State Codes and Statutes

Statutes > Kentucky > 095-00 > 862

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95.862 Permanent occupational disability -- Annuity rate -- Reduction of benefits -- Cost-of-living increases. (1) In the event a total and permanent occupational disability occurs, the member shall receive an annuity equal to seventy percent (70%) of his last rate of salary. If the <br>calculated monthly benefit is less than five hundred dollars (&#36;500) per month, the <br>board may increase the monthly benefit to a minimum of five hundred dollars <br>(&#36;500) monthly if the increase can be supported on an actuarially sound basis by the <br>fund. This benefit shall begin at such time as his salary may cease, and shall be paid <br>during his entire lifetime. Any member who retired prior to June 21, 1974, shall <br>receive an increase of ten dollars (&#36;10) per month for each year or part thereof of <br>retirement prior to June 21, 1974, with a maximum increase of one hundred and <br>seventy dollars (&#36;170) per month. Upon his death, his eligible widow and minor <br>children, if any, shall receive the benefits as provided under KRS 95.860. (2) If the member retired for total and permanent occupational disability would receive from a combination of (a) pension disability payments pursuant to subsection (1) of <br>this section, and (b) workers' compensation payments, excluding spouse or <br>dependent children's allowances or payments for medical expenses or legal fees <br>related to the workers' compensation claim, an amount greater than one hundred <br>percent (100%) of his last rate of salary, then the pension system benefits shall be <br>reduced to the point that the combined payments equal one hundred percent (100%) <br>of the last rate of salary. The benefit shall not be reduced, however, below an <br>amount equal to two and one-half percent (2-1/2%) of average salary for each year <br>of the member's service. Any reduction in the payment shall be based upon workers' <br>compensation benefits applicable at the time the payment is granted, and not upon <br>subsequent increases in either benefit. If workers' compensation benefits are <br>reduced at a subsequent time, the retiree shall inform the board, and the board shall <br>increase the benefit by the amount of the reductions, but not by more than an <br>amount which would increase the benefit to seventy percent (70%) of the last rate of <br>salary, excluding cost-of-living increases. The board of trustees may pay estimated <br>benefits to a retiree, upon qualification for the benefits, based upon an estimate of <br>workers' compensation benefits until such amounts are actually determined, at <br>which time a final calculation of the actual benefits shall be determined and the <br>account corrected retroactive to the effective date of the benefit. If workers' <br>compensation benefits are paid in lump sums, the board shall reduce the disability <br>retirement annuity on a monthly rather than a lump-sum basis. The amount of the <br>monthly reduction shall be based upon the life expectancy of the retired member. <br>The board may request the assistance of the general manager of Kentucky <br>Retirement Systems to calculate the reduction in the retirement benefit when lump <br>sum payments are involved, and the general manager shall provide such assistance <br>upon request. (3) Any member retired pursuant to this section shall receive the same cost-of-living increases granted to other retirees pursuant to the terms of KRS 95.859(3). Effective: July 14, 2000 History: Amended 2000 Ky. Acts ch. 341, sec. 4, effective July 14, 2000. -- Amended 1996 Ky. Acts ch. 132, sec. 2, effective July 15, 1996. -- Amended 1992 Ky. Acts <br>ch. 84, sec. 1, effective March 24, 1992. -- Amended 1984 Ky. Acts ch. 351, sec. 4, <br>effective July 13, 1984. -- Amended 1980 Ky. Acts ch. 367, sec. 3, effective July 15, <br>1980. -- Amended 1974 Ky. Acts ch. 396, sec. 5. -- Created 1956 Ky. Acts ch. 16, <br>sec. 12, effective July 1, 1956.

State Codes and Statutes

Statutes > Kentucky > 095-00 > 862

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95.862 Permanent occupational disability -- Annuity rate -- Reduction of benefits -- Cost-of-living increases. (1) In the event a total and permanent occupational disability occurs, the member shall receive an annuity equal to seventy percent (70%) of his last rate of salary. If the <br>calculated monthly benefit is less than five hundred dollars (&#36;500) per month, the <br>board may increase the monthly benefit to a minimum of five hundred dollars <br>(&#36;500) monthly if the increase can be supported on an actuarially sound basis by the <br>fund. This benefit shall begin at such time as his salary may cease, and shall be paid <br>during his entire lifetime. Any member who retired prior to June 21, 1974, shall <br>receive an increase of ten dollars (&#36;10) per month for each year or part thereof of <br>retirement prior to June 21, 1974, with a maximum increase of one hundred and <br>seventy dollars (&#36;170) per month. Upon his death, his eligible widow and minor <br>children, if any, shall receive the benefits as provided under KRS 95.860. (2) If the member retired for total and permanent occupational disability would receive from a combination of (a) pension disability payments pursuant to subsection (1) of <br>this section, and (b) workers' compensation payments, excluding spouse or <br>dependent children's allowances or payments for medical expenses or legal fees <br>related to the workers' compensation claim, an amount greater than one hundred <br>percent (100%) of his last rate of salary, then the pension system benefits shall be <br>reduced to the point that the combined payments equal one hundred percent (100%) <br>of the last rate of salary. The benefit shall not be reduced, however, below an <br>amount equal to two and one-half percent (2-1/2%) of average salary for each year <br>of the member's service. Any reduction in the payment shall be based upon workers' <br>compensation benefits applicable at the time the payment is granted, and not upon <br>subsequent increases in either benefit. If workers' compensation benefits are <br>reduced at a subsequent time, the retiree shall inform the board, and the board shall <br>increase the benefit by the amount of the reductions, but not by more than an <br>amount which would increase the benefit to seventy percent (70%) of the last rate of <br>salary, excluding cost-of-living increases. The board of trustees may pay estimated <br>benefits to a retiree, upon qualification for the benefits, based upon an estimate of <br>workers' compensation benefits until such amounts are actually determined, at <br>which time a final calculation of the actual benefits shall be determined and the <br>account corrected retroactive to the effective date of the benefit. If workers' <br>compensation benefits are paid in lump sums, the board shall reduce the disability <br>retirement annuity on a monthly rather than a lump-sum basis. The amount of the <br>monthly reduction shall be based upon the life expectancy of the retired member. <br>The board may request the assistance of the general manager of Kentucky <br>Retirement Systems to calculate the reduction in the retirement benefit when lump <br>sum payments are involved, and the general manager shall provide such assistance <br>upon request. (3) Any member retired pursuant to this section shall receive the same cost-of-living increases granted to other retirees pursuant to the terms of KRS 95.859(3). Effective: July 14, 2000 History: Amended 2000 Ky. Acts ch. 341, sec. 4, effective July 14, 2000. -- Amended 1996 Ky. Acts ch. 132, sec. 2, effective July 15, 1996. -- Amended 1992 Ky. Acts <br>ch. 84, sec. 1, effective March 24, 1992. -- Amended 1984 Ky. Acts ch. 351, sec. 4, <br>effective July 13, 1984. -- Amended 1980 Ky. Acts ch. 367, sec. 3, effective July 15, <br>1980. -- Amended 1974 Ky. Acts ch. 396, sec. 5. -- Created 1956 Ky. Acts ch. 16, <br>sec. 12, effective July 1, 1956.

State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 095-00 > 862

Download pdf
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95.862 Permanent occupational disability -- Annuity rate -- Reduction of benefits -- Cost-of-living increases. (1) In the event a total and permanent occupational disability occurs, the member shall receive an annuity equal to seventy percent (70%) of his last rate of salary. If the <br>calculated monthly benefit is less than five hundred dollars (&#36;500) per month, the <br>board may increase the monthly benefit to a minimum of five hundred dollars <br>(&#36;500) monthly if the increase can be supported on an actuarially sound basis by the <br>fund. This benefit shall begin at such time as his salary may cease, and shall be paid <br>during his entire lifetime. Any member who retired prior to June 21, 1974, shall <br>receive an increase of ten dollars (&#36;10) per month for each year or part thereof of <br>retirement prior to June 21, 1974, with a maximum increase of one hundred and <br>seventy dollars (&#36;170) per month. Upon his death, his eligible widow and minor <br>children, if any, shall receive the benefits as provided under KRS 95.860. (2) If the member retired for total and permanent occupational disability would receive from a combination of (a) pension disability payments pursuant to subsection (1) of <br>this section, and (b) workers' compensation payments, excluding spouse or <br>dependent children's allowances or payments for medical expenses or legal fees <br>related to the workers' compensation claim, an amount greater than one hundred <br>percent (100%) of his last rate of salary, then the pension system benefits shall be <br>reduced to the point that the combined payments equal one hundred percent (100%) <br>of the last rate of salary. The benefit shall not be reduced, however, below an <br>amount equal to two and one-half percent (2-1/2%) of average salary for each year <br>of the member's service. Any reduction in the payment shall be based upon workers' <br>compensation benefits applicable at the time the payment is granted, and not upon <br>subsequent increases in either benefit. If workers' compensation benefits are <br>reduced at a subsequent time, the retiree shall inform the board, and the board shall <br>increase the benefit by the amount of the reductions, but not by more than an <br>amount which would increase the benefit to seventy percent (70%) of the last rate of <br>salary, excluding cost-of-living increases. The board of trustees may pay estimated <br>benefits to a retiree, upon qualification for the benefits, based upon an estimate of <br>workers' compensation benefits until such amounts are actually determined, at <br>which time a final calculation of the actual benefits shall be determined and the <br>account corrected retroactive to the effective date of the benefit. If workers' <br>compensation benefits are paid in lump sums, the board shall reduce the disability <br>retirement annuity on a monthly rather than a lump-sum basis. The amount of the <br>monthly reduction shall be based upon the life expectancy of the retired member. <br>The board may request the assistance of the general manager of Kentucky <br>Retirement Systems to calculate the reduction in the retirement benefit when lump <br>sum payments are involved, and the general manager shall provide such assistance <br>upon request. (3) Any member retired pursuant to this section shall receive the same cost-of-living increases granted to other retirees pursuant to the terms of KRS 95.859(3). Effective: July 14, 2000 History: Amended 2000 Ky. Acts ch. 341, sec. 4, effective July 14, 2000. -- Amended 1996 Ky. Acts ch. 132, sec. 2, effective July 15, 1996. -- Amended 1992 Ky. Acts <br>ch. 84, sec. 1, effective March 24, 1992. -- Amended 1984 Ky. Acts ch. 351, sec. 4, <br>effective July 13, 1984. -- Amended 1980 Ky. Acts ch. 367, sec. 3, effective July 15, <br>1980. -- Amended 1974 Ky. Acts ch. 396, sec. 5. -- Created 1956 Ky. Acts ch. 16, <br>sec. 12, effective July 1, 1956.