2013 Kentucky Revised Statutes CHAPTER 67A - URBAN-COUNTY GOVERNMENT 67A.492 Survivor benefit of sixty percent (60%) of member's final annuity, final rate of pay, or service retirement annuity -- Eligibility -- Purchase of optional survivorship allowance.
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67A.492 Survivor benefit of sixty percent (60%) of member's final annuity,
final rate of pay, or service retirement annuity -- Eligibility -- Purchase of
optional survivorship allowance.
(1)
(2)
(a)
Upon the death of a retired member, his or her surviving spouse shall
receive an annuity equal to sixty percent (60%) of the member's final
annuity, or of the member's final rate of pay, whichever is greater.
(b) Upon the death of a member who withdraws on a certificate as provided
by KRS 67A.410(3)(a) or (b), his or her surviving spouse shall receive an
annuity equal to sixty percent (60%) of the member's service retirement
annuity.
(c) The surviving spouse must have been married to the member for at least
three (3) years prior to the member's death or six (6) months prior to the
member's retirement or withdrawal on a certificate as provided by KRS
67A.410(3)(a) or (b), in order to be eligible for the benefits provided in this
section. Effective April 4, 2006, the benefits provided by this section shall
be made eligible to surviving spouses of any retired member who died on
July 14, 2000, or thereafter.
Any member who retires on July 15, 1990, or thereafter, and any member who
withdraws on a certificate as provided by KRS 67A.410(3)(a) or (b), shall have
the option at retirement or upon application for a certificate to purchase an
increased annuity allowance for his or her surviving spouse. The amount of any
such optional survivorship allowance shall be actuarially equivalent to the
amount of retirement allowance otherwise payable to the member. The
member may elect either of two (2) options:
(a) Survivorship seventy-five percent (75%). The member may elect to
receive a decreased retirement allowance during his or her lifetime and
have seventy-five percent (75%) of such retirement allowance continue
after the member's death to his or her eligible surviving spouse until the
surviving spouse's death.
(b) Survivorship one hundred percent (100%). The member may elect to
receive a decreased retirement allowance during his or her lifetime and
have such retirement allowance continued at the same rate after the
member's death to his or her eligible surviving spouse until the surviving
spouse's death.
Effective:March 14, 2013
History: Amended 2013 Ky. Acts ch. 7, sec. 11, effective March 14, 2013. -Amended 2006 Ky. Acts ch. 144, sec. 9, effective April 4, 2006. -- Amended
2000 Ky. Acts ch. 484, sec. 5, effective July 14, 2000. -- Created 1990 Ky. Acts
ch. 189, sec. 15, effective July 13, 1990.
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