(A) The pension plan established for employees of the city is frozen, effective February 1, 1987, to participation by those existing employees who are then participating therein and who file with the city, on or before February 1, 1987, a written election to continue participating therein in lieu of participating in the County Employees Retirement System, hereinafter referred to as CERS.
(B) The city elects to participate in CERS, effective February 1, 1987.
(C) All employees now participating in the existing city pension plan are authorized to terminate that participation and transfer to CERS, at their election.
(D) The city shall continue to fund and manage its existing pension plan for the benefit of any employees electing to continue therein and those who are entitled to benefits in that existing pension plan.
(E) Employees hired after February 1, 1987, who are otherwise eligible to participate in the city pension plan shall participate only in CERS.
(F) The city adopts the terms and provisions of CERS under KRS 78.510 to 78.852, 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 prior service credit over period of not more than ll years commencing on or about February 1, 1987.
(G) The individual employee accounts in the existing city pension plan shall be transferred to CERS for credit to the respective employees' individual accounts in CERS pursuant to KRS 78.531(1), (2) upon the election of those employees to participate in CERS.
(Ord. 87-01, passed 1-27-87)