Kentucky Statutes 95.610 – Payments to pension fund established under KRS 95.520 — Disbursements — Insufficient funds
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(1) The officers of cities with pension funds established under KRS § 95.520 that are designated by law to draw warrants on the city treasurer or chief financial officer shall, on request in writing by the board of trustees of the pension fund, draw warrants on the city treasurer or chief financial officer payable to the treasurer of the board of trustees of the pension fund for all funds belonging to the pension fund.
(2) Moneys ordered paid from the pension fund to any person shall be paid by the treasurer of the board of trustees only upon warrant signed by the president of the board and countersigned by the secretary. No warrant shall be drawn except by order of the board of trustees duly entered on the records of the proceedings of the board.
(3) If at any time there is not sufficient money in the pension fund to pay each beneficiary the full amount per month to which he is entitled, an equal percentage of the monthly payments due shall be paid to each until the fund is so replenished as to warrant payment in full to all beneficiaries.
Effective: July 15, 2016
History: Amended 2016 Ky. Acts ch. 31, sec. 12, effective July 15, 2016. — Amended
2014 Ky. Acts ch. 92, sec. 131, effective January 1, 2015. — Amended 1966 Ky. Acts ch. 255, sec. 109. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. secs. 3142b-10, 3142b-15, 3142b-16, 3351a-10, 3351a-15,
3351a-16.
(2) Moneys ordered paid from the pension fund to any person shall be paid by the treasurer of the board of trustees only upon warrant signed by the president of the board and countersigned by the secretary. No warrant shall be drawn except by order of the board of trustees duly entered on the records of the proceedings of the board.
Terms Used In Kentucky Statutes 95.610
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- City: includes town. See Kentucky Statutes 446.010
- Month: means calendar month. See Kentucky Statutes 446.010
(3) If at any time there is not sufficient money in the pension fund to pay each beneficiary the full amount per month to which he is entitled, an equal percentage of the monthly payments due shall be paid to each until the fund is so replenished as to warrant payment in full to all beneficiaries.
Effective: July 15, 2016
History: Amended 2016 Ky. Acts ch. 31, sec. 12, effective July 15, 2016. — Amended
2014 Ky. Acts ch. 92, sec. 131, effective January 1, 2015. — Amended 1966 Ky. Acts ch. 255, sec. 109. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. secs. 3142b-10, 3142b-15, 3142b-16, 3351a-10, 3351a-15,
3351a-16.