§ 37.132. COUNTY EMPLOYEES RETIREMENT SYSTEM ESTABLISHED.
Latest version.
(A) The pension plans established for its employees under KRS Chapter 90 and Chapter 95 are hereby frozen effective March 1, 1988, to participation by those existing employees who are then participating therein and who file with the city on or before March 31, 1988, a written election to continue participating therein in lieu of participating in County Employees Retirement System (CERS).
(B) The city hereby elects to participate in CERS effective March 1, 1988, and authorizes the Mayor to execute the appropriate instruments to effectuate such election.
(C) All employees now participating in the existing city pension plans are hereby authorized to terminate such participation and transfer to CERS.
(D) The city shall continue to fund and manage its existing pension plans for the benefit of any employees electing to continue therein and for those who are entitled to benefits in existing pension plans.
(E) Employees hired after March 1, 1988, who are otherwise eligible to participate in the city pension plan, shall participate only in CERS.
(F) The city hereby adopts the terms and provisions of the CERS under KRS 78.510 through 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 cost of the prior service credit over a 15-year period commencing on or about March 31, 1988.
(G) The individual employee accounts in the existing city pensions shall be transferred to CERS for credit to the respective employee’s individual account in CERS, pursuant to KRS 78.531(1) and (2), upon the election of the employees to participate in CERS.
