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§ 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)
§ 38.044 PURPOSE.
   The purpose of the fund is to provide retirement annuities and disability benefits for the employees of the City who became aged or otherwise incapacitated and widows’ annuities and other benefits to the dependents of such employees to the end that the employees have accumulated 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 City.
(1995 Code, § 2.88.050)
§ 38.045 MEMBERSHIP.
   The following persons are members of the fund: Any former employee of the City who contributed to the fund and was awarded a retirement annuity by reason of age or disability from the fund.
(1995 Code, § 2.88.060)
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