KRS § 95.783 — KY Code / Title IX / Chapter 95 / Section 95.783
95.783 Repeal of pension fund ordinance -- Disposition of funds -- Repeal of ordinances establishing pension fund -- Liquidation and distribution of residual assets -- Report
Status: repealed

95.783 Repeal of pension fund ordinance -- Disposition of funds -- Repeal of

ordinances establishing pension fund -- Liquidation and distribution of

residual assets -- Report.

(1) Except as provided by subsection (2) of this section, in the event that the provisions

of KRS 95.767 to 95.784 are accepted and adopted by the legislative body of a city,

as authorized in KRS 95.7665 by ordinance, as herein provided, the repeal of such

ordinance shall not become effective unless adopted by the unanimous vote of the

duly elected members of such legislative body. In the event a repeal ordinance is

adopted by such legislative body, all moneys or property belonging to the

policemen's and firefighters' pension fund at the time of the repeal of the said

adoption ordinance shall be dissolved or liquidated by the board of trustees of said

policemen's and firefighters' pension fund and distributed by said board in the

following manner: Within sixty (60) days of adoption by said legislative body of

said repeal ordinance, the said board of trustees shall proceed with the liquidation of

said pension fund as follows: All unexpended moneys appropriated to said pension

fund out of the said city's general fund to the policemen's and firefighters' pension

fund by the said legislative body of such city and at the time of adoption of a repeal

ordinance shall revert back to the city's general fund. All other unexpended moneys

or property which has come into the said pension fund's hands shall be liquidated by

said board of trustees in the following manner: All unexpended moneys in the said

pension fund which accumulated thereto by pick up of employee contributions by

the employer pursuant to KRS 65.155 or assessments from policemen's and

firefighters' salaries and gifts, or accumulated thereto in any manner except

appropriations from the said city's general fund, shall revert back to the active or

retired policemen and firefighters and dependents who have qualified under KRS

95.761 to 95.784 in such city. In the division to the beneficiaries, the board of said

trustees shall use in the division of said fund the per centum of the present salaries

of such members. After all disbursements have been made of said fund by the board

of trustees, the said board of trustees shall file, as their last act, a complete report of

same with said legislative body within thirty (30) days, and such report shall be kept

in the office of the city clerk as other city records.

(2) If all liabilities to all individuals entitled to benefits from the policemen's and

firefighters' pension fund have been satisfied, the ordinances establishing the fund

may be repealed by the majority vote of the duly elected members of the entire

legislative body. If repealed, the fund's board of trustees shall, within sixty (60) days

of repeal, proceed with the liquidation of any residual assets of the fund. All

residual assets liquidated pursuant to this subsection shall be distributed by the

board of trustees to the city's general fund so long as the return of assets complies

with federal and state law governing the distribution of assets. Within thirty (30)

days following the distribution of residual assets, the board of trustees of the fund

shall as its last act file a complete report with the legislative body of the city of the

actions taken to terminate the fund and liquidate residual assets of the fund for

retention by the city clerk the same as for other city records.