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67A.655 Transition to County Employees Retirement System.

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Page 1 of 1 67A.655 Transition to County Employees Retirement System. The legislative body in an urban-county government may issue the appropriate order, <br>pursuant to KRS 78.530(1), directing participation for policemen and firefighters in the <br>County Employees Retirement System. All new employees who would have been granted <br>membership in the policemen's and firefighter's retirement fund of the urban-county <br>government shall be members of the County Employees Retirement System. All active <br>members of the policemen's and firefighter's retirement fund of the urban-county <br>government at the time of transition to the County Employees Retirement System may <br>choose membership in the County Employees Retirement System or may retain <br>membership in the local retirement fund, but the legislative body may withdraw its order <br>prior to the effective date if the number of active members choosing to transfer is not <br>sufficient to fully fund the balance of the cost of transition after available local pension <br>assets are included. The urban-county government shall elect the alternate participation <br>plan, pursuant to KRS 78.530(3), for active members who transfer to the County <br>Employees Retirement System. Notwithstanding the provisions of KRS 78.530(3)(b), the <br>urban-county government may, at its option, extend the payment period for the cost of <br>alternate participation to a maximum of thirty (30) years with the interest at the rate <br>actuarially assumed by the County Employees Retirement System board. The urban-<br>county government shall have the right to use assets in the local pension fund, other than <br>those assets, as determined by actuarial evaluation, necessary to pay benefits to the <br>remaining active members of the local retirement fund and retirees and their survivors, to <br>assist in the payment of the annual installment cost of alternate participation. The County <br>Employees Retirement System employee contribution shall be made as a deduction from <br>salary, and payment to the member of salary less this deduction shall constitute a full and <br>complete discharge and acquittance of all claims and demands whatsoever for the <br>services rendered by the member during the period covered by the payment. All <br>policemen and firefighters who become members of the County Employees Retirement <br>System pursuant to this section shall be granted hazardous duty coverage. Effective: July 15, 1994 <br>History: Created 1994 Ky. Acts ch. 371, sec. 1, effective July 15, 1994.