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Newport, KY Code of Ordinances
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§ 38.052 ACCOUNTS; RECORDS SYSTEM.
   (A)   An adequate system of accounts and records shall be established and maintained for the fund that will reflect fully the requirements of the provisions of this subchapter.
   (B)   This system shall be integrated to the extent possible with the accounts, records and procedures of the City to the end that the same shall operate most effectively and at minimum expense, and that duplication of records and accounts may be avoided.
(1995 Code, § 2.88.260)
§ 38.053 PAYMENTS FROM FUND; MANNER.
   Moneys ordered paid from the fund to any person shall be paid by the Treasurer only upon order of the Board entered on the record of proceedings of the Board.
(1995 Code, § 2.88.270)
§ 38.054 MEMBER’S VESTED INTERESTS.
   Each member shall, by virtue of the payment of contribution to the fund, receive a vested interest in such contributions, and in consideration of the vested interest, shall be conclusively deemed to undertake and agree to pay the same and to have the amounts deducted from his or her salary as herein provided.
(1995 Code, § 2.88.280)
§ 38.055 ASSIGNMENT OF RIGHTS.
   The right to a retirement annuity, disability annuity, survivors annuity or benefit, death benefit or any other benefit under the provisions hereof by whatever name called, or refund, is personal with the recipient thereof, and the assignment or transfer of the benefit or any part thereof shall be void, except as herein provided. Any such annuity, benefit or refund shall not answer for debts contracted by the person receiving the same, and it is the intention of this section that they shall not be attached or affected by a judicial proceeding.
(1995 Code, § 2.88.290)
§ 38.056 PAYMENT OF ANNUITIES; MANNER.
   Any service retirement annuity, disability retirement annuity or any other annuity provided herein shall be payable in equal monthly installments as life annuities, and shall not be decreased, revoked or repealed, except for error, or except where specifically otherwise provided, or upon written request. The cost of providing death benefits for members in receipt of retirement annuities shall not be construed as a reduction in the life annuity payable to the member. The first payment of an annuity shall be made for the fraction of a month elapsing until the end of the first month; and the last payment shall be made as of the end of the month in which death occurs.
(1995 Code, § 2.88.300)
§ 38.057 SEPARATION OF EXPENSES.
   It is the intention of this subchapter that the payment of the required contributions by the City, all allowances, annuities and benefits shall be the obligation of the City, and that administration expenses incurred in operating the fund shall be paid by the City.
(1995 Code, § 2.88.310)
§ 38.058 EFFECT OF FUND.
   The fund created shall continue to make payments of all such annuities, pensions and benefits granted by such pre-existing pension ordinances at the rates previously fixed and under the conditions previously in effect; provided, however, all recipients shall receive a cost of living increase effective and retroactive to July 1, 2001. The increase shall be $100 to their monthly benefit, except those recipients who receive less than $200 per month in benefits, shall be given an increase in an amount to raise their monthly benefits to $300 per month. Future increases may be granted based upon actuarial soundness and other economic factors.
(1995 Code, § 2.88.320) (Ord. O-2001-30, passed 10-22-2001)
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