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§ 38.041 APPLICATION.
   All City employees’ pension and retirement funds presently existing and in operation pursuant to the statutory law and ordinances shall be operated under the provisions hereof beginning with March 1, 1965, and thereafter.
(1995 Code, § 2.88.020)
§ 38.042 TRANSITIONAL PROVISION.
   (A)   Members of City employees’ pension fund retired by reason of age or disability and the widows or other dependents drawing funds from the fund shall be continued upon the same terms and conditions as were in operation at the time they began to draw their compensation.
   (B)   Members of the City employees’ pension fund, together with those who hereafter become members, and their widows and other dependents shall draw compensation pursuant to the provisions hereof.
(1995 Code, § 2.88.030)
§ 38.043 FUND ESTABLISHED.
   (A)   There is established in the City a retirement and benefit fund for employees of the City, their dependents and beneficiaries. The fund is established forthwith and shall be known as the “Employees Retirement Fund of the City of Newport, Kentucky.”
   (B)   (1)   In such name, its business shall be transacted, its moneys invested and its accumulated reserves consisting of cash, securities and other property held.
      (2)   It shall receive all assets, cash, securities and other property presently held by the trustees of an existing fund.
(1995 Code, § 2.88.040)
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