(A) Generally.
(1) The City Employees’ Defined Contribution and Profit Sharing Plan established for employees of the city is hereby frozen, effective 6-30-1988, to participation by those existing employees who are then participating therein and who file with the city, on or before 6-30-1988, a written election to continue participating therein in lieu of participating in the County Employees Retirement System.
(2) The city hereby elects to participate in the County Employees Retirement System effective 7-1-1988, and authorizes the Mayor to execute the appropriate instruments to effectuate such an election.
(3) All employees now participating in the existing City Employees’ Defined Contribution and Profit Sharing Plan are hereby authorized to terminate that participation and transfer to the County Employees Retirement System.
(4) The city shall continue to fund and manage the existing City Employees’ Defined Contribution and Profit Sharing Plan for the benefit of any employee electing to continue therein and for those who are entitled to benefits in the existing plan.
(5) Employees hired after 7-1-1988, who are otherwise eligible to participate in the City Employees’ Defined Contribution and Profit Sharing Plan, shall participate only in the County Employees Retirement System.
(6) The city hereby adopts the terms and provisions of the County Employees Retirement System under KRS 78.510 through 78.852.
(7) The individual employee accounts in the existing City Employees’ Defined Contribution and Profit Sharing Plan shall be frozen or distributed to the respective employees upon the election of those employees to participate in the County Employees Retirement System.
(8) The Mayor and City Council Members who have served subsequent to 1-1-1972 are deemed for all purposes to be full-time elected officers for all purposes as set forth in the state statutes in regard to the County Employees Retirement System.
(1993 Code, § 25.01)
(B) Profit sharing plan termination.
(1) The prof it sharing plan for the employees of the city, which is officially known as the City Employees’ Defined Contribution and Profit Sharing Plan, shall be terminated as of 6-30-1988.
(2) All employees of the city who were participants in the Plan are declared to be fully vested as of 6-30-1988.
(3) The Mayor is authorized and directed to execute any and all documents required by the termination of the Plan, including, but not limited to, all Internal Revenue Service documents and trust agreement revocations.
(1993 Code, § 25.02)
(Ord. 93-09, passed 9-15-1993; Ord. 02-15, passed 10-16-2002)