State Codes and Statutes

Statutes > Kentucky > 067A00 > 430

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Page 1 of 1 67A.430 Rate of retirement annuity -- Retroactive increase of monthly annuity to one thousand two hundred fifty dollars (&#36;1,250) -- Annual adjustment. (1) 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. Fractional <br>periods of service shall be considered in the calculation of such annuities according <br>to the aforesaid rate. Provided, however, that no retiree, or his or her surviving <br>spouse, whether the member retired before or after June 16, 1972, under this section <br>shall receive a pension of less than &#36;100 a month and when Social Security benefits <br>are increased the minimum shall be increased by a like amount, provided that the <br>increase shall not exceed five percent (5%). (2) 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 (&#36;1,250) shall have the <br>pension increased to one thousand two hundred fifty dollars (&#36;1,250). Such increase <br>shall be retroactive to July 1, 2005, and the retiree or surviving spouse shall receive <br>a lump-sum payment equal to the difference between the amount of the monthly <br>annuities received between July 1, 2005, and July 15, 2006, and the amount that <br>would have been received had the monthly annuity been increased on July 1, 2005. <br>The board shall increase this annuity at the same rate as annually provided by KRS <br>67A.690(1), and such increase shall be determined and granted annually thereafter <br>by the board. Effective: April 4, 2006 <br>History: 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 <br>ch. 131, sec. 1, effective June 21, 2001. -- Amended 2000 Ky. Acts ch. 484, sec. 3, <br>effective July 14, 2000. -- Amended 1996 Ky. Acts ch. 311, sec. 1, effective July 15, <br>1996. -- Created 1974 Ky. Acts ch. 106, sec. 8, effective July 1, 1974.

State Codes and Statutes

Statutes > Kentucky > 067A00 > 430

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Page 1 of 1 67A.430 Rate of retirement annuity -- Retroactive increase of monthly annuity to one thousand two hundred fifty dollars (&#36;1,250) -- Annual adjustment. (1) 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. Fractional <br>periods of service shall be considered in the calculation of such annuities according <br>to the aforesaid rate. Provided, however, that no retiree, or his or her surviving <br>spouse, whether the member retired before or after June 16, 1972, under this section <br>shall receive a pension of less than &#36;100 a month and when Social Security benefits <br>are increased the minimum shall be increased by a like amount, provided that the <br>increase shall not exceed five percent (5%). (2) 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 (&#36;1,250) shall have the <br>pension increased to one thousand two hundred fifty dollars (&#36;1,250). Such increase <br>shall be retroactive to July 1, 2005, and the retiree or surviving spouse shall receive <br>a lump-sum payment equal to the difference between the amount of the monthly <br>annuities received between July 1, 2005, and July 15, 2006, and the amount that <br>would have been received had the monthly annuity been increased on July 1, 2005. <br>The board shall increase this annuity at the same rate as annually provided by KRS <br>67A.690(1), and such increase shall be determined and granted annually thereafter <br>by the board. Effective: April 4, 2006 <br>History: 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 <br>ch. 131, sec. 1, effective June 21, 2001. -- Amended 2000 Ky. Acts ch. 484, sec. 3, <br>effective July 14, 2000. -- Amended 1996 Ky. Acts ch. 311, sec. 1, effective July 15, <br>1996. -- Created 1974 Ky. Acts ch. 106, sec. 8, effective July 1, 1974.

State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 067A00 > 430

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Page 1 of 1 67A.430 Rate of retirement annuity -- Retroactive increase of monthly annuity to one thousand two hundred fifty dollars (&#36;1,250) -- Annual adjustment. (1) 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. Fractional <br>periods of service shall be considered in the calculation of such annuities according <br>to the aforesaid rate. Provided, however, that no retiree, or his or her surviving <br>spouse, whether the member retired before or after June 16, 1972, under this section <br>shall receive a pension of less than &#36;100 a month and when Social Security benefits <br>are increased the minimum shall be increased by a like amount, provided that the <br>increase shall not exceed five percent (5%). (2) 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 (&#36;1,250) shall have the <br>pension increased to one thousand two hundred fifty dollars (&#36;1,250). Such increase <br>shall be retroactive to July 1, 2005, and the retiree or surviving spouse shall receive <br>a lump-sum payment equal to the difference between the amount of the monthly <br>annuities received between July 1, 2005, and July 15, 2006, and the amount that <br>would have been received had the monthly annuity been increased on July 1, 2005. <br>The board shall increase this annuity at the same rate as annually provided by KRS <br>67A.690(1), and such increase shall be determined and granted annually thereafter <br>by the board. Effective: April 4, 2006 <br>History: 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 <br>ch. 131, sec. 1, effective June 21, 2001. -- Amended 2000 Ky. Acts ch. 484, sec. 3, <br>effective July 14, 2000. -- Amended 1996 Ky. Acts ch. 311, sec. 1, effective July 15, <br>1996. -- Created 1974 Ky. Acts ch. 106, sec. 8, effective July 1, 1974.