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67A.430 Rate of retirement annuity -- Retroactive increase of monthly annuity
to $1,250 -- Annual adjustment.
(1)
(2)
(a)
For a member whose participation date in the fund is prior to March 14,
2013, the rate of retirement annuity shall be two and one-half percent
(2.5%) of average salary, as defined in KRS 67A.360(13), for each year of
total service.
(b) For a member whose participation date in the fund is on or after March
14, 2013, the rate of retirement annuity shall be two and one-quarter
percent (2.25%) of average salary, as defined in KRS 67A.360(13), for
each year of total service.
(c) Fractional periods of service shall be considered in the calculation of such
annuities according to the rate provided by paragraph (a) or (b) of this
subsection, based upon the participation date of the member.
Any retiree or surviving spouse who, as of July 1, 2005, was receiving a
monthly annuity of less than one thousand two hundred fifty dollars ($1,250)
shall have the pension increased to one thousand two hundred fifty dollars
($1,250). Such increase shall be retroactive to July 1, 2005, and the retiree or
surviving spouse shall receive a lump-sum payment equal to the difference
between the amount of the monthly annuities received between July 1, 2005,
and July 15, 2006, and the amount that would have been received had the
monthly annuity been increased on July 1, 2005. The board shall increase this
annuity at the same rate as annually provided by KRS 67A.690(1), and such
increase shall be determined and granted annually thereafter by the board.
Effective:March 14, 2013
History: Amended 2013 Ky. Acts ch. 7, sec. 7, effective March 14, 2013. -Amended 2006 Ky. Acts ch. 144, sec. 5, effective April 4, 2006. -- Amended
2002 Ky. Acts ch. 274, sec. 3, effective July 15, 2002. -- Amended 2001 Ky.
Acts ch. 131, sec. 1, effective June 21, 2001. -- Amended 2000 Ky. Acts
ch. 484, sec. 3, effective July 14, 2000. -- Amended 1996 Ky. Acts ch. 311,
sec. 1, effective July 15, 1996. -- Created 1974 Ky. Acts ch. 106, sec. 8,
effective July 1, 1974.
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