2006 Kentucky Revised Statutes - .691   Increase of benefits.

61.691 Increase of benefits. (1) Effective August 1, 1996, and on July 1 of each year thereafter, a recipient of a retirement allowance under KRS 16.510 to 16.652 and KRS 61.515 to 61.705 and KRS 78.520 to 78.852 shall have his retirement allowance increased by the percentage increase in the annual average of the consumer price index for all urban consumers for the most recent calendar year as published by the federal Bureau of Labor Statistics, not to exceed five percent (5%). In determining the annual employer contribution rate, only the cost of increases granted as of the most recent valuation date shall be recognized. The benefits of this subsection as provided on August 1, 1996 and thereafter shall not be considered as benefits protected by the inviolable contract provisions of KRS 61.692, 16.652, and 78.852. The General Assembly reserves the right to suspend or reduce the benefits conferred in this subsection if in their judgment the welfare of the Commonwealth so demands. (2) A reemployed retired member whose payments are suspended as provided under KRS 61.637 shall be eligible for an increase in his suspended retirement allowance as provided under this section, computed as if he were receiving the retirement allowance at the time the increase under this section is effective. Effective: July 15, 1996 History: Amended 1996 Ky. Acts ch. 320, sec. 1, effective July 15, 1996. -- Amended 1994 Ky. Acts ch. 105, sec. 1, effective July 1, 1994; ch. 406, sec. 6, effective June 30, 1996; and ch. 502, sec. 1, effective April 13, 1994. -- Amended 1992 Ky. Acts ch. 240, sec. 49, effective July 14, 1992. -- Amended 1990 Ky. Acts ch. 489, sec. 3, effective July 13, 1990; and ch. 517, sec. 2, effective July 1, 1990. -- Amended 1988 Ky. Acts ch. 349, sec. 28, effective July 15, 1988. -- Amended 1986 Ky. Acts ch. 293, sec. 2, effective July 15, 1986. -- Amended 1984 Ky. Acts ch. 232, sec. 9, effective July 13, 1984. -- Amended 1982 Ky. Acts ch. 423, sec. 12, effective July 15, 1982. -- Amended 1980 Ky. Acts ch. 186, sec. 16, effective July 15, 1980. -- Amended 1978 Ky. Acts ch. 311, sec. 19, effective June 17, 1978; and ch. 384, sec. 554, effective June 17, 1978. -- Amended 1976 Ky. Acts ch. 321, sec. 31. -- Created 1972 Ky. Acts ch. 116, sec. 59. Legislative Research Commission Note (7/15/94). This section was amended by 1994 Ky. Acts chs. 105, 406, and 502. The amendments of this section by 1994 Ky. Acts chs. 105 and 502 are in conflict. Under KRS 446.250, Acts ch. 502 as the last enactment prevails.