning retired, crippled, or disabled members of the Police or Fire Departments or the widows or dependent children under the age of 14 years or dependent fathers or mothers of any members of the Police or Fire Department killed in service, while on duty, and shall assess each member of the Police or Fire Departments not exceeding 3-1/2% of the salary of such member, to be deducted and withheld from the monthly pay of each member so assessed, the same to be placed by the Treasurer of the city to the credit of such fund, subject to the order of such Board. (‘74 Code, § 2-172)
(Ord. passed 3-5-43; Am. Ord. 2013-12, passed 7-15-13)
Statutory reference:
For similar provisions under state law, see KRS 95.767 and 95.769