(A) The city hereby elects to participate in the County Employees Retirement System (CERS), effective October 1, 1977, and authorizes the Mayor and City Manager to execute the appropriate instruments to effectuate such election.
(B) Employees hired after September 30, 1977, who are otherwise eligible to participate in the city pension plan, shall participate only in CERS, provided that city employees hired after September 30, 1977, shall not be eligible to participate in CERS until they have been employed continuously for one hundred eighty (180) days.
(C) Excluded from participation in CERS, as authorized by KRS 78.530, are the employees of the Paris-Bourbon County Community Development Agency and the municipal housing authority, those other city employees who are hired as “temporary”, “part-time”, and “seasonal” workers, as defined in KRS 78.510, et seq.
(D) The city hereby adopts the terms and provisions of CERS under KRS 78.510 - 78.990, 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 amortization of the costs of such prior service credit over a five (5) year period commencing on or about October 1, 1977.
(E) The individual employee accounts in the existing city employees pension fund shall be transferred to CERS for credit to the respective employee’s individual account in CERS, pursuant to KRS 78.531(1) and (2).
(1976 Code, § 2-99)