(A) The pension plan established for its employees under KRS 95.621 through 95.629 is hereby frozen effective July 31, 1988, to participation by those existing employees who are then participating therein and who file with the city on November 1, 1988, a written election to continue participating therein in lieu of participating in the County Employees Retirement System (CERS).
(B) The city hereby elects to participate in CERS effective August 1, 1988, and authorizes the Mayor to execute the appropriate instruments to effectuate such election.
(C) All employees now participating in the existing city pension plan are hereby 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 therein and those who are entitled to benefits in 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 mortization of the cost of such prior service credit over a 15-year period commencing on or about August 1, 1988.
(G) The individual employee accounts in the existing city pension plan shall be transferred to the CERS for credit to the respective employee's individual account in CERS, pursuant to KRS 78.531 (1) and (2), upon the election of such employees to participate in CERS.
(Ord. 88-874, passed 7-28-88; Am. Ord. 2019-1790, passed 11-14-19)